One of the most difficult parts about college is figuring out how to pay for it. The good news is that there are more resources than ever when it comes to getting student loans from a variety of lenders. This is important as scholarships and grants become scarce, and even Federal loans are less able cover the costs of college tuition.
In order to help students better find student loan lenders, Cology has joined forces with Overture to create an easy-to-use platform for student loan funding. I recently spoke with Brian Cox, an executive with Cology, about the process.
“The whole process is different,” Cox told me. “Overture’s platform features the lender’s credit criteria built in, so your results include confirmed interest rates and fees. This is different from many other searches, many of which just return the best rate offered, whether or not you qualify for it.”
He also pointed out that the platform would be able to help potential students make more informed decisions about the loans available to them. “It’s kind of like Lending Tree, offering you multiple offers on your student loan options.”
Once students select a student loan option, Cology’s loan processing takes over. “We take care of everything,” Cox explained. “We are compliant with usages and disclosures, and we have relationships with a number of schools, so we know what is needed for a number of possible universities and colleges. So we make sure you get the money through your university.”
Cox said that for now the platform is designed mainly for traditional lenders who want to offer student loans. However, he hopes to expand the platform in the future to include person to person lending and foundation loans at 0% interest. “The next wave will include alternative student loan resources.”
Image source: Clawed via Wikimedia Commons
Post from: EveryJoe
Looking for Student Loans with Cology
