GOVERNOR PATERSON ANNOUNCES LAUNCH OF HESC STUDENT LOAN MARKETPLACE

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GOVERNOR PATERSON ANNOUNCES LAUNCH OF HESC STUDENT LOAN MARKETPLACE

Transparent, Online Private Student Loan Comparison Service Transforms How Students Shop for Loans

Governor David A. Paterson today announced the launch of the New York State Higher Education Services Corporation’s (HESC) Student Loan Marketplace, a dynamic, interactive Web site that provides the first transparent, online information and comparison service for private student loans. The new State-sponsored student loan, the New York Higher Education Loan Program (NYHELPs), will also be available in HESC Marketplace for the Spring 2010 semester.

“HESC Marketplace ensures that New York’s private student loan borrowers will have easy access to the unbiased facts and information they need to evaluate and decide on the college financing options that best suit their individual situations,” said Governor Paterson. “This valuable resource will bring transparency and clarity to the often confusing process of choosing the right student loan.”

HESC Student Loan Marketplace, at www.HESCMarketplace.org, is a Web-based resource that enables students seeking a private education loan to compare the terms of loan products from multiple lenders, based upon the borrower’s credit profile, with only one credit check. Administered by HESC, the State’s student financial aid agency, this service educates students and their parents about good borrowing practices and helps students make decisions based on accurate information, not “as-low-as” advertised offers.



President of HESC James C. Ross said: “In today’s economic environment, many students are struggling to find trustworthy sources of private education funding. HESC Marketplace helps New York’s students by providing a free and transparent resource where they can research and compare private loan terms from multiple lenders within the secure environment of HESC’s systems.”

After submitting a simple personal information form, students may immediately view and sort a list of detailed loan terms and pricing for which they are pre-qualified – comparing up to three products at a time side-by-side – before making an educated decision. Two top-rated national lenders, Discover and PNC, currently participate in HESC Marketplace, offering five different private student loan options. The first New York based financial institution, the State Employees Federal Credit Union (SEFCU), has also committed to join HESC Marketplace and will be online in the near future.

HESC Marketplace also includes a Learning Center to help students and their parents plan for college costs. Borrowers are advised to exhaust all grant, scholarship, and federal loan possibilities before applying for an alternative loan. The information on financial aid, tips on budgeting, and strategies for financial management help students make smart borrowing decisions.



The New York State Higher Education Services Corporation (HESC) is the State's student financial aid agency, providing more grant and scholarship money to college students than any other state in the nation. The state’s student financial aid agency helped nearly 650,000 students achieve their dream of attending college by providing $4.5 billion in grants, scholarships and loan guarantees in 2007-08, including $795 million awarded through the Tuition Assistance Program (TAP) to more than 370,000 students. HESC also provides training and technical services to financial aid administrators, high school counselors, and lenders.