The mortgage industry should do something like this with mortgage loan offerings to reach young people: the Indiana Secondary Market for Education Loans, Inc. (ISM) has agreed to cover the membership cost for Indiana students who use Overture Marketplace, an online platform that provides students and their families an independent, transparent and unbiased way to compare private student loan rates and terms from multiple lenders. ISM Education Loans provides Indiana students and their families with information and a variety of solutions for paying for higher education with the least debt possible.
“We couldn’t be more excited to help bring this valuable loan comparison tool to all Hoosier students,” said Joseph Wood, president of ISM. “Students need to understand how these loans work and to investigate all of their options before borrowing. Overture Marketplace helps them do so in an easy and effective way.”
“We have worked very closely with ISM for years and are continually impressed with their dedication to helping students save money,” said LeRoy Pingho, CEO of Overture Technologies. “Based on ISM’s mission, it came as no surprise when ISM said they would sponsor the membership so Indiana students would have no-cost access to the Overture Marketplace.”
Marketplace is the only place where students or their parents can complete a simple interview, have their financial qualifications compared to multiple lenders’ criteria, and instantly see personalized rates and terms for private student loans before applying with any lender. Users can review and sort their loan results by financial terms such as total cost, fixed- or variable-rates and repayment options.
Since 2009, Overture’s Marketplace has pioneered online loan pre-qualification and comparison by providing market transparency, fostering more efficient prices and innovation as lenders compete. Users can also identify important non-financial features that they want to consider in their decision-making, such as the lender’s co-signer release policy or deferment options. By pairing side-by-side loan details with helpful information about the meaning and relevance of key terms, Marketplace can help students shop quickly and save hundreds of dollars or more on a typical private student loan.
Overture’s Marketplace bases results on meaningful information about borrowers’ credit qualifications, including a full credit analysis option, in order to produce accurate, personalized results – not rate ranges or deceptively low “estimated” rates. For these reasons, Marketplace has received strong support from the Association of Independent Colleges and Universities and its more than 1,000 regional members.
In my opinion, the next step should be to offer these students info on mortgages after they graduate.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.