Credit education and tips are a resource for parents before financial aid award letters arrive this spring
(Wilmington, DE) March 16, 2016 – -College Ave Student Loans, a leading online student loan marketplace lender, and Experian®, a leading global information services company, today announced an exclusive limited-time joint offer of a credit health check — a complimentary, personalized credit education session with an Experian Credit EducatorSM agent — to families preparing to pay for college. College Ave is collaborating with Experian to better support parents who may need to consider borrowing or cosigning a private student loan if savings, scholarships and federal aid fall short of higher education costs. Families who may want to explore private financing options should start getting ready now.
The personalized credit education session offers an in-depth, one-on-one, 35-minute phone call with an Experian Credit Educator agent. During the session, parents will receive a copy of their Experian credit report and score and a personalized, step-by-step walk-through of the report, as well as examples of actions that may improve their credit score and insights for future credit management decisions. For more information about how to access the free credit education session, visit http://collegeavestudentloans.com/crediteducator.
“Our goal is to enable families who decide to borrow to create the best private student loan for their personal situation, and to make it fast and easy,” said Joseph DePaulo, CEO and co-founder of College Ave Student Loans. “It’s critical that parents who are thinking about borrowing understand their credit profile since that will impact whether they can be approved for a private loan, as well as the interest rate they receive. They should also consider how taking on additional debt could affect their credit. We are proud to offer parents this unique access that will help them make the best choices for their families.”
“Like College Ave Student Loans, we believe in the value of educating consumers about their personal credit profiles,” said Natalie Daukas, senior manager at Experian. “By teaming up with them to offer access to our trained Experian Credit Educator agents, our goal is to help families make smarter, more informed financial decisions as they decide how to pay for college, the same way they might for other significant purchases like a car or a home.”
With the arrival of financial aid award letters in the spring, millions of college and college-bound students and their families are evaluating how to pay for the upcoming school year. If savings, scholarships and federal aid are not enough to cover the cost, private student loans are one option to cover the gap. As students and parents look at ways to pay for the upcoming school year, College Ave Student Loans and Experian offer these credit checkup tips to ensure that a borrower can take advantage of the best private loan rates available:
- Start now: Don’t wait for the financial aid award letter to arrive — start getting your finances in order now. Get a copy of your credit report, review your credit score and make sure there are no errors. If you do find errors, it can take 30 to 45 days to report and resolve issues with the credit reporting agency.
- Get a cosigner involved early: Students typically do not have the income or credit history to qualify for a private loan on their own. In these cases, a parent or guardian will need to borrow privately or cosign the loan with the student.
- Prepare your credit as if you were buying a home: Cosigners — often parents — should prepare their credit in the same way they would if they were buying a home. A cosigner’s credit history and credit score are key factors that help determine whether a loan is approved and what interest rate is assigned. As with buying a home, be cautious about taking on other large debts or closing existing accounts.
- Shop around for the best student loan option:
Not all student loans are created equal. Families who opt for a private student loan should shop around for the best option. Look for loans — such as the ones from College Ave Student Loans — that offer multiple ways to lower the cost: low rates, choices about when to start repaying and how long you can take to repay, and no origination fees or prepayment penalties. College Ave Student Loans undergraduate student loans cover up to 100 percent of the cost of an associate or bachelor’s degree, and its graduate student loans offer rates lower than Grad PLUS, with no origination fee for qualified borrowers. To help families understand the full cost of a loan, College Ave Student Loans provides an online calculator that shows how much families can expect to pay over the life of the loan — and how to save.
About College Ave Student Loans
College Ave Student Loans is simplifying the student loan experience so students can get on with what matters most: preparing for a bright future. As an online marketplace lender with a sole focus on private student loans, we’re using technology and our deep industry expertise to connect families who need to cover education costs with lenders who can provide that funding. By specializing in student loans, we are able to give our customers the attention they deserve and deliver loans that are simple, clear and personalized for the individual. Competitive rates, the most repayment options, and a customer-friendly experience from application through repayment. For more information, visit https://collegeavestudentloans.com/
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making.
We also help people to check their credit report and credit score, and protect against identity theft. In 2015, we were named by Forbes magazine as one of the “World’s Most Innovative Companies.”
We employ approximately 17,000 people in 37 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2015, was US$4.8 billion.
To find out more about our company, please visit http://www.experianplc.com or watch our documentary, “Inside Experian”.
College Ave Student Loans
Angela Colatriano, 1-302-684-6066
Duffy & Shanley, Inc.
Emily Hollenbeck, 1-401-278-4432
Experian Public Relations
Kristine Snyder, 1-714-830-5192