Recently Received an Acceptance Letter from College? Now, How Are You Going to Pay for It?: SimpleTuition Suggests Shopping Around to Find the Best Loan Options

As high school seniors review their college acceptance letters, it is a good time to figure out how to pay the steep costs of college. With today's highly turbulent economy and the impact the credit crunch is having on the student loan industry, families should begin thinking about covering college costs for next fall sooner rather than later. SimpleTuition (www.simpletuition), the leading education loan comparison site for personalized student loan research, offers a wide selection of available private and federal loan options - giving families a choice in researching, comparing and selecting the loans that best suit a family's financial scenario.

NEWTON, Mass. (Business Wire EON) April 8, 2008 -- As high school seniors review their college acceptance letters, it is a good time to figure out how to pay the steep costs of college. With today’s highly turbulent economy and the impact the credit crunch is having on the student loan industry, families should begin thinking about covering college costs for next fall sooner rather than later. SimpleTuition (www.simpletuition), the leading education loan comparison site for personalized student loan research, offers a wide selection of available private and federal loan options – giving families a choice in researching, comparing and selecting the loans that best suit a family’s financial scenario.

Over the past year, the student loan climate has seen a flurry of changes. Coupled with the current economic turmoil, parents and students need to think about financing options for college earlier in the process

“Over the past year, the student loan climate has seen a flurry of changes. Coupled with the current economic turmoil, parents and students need to think about financing options for college earlier in the process,” said Kevin Walker, cofounder and CEO of SimpleTuition, Inc. “We’ve seen many lenders suspend their operations or scale back product offerings. Families should consider their options now, before the tuition bill deadline looms. SimpleTuition remains committed to connecting borrowers to lenders, and our website offers a wide choice of loan product and rate information to help families realize that options do exist, are attainable, and a student’s dream of going to college can be a reality.”

SimpleTuition recommends families consider the following when researching financing options to pay for college.

• Max out Federal Loans First –The Federal Stafford loan is a great deal, and Stafford loans are not dependent on borrower’s credit scores for approval.
• Look at the PLUS Loan – Graduate students and parents of undergraduate students should strongly consider PLUS as an alternative to private loans.
• Leave Extra Time for Federal Loans – Federal loans, such as Stafford and PLUS, will be available, but a significant exodus of the lenders who provide these loans is taking place. Leave extra time to research who is still lending. Check with your current lender to see if they are still in the game (and check back again before your tuition payment is due).
• Carefully Research Private Student Loan Options – The recent credit crisis has had an impact on some private student loan lenders. However, there are a number of good private loan options available to choose from. Research all your options as loan structures vary widely among private student loans.
• Tap into Savings – Tap into your savings and look for available grants and scholarships to help cover some of the costs.
• Look into Work Study Programs – A part-time job and/or federal work study can help more than you might expect. Even if a job generates only a couple thousand dollars per school year – that amount can have a significant financial impact over many years.
• Do Not Use Credit Cards – Avoid turning to credit cards to pay for college. Many credit cards come with high interest rates.

About SimpleTuition, Inc.

Founded in 2005, SimpleTuition is the leading education loan comparison site for personalized student loan research. SimpleTuition is dedicated to helping students and parents make sense of education financing options. The Company offers the leading independent and interactive solution for researching and comparing private, PLUS, Stafford, GradPLUS and Federal Consolidation loans. The site has been recently featured on Kiplinger’s Best List as the best financial services web site for student loans and as one of Fast Company’s Top Web 2.0 sites. The company also holds awards for exceptional website development from the Interactive Media Council, Web Marketing Association and the International Academy of Visual Arts. SimpleTuition is headquartered in Newton, Massachusetts and is funded by Atlas Venture, IDG Ventures Boston and North Hill Ventures. For more information, visit www.SimpleTuition.com.