BankTech

SimpleTuition Enables Students to Afford Higher Education, Raised $26 Mn

SimpleTuition was Co-Founded in 2005 by Kevin Walker (CEO) and Patrick Kandianis (CSO). The company has received a total funding of $26 Mn through investors Atlas VentureFlybridge Capital PartnersNorth Hill VenturesAtlas VentureFlybridge Capital PartnersAtlas VentureFlybridge Capital PartnersNorth Hill Ventures.

Based in Boston, Massachusetts SimpleTuition compares student loans offered by a variety of private and federal lenders and offers advice about them. They offer tips, advice, interactive tools and deals to ensure students plan better for the cost of college, pay less for college-related expenses, and are smarter about how they manage and pay back their student loans.

This video gives you an overview of their platform:

  • The company's “Loan Comparison” tool allows students to find and compare affordable private and federal loans from providers such SallieMae, Wells Fargo, SunTrust and PNC.
  • Along with loan comparison, SimpleTuition enables students with tools to manage debt, find scholarships and plan their finances.
  • In addition to SimpleTuition.com, the company manages ValoreBooks and SmarterBucks Rewards.
  • ValoreBooks: College textbooks pretty, so SimpleTution helps you find the books you need at affordable prices and a whopping 90% discount.
  • SmarterBucks: The company says that it is a 'revolutionary' rewards program that helps you get out of student debt faster and for less.
  • The firm's website also has a number of helpful tools and calculators to assist parents and students with other issues regarding loans and financial aid.
  • One such calculator lets a user assess the financial consequences of stretching out the repayment period for a given loan.
  • The TuitionCoach application is an online resource to help advise parents about how to structure assets and income to maximize financial aid for their student in college.

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Students can apply for consolidation programs or other repayment plans that will help them manage their financial situation and debt. Some of the most basic student loan payments plans include:

Standard Plan: With this plan, students must pay a fixed amount every month for a fixed period of time. The time period can be up to 10 years, or even as little as 5 years.

Extended Repayment: Under this program, a borrower may extend the payment plan by 25 years, which automatically lowers the monthly repayment.

Income Based Repayment: As per the title, a student’s repayment will depend upon the level of income he earns.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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