In 2000, as university tuition soared, the growing demand for student loans was met by a growing number of student loan options.
This made it very difficult to choose the right option for the students.
Choose the wrong student loan option and you could spend thousands of dollars more than you should in the next 20 years or more.
This was the dilemma students faced at the time, but it still affects students. Then, SimpleTuition seemed to help students understand, select and manage their student loan options.
Twelve years later, SimpleTuition continues to be the leading provider of training tools and resources to streamline the process of finding the right funding solution for higher education institutions. This means that you are informed about loans, scholarships, grants, etc.
SimpleTuition Review 2023: Is The Best Solution For Private Student Loans?
SimpleTuition was founded in 2005 as a credit comparison site. Although SimpleTuition does not offer student loans, it serves as an intermediary between students and appropriate lenders, based on some basic information such as school choice, tuition, and fees.
Then, SimpleTuition returns with a list of potential providers and the student loan options provided by each provider.
Users can search more in each option and compare them with multiple functions. Then they should be eligible for the student loan regardless of the chosen lender.
- Allows you to search and compare student loans
- Registration Instructor – Similar to a financial advisor
- Many university leaders help students with their financial needs
What do you offer?
The main goal of SimpleTuition is to help students compare their loans and save money. They also help students find the best refinancing opportunities and find the scholarship they need.
This is useful for parents and students. You can compare private loan options, find the best loan and save thousands of dollars.
Refinancing of student loans
Its student loan refinancing options are aimed at university graduates receiving private and federal student loans. By refinancing loans with higher interest rates, payments can be reduced and interest rates saved if a lower interest rate is achieved.
Current and prospective students can use the scholarship center and spend less time looking for scholarships and more time to apply.
SimpleTuition was an attractive investment
SimpleTuition quickly became popular in the fast-growing student loan market, earning more than $ 12 million in seed capital in 2006, led by Atlas Venture.
In addition, Atlas conducted a series of fundraisers of over $ 45 million between 2009 and 2015
Finally, LendingTree, the market leader in lending, bought the company. As a leading mortgage company, LendingTree has acquired SimpleTuition to strengthen its position in the student loan market.
SimpleTuition will continue to run as an independent company under the umbrella of LendingTree.
Shortly before the acquisition, SimpleTuition was ready to earn $ 100 million in annual revenue. As of August 1, 2017, the market capitalization of LendingTree, a student loan market, was $ 2.75 billion, including the value of SimpleTuition.
Brighten the way for student borrowers
Over the years, SimpleTuition has expanded its services to help students navigate the complex network of funding opportunities for universities, including federal and personal loans, scholarships, loan consolidation, and refinancing.
The refinancing of a student loan should not be confused with a possibility of obtaining funding before college, but it is a way to lower the interest cost and the overall cost of the university if repaying the loan.)
Users can access the Web site for information and explanations about available options and use their interactive tools to compare student loan options.
To better understand each option, users can access any number of resources available on the Web site. Ultimately, users with SimpleTuition can choose the most appropriate option with the best rate and the best repayment option.
As the private student loan market worsened after the financial crisis, SimpleTuition began to expand into other areas that helped make the university experience more affordable.
In 2012, SimpleTuition acquired Volare Books, a website for buying, renting and selling textbooks. It also helps students find discounts on electronic consumables and products.
More Aout SimpleTuition
SimpleTuition, based in Charlotte, North Carolina, is an independent student loan comparison website established in 2005.
The company, a subsidiary of LendingTree, offers competitive interest rates and loan options from leading private lenders, as well as financial support options and grants.
With SimpleTuition by LendingTree, you can search and compare multiple student loan offerings from your network of lenders.
It offers interactive tools, offers, tips and suggestions to help you get the best deals. Plan and manage your university costs better.
SimpleTuition provides student loan students with a fast and convenient online form that links them to the offers from multiple student loan providers to help them find the one that best suits their needs.
Credit matching service
OFFERED SCHOOL LOANS
- Private student loan
- Variable interest rate
- Federal Student Loans
- Federal loan GradPLUS
- Federal Direct Loan
- Federal loan PLUS
- Federal Perkins Loan
The loans offered to depend on the selected lender
The goal of SimpleTuition is to provide students and their families with an easier way to finance their studies and study fees.
The online platform provides borrowers with online resources to help them make better-informed decisions about student loans, scholarships, and other financial opportunities.
With SimpleTuition, borrowers can quickly and easily compare their loans by sending simple information.
SimpleTuition is not a direct lender to students but a credit equalization service.
It helps borrowers connect with leading student loan lenders such as SoFi, Sallie Mae and Citizens Bank.
With SimpleTuition, you can easily get a student loan through an online portal that simplifies this sometimes tedious and complicated process.
The company provides on-line resources to help borrowers learn about the various options available when looking for a student loan.
