ISU Bengal

Issue date: 8/27/08 Section: Life

Still looking for a student loan? Know that you are not alone. The majority of loans typically do not get funded until September.

TuitionBids.com is the first, free service dedicated to helping students get the best rates on student loans by enabling lenders to bid for their business. TuitionBids.com matches applicants with lenders that want their business. In addition to asking what the borrower needs and wants, the service asks lenders the same questions, making the student loan process more efficient, helping applicants save time and money.

It takes just five minutes to fill out an application at TuitionBids.com. Applicants get easy-to-understand feedback on lenders interested in their business, detailing offered interest rates and other key terms. The site is the definitive destination for people seeking information about borrowing money for education and consolidating student loans.

TuitionBids.com (www.tuitionbids.com) is a new, free, web-based service enabling student loan seekers to get better rates by matching applicants and lenders based on criteria supplied by both, and enabling lenders to compete. This website advises students and parents to first understand key facets of student loans before signing, no matter how late in the game it is.

Here are five important things to know, according to Keith Alliotts, CEO. Additional facts and links to unbiased, third-party information sources are available at the TuitionBids site, as are tools like a tuition gap calculator, a student loan glossary of terms, and Campus Detective, a service matching schools to students' specific wants and needs.

(1) Compare offers. Do your homework.

Do not jump at the first loan you are offered; it may indeed wind up being the best offer, but first see if others are willing to lend to you on better terms. Seek good information and the advice of people you trust. Tap your extended family and friends for people experienced and knowledgeable in financial matters. Do not be afraid to ask questions and never sign anything under pressure, or that you (or someone you trust) cannot fully understand.

(2) Apply with a co-signer.

Applying with a co-signer like a parent or other credit-worthy person will increase your likelihood of approval, and may improve the rate you receive. Some lenders require you to apply with a co-signer, regardless of your credit rating. If you do not have sufficient income, or a good credit history, you almost certainly need to apply with a credit-worthy co-signer.

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