With SimpleTuition, you can enter basic information to compare private student loan lenders side-by-side. It is free to complete the online form and get quotes from multiple lenders, which may offer funding for up to 100% of your educational expenses.
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For many students, taking out multiple student loans is necessary to pay for the full cost of getting a degree. Since so many students take out student loans, there are a vast array of private student loan lenders and student loan products on the market.
Sorting through all of your different loan options can be hard with so many choices, but loan comparison companies such as SimpleTuition have emerged to help simplify the process.
SimpleTuition.com is a subsidiary of LendingTree and a sister site of other financial product comparison websites, including Student Loan Hero, ValuePenguin, and MagnifyMoney.
It does not issue any of its own loans, but instead allows you to fill out one form in order to compare loans from multiple other lenders side-by-side.
In this review:
Getting a Loan Through SimpleTuition
SimpleTuition does not offer loans itself, but it works with many different financial aid providers to allow for easy comparison of student loan options. Almost any borrower can find a loan that works for them, regardless of their degree or credit situation, because there are so many different lenders to choose from.
SimpleTuition helps you to compare:
- Private student loans (Note: You can compare private student loans at LendEDU)
- Student loan refinancing options (Note: You can compare student loan refinancing options at LendEDU)
To get started, you just need to input some basic information including:
- The college you will be attending
- Your graduation year
- Your zip code
- Your email address
- The amount you’d like to borrow
- Whether you are renting or buying your home
- An estimate of your credit score
- Your birth date
- Your employment status
- Your annual pre-tax income
- Whether you want to add a co-borrower
- Your first and last name
SimpleTuition also provides information about federal student loans and federal student loan consolidation. It also offers both a guide to college scholarships and a search engine that you can use to find scholarships you may be eligible for. You should always obtain as much money from scholarships as possible and then exhaust federal loans before you apply for any private student loans.
The Benefits of SimpleTuition
There are many benefits to using a student loan comparison site like SimpleTuition:
- You can explore different loan types, depending on what type of educational program you are borrowing money for. There are financial services not just for people getting four-year degrees, but also for people going to technical training programs, getting an Associate Degree, or pursuing other higher education programs, such as a PhD.
- It takes only a few minutes to input your information and receive quotes from multiple different lenders.
- You can compare lenders side-by-side to find the best interest rates and loan terms to meet your needs.
- You can enter your information and find out some preliminary loan terms without undergoing a hard credit check that could affect your credit score.
- SimpleTuition received a 9.2 out of 10 rating according to reviews from Consumer Advocate.
The Downsides of SimpleTuition
There are also some downsides to SimpleTuition as well:
- SimpleTuition does not offer its own loans, so all of your financial and personal information must be transmitted to a network of third-party lenders.
- It can take a long time for you to receive funding for some loans after going through the pre-qualification process with SimpleTuition.
- You will need to submit a full application with your chosen lender, which includes getting a hard credit check. But this is unavoidable if you want to take out a loan.
- Some customers reported that SimpleTuition was not able to help them find loans they actually could get approved for or that they did not receive enough information on why they were denied a loan.
Bottom Line: Comparing Student Loans Online is Easy
Thanks to companies such as SimpleTuition, it is easier than ever to compare loan offers to find options for student loans. You can obtain quotes from multiple lenders within minutes to find loan offerings that make sense to help fund your education.
SimpleTuition is just one of many options for comparing loans, though. In fact, you can also get quotes easily right here on LendEDU.
Since you have a choice of so many lenders and loan comparison sites, there’s no reason not to check several sites and lenders to explore all of the different ways you could finance your education. Doing your research and comparing financial services can help you save money when borrowing to cover the cost of college.
Author: Christy Rakoczy