SimpleTuition also provides access to companies specializing in student loan refinancing to help borrowers restructure their current student loans.
After completing the online form for SimpleTuition, it may take another 30 to 60 days for a particular loan to complete.
SimpleTuition suggests that borrowers create documentation based on the requirements of the selected student lender.
Eligibility For Loan
Eligibility for a student loan may vary depending on the lender chosen.
The educational institution can also be considered.
Most lending companies recommend their clients have a co-debtor with good credit to improve their chances of getting a student loan.
Student loan in SimpleTuition
With SimpleTuition, borrowers can select multiple quotes from different student loan providers.
This gives them the opportunity to choose student loans with the best interest rates and the lowest payment options.
The burden of negotiating the best interest rates of the borrower is necessary so that the loan companies for students can compete for their business.
But more importantly, SimpleTuition acts as a center where much higher education financial instruments meet in one place, making it easy for families and prospective students to find and use the information they need. need.
These tools include student loan comparison, which identifies the best lender based on the borrower’s interest rates and benefits, and SmarterBank and SmarterBucks, which are described as a single checking account and Desire program. Rewards that help you repay your loans. More quickly
They also provide links to ValoreBooks, which allow you to find discounted textbooks, an exam preparation comparison tool that will help you find the best exam preparation courses, no matter what language you use.
The exam you are preparing for and the Academic Cost Adjuster, which helps you compare the total cost of the different schools you are considering.
The homepage contains a feature called “Simple Registration Trainer”. Once selected, it will be redirected to another site. It includes a personal parenting advisor, a free academic planning calendar, financial support webinars, and a group of university counselors.
Its approach, however, is a five-step plan for paying the college. The Instructor is free of charge compared to a financial adviser who can charge up to $ 1,000 for information (according to his comparison chart).
- If you do not use the “Search for Student Loan” option, you will see a list of main creditors that you can apply directly by clicking a button.
- The website offers a variety of written and video instructions. They contain a section titled Plan, Numbers, and Numbers, each containing its own subsections, such as:
- The Student Loan Glossary contains a detailed list of terms and their definitions to help you navigate the educational world.
- Frequently asked questions about student loans offer two entry categories: the type of borrower (eg, students, graduates/working or student parents) and the type of loan (eg, personal loan), Federal, Stafford, etc.). etc.) There is also a basic list of frequently asked questions.
There is another piece of information that is not really clear. When comparing loans, the results are somewhat confusing. They have a low/high percentage which can vary from 3.25% to 11.5%, which is an important differentiating factor. They try to explain this annual rate, but it can be very confusing for the non-financial layman.
If you are planning to attend a major university, this page can be very useful. However, if your selection of educational institutions is not listed, you will return to the starting point.
Why compare student loans?
Finding a student loan is easy because everyone wants your business. The problem is that it is a bit difficult to find the best student loan for you.
Every loan is different because every student loan has its advantages and disadvantages. You must have all student loans in front of you and compare the disadvantages and benefits of each student loan.
It’s a bit complicated when you do it yourself, but with SimpleTuition, it’s not a problem.
By comparing loans, you can save a lot of money. If you do not compare your student loan, you can lose a lot of money because of the higher interest rates of some lenders.
Federal loans against student loans
Federal loans offer ever-lower interest rates and more flexible payment options. This means that federal loans are always better than student loans, and there is no need to compare the two.
Make a plan to repay your student loan
Student Loans: The best way to get rid of your student loans is to make a plan and make your payments. Do not keep this money for retirement or an emergency fund.
You need to organize and automate your payments to forget them. You can get a student loan consolidation if you have lenders, but it is not required if it is organized.
When consolidating student loans, one or more student loans are converted into a fixed-rate loan and a payment.
You’ll need to create a spreadsheet of all your student loans, your balance, your interest rates, and your monthly payments. Always organize with your student loan.
You can then set up automatic monthly payments for each student loan. You can set it up on the borrower’s website.
Configuring automatic payments is important because, with some student loans, the interest rate is lowered to allow automatic payment. You can also forget to pay your loans every month.
You have to make your payments
Repaying your student loans is a big problem. If you do not pay your student loan, your credit rating will drop. The bank also sends your information to debt collection agencies who bother you with calls and letters until you decide to make a payment. It can also be brought to court and a judge can collect your salary.
Just be sure to repay your student loans as this could be very bad for you.
Do not spend your money on fun, and do not save for retirement and pay your student loans. Repaying your loans is a great accomplishment that will make you easier once the payment has been made.
Beware from Scam
Before you look for scholarships, it is important to know what a scholarship fraud looks like. Why some scams are obvious, others are cleverly disguised in response to their prayers. Listed below are some of the common types of red flags and scams:
- Any scholarship request asking for money. This is a red flag. Regardless of whether they are “application fees”, “processing fees” or “selected as a finalist”, you do not have to pay any fees for scholarships.If they have sent you a check and still ask you to pay a fee. The Federal Trade Commission was notified that a recipient received a seemingly normal check, which was considered a scholarship but was also asked to change it and hand over a portion to the shippers. It is a scam.
