One of AICUO’s biggest new initiatives is now under way with the launch of the Ohio Private Loan Marketplace.
College students in Ohio now can use a unique online service to seek additional loans beyond federal and campus sources. Sponsored by the Association and created by Overture Technologies of Bethesda, Md., the Marketplace is an online loan comparison and shopping service available to more than 140,000 students attending 51 Ohio nonprofit institutions of higher education. Prager, Sealy, & Co., LLC, a leading higher education financial services firm, serves as the program manager for AICUO.
The Marketplace connects borrowers with a wide range of competitive loan products from lenders including national banks and nonprofit credit unions. Students have access to many loan options from a growing network of lenders that currently includes Discover Student Loans, NASA Federal Credit Union, Northwest Federal Credit Union, Eli Lilly Federal Credit Union, and cuStudentLoans. A complete list of lenders is available at https://app.overturemarketplace.com/slmp/main/participatingLender.action
As part of Overture’s Student Loan Marketplace network of websites, operating in Ohio and 10 other states, the Ohio Private Loan Marketplace benefits students, families, counselors and higher education institutions by:
- Presenting an upfront, accurate loan comparison without “as low as” advertisements for rates that may not apply to you and a complete listing of loan terms including total cost, monthly payment, interest rate and APR.
- Helping students discover untapped sources of loans with national lenders, credit unions, and regional banks are presented side by side and up to date for an easy, in depth comparison.
- Emphasizing financial literacy and smart borrowing habits, including the need to first obtain all possible federal and state grants, scholarships and loans before considering a private loan.
- Preserving borrower credit scores and privacy, by using a single credit report to match borrower information with multiple lenders’ products, and allowing the applicant to choose which lender, if any, receives this information.
- Providing schools with a straightforward path to HEOA Section 601 compliance, helping colleges comply with the Section 601 regulations with virtually no increase in burden for the financial If you’re a student interested in the Ohio Private Loan Marketplace, please contact your campus financial aid office