Bethesda, MD and Indianapolis, IN (PRWEB) July 13, 2009
ISM Education Loans, Indiana’s state designated non-profit secondary market for education loans, and Overture Technologies, the leading provider of solutions that help students and their families make better financial decisions, announce today the launch of the ISM Student Loan Marketplace (www.ismmarketplace.com).
Previously, students in need of a private loan to pay for their education have been challenged to navigate the complex and time consuming process of comparison-shopping by individually contacting each lender they wished to consider. The ISM Student Loan Marketplace streamlines this process by giving students and their parents a clear picture of rates and terms from multiple lenders based on their personal credit information.
“ISM is committed to helping the students of Indiana navigate the often-confusing private loan process effectively and responsibly,” said Joe Wood, CEO of ISM. “The ISM Student Loan Marketplace increases transparency and clarity in private student lending, drawing in multiple pools of capital from a variety of lender options. We are excited to work with Overture to make this valuable resource available to schools and students in our state.”
The ISM Student Loan Marketplace is an online resource that enables students to sort and evaluate private education loans side by side. Detailed rates and terms are fully explained and standardized between lenders, ensuring an “apples to apples” comparison.
The Marketplace offers students, families, counselors and higher education institutions the following:
-Private loan terms from multiple lenders: The Marketplace gives students the ability to compare and select detailed financing options instead of “as low as” advertisements for rates, with a complete listing of loan terms including Total Cost, Monthly Payment, Interest Rate and APR.
-Preservation of 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.
-Enhanced transparency: The Marketplace is an open network of lenders that provides students with meaningful guidance in a safe and trustworthy environment.
“Taking out a private loan can be a complicated, confusing process, so we have leveraged our technology to streamline the shopping experience for students in the Student Loan Marketplace,” said Russ Carlson, CEO of Overture Technologies. “We look forward to working with ISM to provide the students of Indiana with a transparent, responsible way to shop for private loans.”
With strong emphasis on financial aid literacy and guidance, the Marketplace gives schools a robust tool to assist their students through the process of selecting a private loan. Students are presented with the information they need to make informed decisions on how to pay for college, including detailed explanations of relevant terms and smart borrowing practices.
The ISM Student Loan Marketplace will connect borrowers with a wide range of competitive loan products from non-profit credit unions and national banks. Students have access to many loan options from a growing network of lenders that currently includes Discover Student Loans, NASA Federal Credit Union, Star One Credit Union, and Mid-Atlantic Federal Credit Union.
Barbara Gatorian, Vice President of Consumer Lending at NASA Federal Credit Union said: “Through the ISM Student Loan Marketplace and their partnership with Student Choice, Overture has facilitated NASA Federal’s relationships with students and schools. We are proud to help families across the country afford higher education – one of the best investments a student can make for their future.”
The ISM Student Loan Marketplace can be found at http://www.ismmarketplace.com.
About ISM – For almost 30 years, Indiana Secondary Market for Education Loans, Inc. (ISM) has been working to improve opportunities for Indiana citizens to obtain a postsecondary education. Working with Indiana schools and financial institutions, ISM played a leading role in increasing borrower benefits for Indiana students and families. Since its founding in 1980, Indiana citizens have been the beneficiary of over million in education projects funded by ISM.
About Overture Technologies – Founded in 2000, Overture Technologies is the leading provider of solutions that help students and their families save money by making better financial decisions. Using patent-pending technology, Overture helps students create comprehensive plans for financing their education as well as source competitive rates on private student loans through a marketplace of national lenders, credit unions and other not-for-profit organizations.
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