The Private Loan Marketplace is an online loan comparison and shopping service. The Marketplace allows students to seek additional loans beyond federal and campus sources, quickly and easily. It is sponsored by state associations of private colleges and universities, and available to their students as well as those attending public institutions.
The Private Loan Marketplace benefits students and families by:
- Being the only website that presents, side-by-side, the specific loan rates and terms students would see if they applied with each lender directly, meeting the standard of transparency now expected of colleges and universities. It provides a complete listing of apples-to-apples loan terms including total cost, monthly payment, interest rate and APR specific to each borrower’s individual case.
- The Private Loan Marketplace helps students discover untapped sources of loans such as loans from national lenders, credit unions, and regional banks which are presented side by side for an easy, in depth comparison. As the market changes, lenders’ rates and terms are updated automatically, ensuring up-to-date information and an accurate picture of the student’s available funding options.
- It emphasizes financial literacy and smart borrowing habits by educating students about first obtaining all the federal and state grants, scholarships and loans before considering a private loan. Additionally, smart borrowing tips and help text are provided throughout the Private Loan Marketplace to help students make an informed decision.
- It also helps preserve borrower credit scores and privacy. The Marketplace enables a safer, more efficient loan shopping experience for students by using a single credit report to match borrower information with multiple lenders’ products, and allows them to choose which lender, if any, receives their information.
Photo Credit: Philip Taylor PT