- If you have nothing to do to apply. Sounds good, right? Well, most scholarships require some kind of application, essay and/or recommendation letter, according to Finaid.org. If it sounds too good to be true, it could be very good.
- Any request for personal information. You may not share private information such as your bank account, credit card, or social security number. This could lead to identity theft. Many frauds on scholarships indicate that they need this information to “confirm your eligibility” or to send money directly.
- If there is no contact information (or suspicious). Make a thorough investigation of all the wallets you have requested to confirm their legitimacy. Generally, you need to contact information so that you can ask questions.
- Any unwanted opportunity. If you receive a letter, e-mail or phone call informing you that you have received a scholarship for which you have not applied, it is a scam.
- Do not be fooled by official scholarships. Finaid.org says that scholarship fraud often includes words like “foundation”, “federal” or “national” to make it look more authentic.
- If you can not confirm the legitimacy of a stock market opportunity. Read the details of each scholarship before submitting your application. Search for the organization, website, or other element related to the Better Business Bureau and the FTC. You can also contact your school counselor or, if you are at the university, your school’s grant department.
- A scholarship service offering to ask for it. In addition to a true scholarship, avoid the services offered to apply for scholarships for a fee.
- A scholarship service with “exclusive information”. CollegeBoard.com states that if a service claims to be able to provide you with exclusive information about a stock exchange or an advantage for a fee, this is a red flag.
- Pay a fee for a scholarship search. The FTC claims that many fraudulent websites demand a “money-back guarantee” for finding scholarships. But why pay when there are so many free options? Visit Scholarships.com, Fastweb, Sallie Mae, CollegeBoard.org, Goodcall.com, the university you study, the official organizations you belong to, the scholarships offered, and your school counselor.
More About SimpleTuition
When SimpleTuition first appeared on the market in 2006, it served primarily as a destination for students to seek and compare loans.
Since then, SimpleTuition has slowly become a marketplace aimed at providing a wider range of university planning and saving services.
The market approach has apparently worked. The Boston-based company is expected to serve more than 17 million people in 2014, CEO Kevin Walker told VentureFizz in January.
With more than 35 years of work and $ 45 million in sales in 2013, SimpleTuition’s appeal for investors seems to be growing in importance.
I try to capitalize on the interests and continue to dive into what you consider to be a great market opportunity, thanks to the 50 million people in higher education who together spend more than $ 400 billion a year on spending on SimpleTuition, with the University related, adds much of the new capital to its reservoir.
According to EDUKWEST, the company recently completed a $ 26 million financing round led by its existing investors Flybridge Capital Partners, Atlas Venture, and North Hill Ventures.
The new investment will increase SimpleTuition’s total capital to $ 52 million, resulting in five rounds of financing, which were the only investors, according to CrunchBase Flybridge, Atlas and North Hill, and a $ 5 million debt from Horizons Technology. Financial management to promote growth.
Marketing of SimpleTuition
By developing its market to support additional student use cases, the company has taken a combined approach to develop the SmarterBucks rewards program, which helps students settle their debts internally.
In return, SimpleTuition acquired ValoreBooks in 2012 to give students the opportunity To compare rental and purchase prices for textbooks and find cheaper alternatives.
Business Pillars Of SimpleTuition
The three points of Their business (comparing loans, purchasing and renting textbooks and savings programs) act as markets and support additional tools that make it easier for students to connect with buyers and sellers.
Help to find offers and services. Saving money This includes exchanges and even electronics.
SimpleTuition is moving in the same direction as a growing number of educational technology companies to become a student services center and everything a university student needs to survive at the university.
SimpleTuition is about helping students and families fund their education. We have also seen that companies like Chegg are moving more and more in this direction, although this is seen from the opposite starting point.
In other words, Chegg has evolved into a larger platform as a book rental market and now offers learning tools, internship research, and course reviews. Pearson does that and many others too.
It worked Because of its greater reach, SimpleTuition revolves around profitability, Walker told VentureFizz, and sometimes went into the red as it put revenue into its business, be it acquisitions or product development.
Do not be surprised if SimpleTuition continues to provide you with $ 26 million in new capital and new services and minimarkets tailored to your largest student savings market.
It could be an active year, not just for SimpleTuition, but for the many people moving in the same direction. After all, the students’ debt crisis will not disappear so quickly.
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Conclusion: Does SimpleTuition Really Help With Students Loans?
I think of SimpleTuition as a student loan search engine. You can get all available student loans and from there you can compare and find the best student loan for you.
This saves you a lot of money with some work. You can find and compare student loans yourself, but since it takes some time, it’s not worth it alone.
Just follow SimpleTuition if you want to compare and find the best student loans.