Palo Alto, California - May 6, 2009 - Student Lending Analytics is pleased to announce the launch of SLA Private Student Loan Ratings, the first online service to independently rate private student loan options for undergraduate students. SLA Private Student Loan Ratings, located at www.studentlendinganalytics/ratings.html, rates private student loans on over 20 factors, including expected loan costs and fees, borrower savings opportunities, repayment options, customer service and financial stability. Recently featured in a Sunday New York Times column, SLA's rating service provides an unprecedented level of disclosure and transparency on private student loan products and is modeled after the Federal Reserve regulations, which are still months away from being implemented. Prior to accessing SLA Private Loan Ratings, students and families are encouraged to exhaust all grants, scholarships, federal loans and other aid sources before turning to private student loans.
"I am extremely excited to announce this new service today, as it will help students and families make better decisions on shopping for a private student loan for the 2009-10 academic year," noted Tim Ranzetta, founder of Student Lending Analytics. "We are happy to share with consumers the expertise we have gained from rating private student lenders at top universities. With less than 30% of schools expected to analyze and select private student lenders for the upcoming academic year, we felt an urgent need to offer students an alternative: an independent source of information on private student loans that they can trust. Unlike other loan comparison sites, SLA receives NO compensation whatsoever from any student lenders."
SLA Private Student Loan Ratings offers students the following features and benefits:
- Rates eight of the leading private student lenders on a star-based system principally focused on expected loan costs and fees, while also incorporating borrower benefits, customer service and repayment options in the ratings methodology
-
Details up-to-date descriptions of each loan product, including the range of interest rates offered, loan fees, repayment terms, loan cancellation terms and a description of the application process
-
Identifies lenders whose loan terms include the potential for interest rate increases after one late payment
-
Provides links to lender promissory notes allowing students the opportunity to review key loan terms PRIOR to applying for the loan
-
Allows students to share their experience with private student lenders through a brief, online survey
-
Includes the 2009 SLA Guide to Private Student Loans, a thorough and informative guide about how to most effectively shop for private loans
Finally, for colleges and universities, SLA Private Student Loan Ratings provides an excellent turnkey solution so that the financial aid office can provide students with an updated, independent and trusted source of information about private student loans.
Implementation is easy too; just link directly to SLA Private Student Loan Ratings at: www.studentlendinganalytics.com/ratings.html
ABOUT STUDENT LENDING ANALYTICS
Student Lending Analytics (SLA) provides research and advisory services to help students find the best student loans. SLA works closely with leading colleges and universities to select lenders for their federal and private student loan programs. SLA's data-driven approach focuses on analyzing lenders through a rigorous and analytical process relying on information from a variety of sources. SLA's research has been featured in the New York Times, Wall Street Journal, U.S. News and World Report and other national publications. SLA receives NO compensation from any student lenders whatsoever, ensuring that students are receiving independent and conflict-free information.
For additional information on Student Lending Analytics' research and services, contact Tim Ranzetta at 650-218-8408 or visit www.studentlendinganalytics.com.
Posted 05/06/09 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.