This information is intended for lenders, marketing partners and schools considering using the Student Loan Marketplace. If you are a student or consumer, please go to our marketing partners' sites.
Significant changes in the student lending industry have created new opportunities for students to get more information about borrowing options. While there are many options for students to choose from, private student loan comparison sites powered by Overture’s Student Loan Marketplace provide unique advantages for students, schools and lenders. To learn more about these advantages, click on the categories below.
The Marketplace provides a complete set of key information about the loan terms of each product presented to students. When private loans are displayed, students view an “apples-to-apples” listing of all costs and fees with the option to sort by total cost, APR or monthly payment, allowing them to effectively compare loan options.
The Marketplace provides students with the ability to compare and select reliable financing options rather than "as low as" advertisements for rates. By viewing reliable loan terms side-by-side, students will be better able to make informed decisions for their individual situations.
By only using one credit check to match students' personal and financial information with loan terms for all participating lenders, the Marketplace is designed to help protect students’ credit scores.
As the Marketplace maintains lenders’ credit guidelines within its decisioning engine to match with user information, students’ and parents’ private information remains within the system and is not sent to any lender other than the one chosen by the user.
The Marketplace is an open network of lenders that allows schools to provide their students with meaningful guidance in a safe and trustworthy environment. The Marketplace is able to match loan products to students based on their personal and financial information, providing transparency that is unprecedented in the private student loan market.
The Marketplace can be configured with school-specific information about academic programs and grade levels to ensure that students are presented with tailored loan options. Schools also have the option of preserving the advisory role played by financial aid administrators as students consider their loan options by providing ratings and guidance.
The Marketplace places a priority on borrower education. The process of obtaining a private loan can be complex and confusing, and the Marketplace helps to alleviate the student’s burden by providing in-depth help text for key information. Additionally, borrowers are encouraged throughout the Marketplace to engage in smart borrowing practices, including maximizing scholarships, grants, work-study and federal loans before applying for a private loan, and using a co-signer on their loans.
In the Student Loan Marketplace, lenders can finely tune criteria such as geographic region, school, FICO score or other parameters to present loan information to only those borrowers whose information matches with their terms. This flexibility helps lenders to more efficiently reach borrowers that they wish to target without adding costs to their origination processes by sifting through piles of applications.
Overture’s system allows participating lenders to maintain guidelines for loan programs and pricing. These guidelines are approved by the lender. When a student submits an inquiry, the Overture system obtains a credit report and matches the student with all loan products for which he or she appears to qualify based on the submitted information. Because the Overture system is robust and rigorous, we believe the results presented are very likely to be identical to the results the student or parent would obtain from the lenders directly, but this is not guaranteed. Upon selection of a particular loan product, the consumer may connect with the lender to complete the process.
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