NEW YORK, March 12, 2012 /PRNewswire/ -- Overture Technologies' Student Loan Marketplace, which is the only private loan comparison website that presents, side-by-side, the specific rates and terms students would see if they applied with each lender separately, today announced a partnership with cuStudentLoans, a private student loan program developed and managed by not-for-profit credit unions, to promote a private student loan consolidation and refinancing opportunity for college graduates with private student loan debt.
The program, which allows graduates of over 2,000 universities nationwide to refinance and consolidate their private student loan debt, is an extension to the Student Loan Marketplace's existing private student loan service. The loan, known as the EdSucceed Private Student Loan Consolidation, will be issued by credit union lending partners within the cuStudentLoans program.
To date, the program has helped nearly 1,000 graduates better manage and improve their private student loan debt. "I had over $100,000 in private student debt with loans up to 14.13%," said Steven W., a graduate of the Art Center College of Design. "By refinancing with cuStudentLoans, I'm saving $8,400 per year in payments and now have more financial control over my life."
"The goal of the Student Loan Marketplace has always been to empower students financially through greater transparency around private student loan options available in the market," said LeRoy Pingho, CEO of Overture Technologies. "Partnering with cuStudentLoans' consolidation program allows us to continue this mission by helping students after they have graduated and are ready to reduce their student loan expenses."
"Given the federal government's recent commitment to keep interest rates at historically low levels, now is an opportune time for graduates carrying private student loan debt to seek out refinancing options," said Alice Stevens, COO of First Financial Credit Union and Chairman of cuStudentLoans. "cuStudentLoans is proud to partner with a company like Overture Technologies in building awareness of a financial product that positively impacts the lives of so many graduates."
"I decreased my loan term by five years and lowered my initial monthly payments by almost $400 per month," said Marissa P., a graduate of Purdue University. "Refinancing my loan with cuStudentLoans was one of the smarter decisions I've ever made."
Overture Technologies has aligned itself with marketing partners in thirteen states across the country, including the associations of private colleges and universities in six states, to bring its services to their students. These organizations are working with Overture in helping to increase awareness among graduates of independent colleges and universities who are burdened with high-interest private student loan debt.
Founded in 2000, Overture Technologies is the leading provider of solutions that help students and their families save money by making better financial decisions. Using cutting-edge technology, Overture helps students create comprehensive plans for financing their education as well as source competitive rates on private student loans through a marketplace of national lenders, credit unions and other not-for-profit organizations. Visit http://www.overturemarketplace.com/
CU Student Lending, LLC is a leading network of credit unions offering private student lending options to students and families nationwide. Formed in 2010, CU Student Lending, LLC is comprised of over 150 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the EdAccess Private Student Loan and EdSucceed Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk. Visit http://www.custudentloan.org
Christian Widhalm, Fynanz, Inc.
Jeff Sheely, Overture Technologies