BOSTON, March 21, 2011 /PRNewswire/ -- SimpleTuition, Inc., the leading online destination for services that help families save on college costs, today announced the release of a service that allows the customization of financial aid awards from any college. The new tool, accessible at SimpleTuition.com, is a quick, easy and free way for students and parents to take real control of college costs.
"One of the most exciting things about this new tool is that it reveals – upfront – an estimated total monthly payment for all borrowing for both the student and parent after graduation," said Kevin Walker, SimpleTuition's co-founder and CEO. "That monthly payment number is the ultimate determinant of what the family views as 'affordable'.
"Americans make big purchase decisions – such as for homes or cars – on the basis of what the monthly payment will be," continued Walker. "For most families, college is the second biggest investment after their home, but until now they haven't been able to grasp – in advance – what the resulting monthly payment will be after graduation."
SimpleTuition's new tool goes even further and lets the family adjust their financial aid award in real time to find a monthly payment that works for them. Most families don't realize that the financial aid award they receive is not set in stone. Families actually have the power to manipulate many aspects of how they pay for college – they just never had the tools to do so easily.
SimpleTuition's new college cost adjuster tool lets families:
- Adjust sources of college funds (such as work-study, cash, scholarships, loans, etc) to see in real time how each change will impact the student's and family's finances
- See the total monthly loan payments expected after graduation for both student and parents from all loans covering the multiple years of college
- View an estimate of the salary the student will need to make after graduation to support the expected payments for all student loans
- Strike the right balance of family vs. student borrowing using a convenient slider to move borrowing responsibility back-and-forth between student and family
- Determine which schools are affordable by comparing the family's customized financial aid awards from up to three schools simultaneously
- Download detailed instructions on how to obtain their customized financial aid award from their school
"Our aim is to bring transparency to college costs," SimpleTuition's CEO said. "We want to eliminate the sticker shock too many students experience when they graduate and only then realize what their monthly student loan payments will be."
About SimpleTuition, Inc.
Since its launch in 2006, SimpleTuition has helped more than 10 million families afford higher education. SimpleTuition.com features tips, advice, interactive tools and deals that ensure students plan better for college costs, pay less for college-related expenses, and be smarter about how they manage and pay back their student loans. Named Best Financial Services Site by Kiplinger's, SimpleTuition is headquartered in Boston, Mass., and is funded by Atlas Venture, Flybridge Capital Partners, and North Hill Ventures. For more information, visit SimpleTuition.com.
SOURCE SimpleTuition, Inc.