ENGLEWOOD CLIFFS, NJ, Jul 22 (MARKET WIRE) --
A national survey underwritten by TuitionBids.com found 60 percent of
those seeking college financing for the upcoming year are still
investigating or waiting to hear back on loan applications. Fifty-six
percent of those polled said that they won't be able to attend college as
planned if they can't secure financial assistance.
Conducted earlier this month, the survey of more than 500 students and
parents of students who need loans to help pay for college or graduate
school sought to gauge loan-seekers' current status and how it affects
their outlook for attending school this fall.
"Tuition bills are arriving in the mail, and a tough reality is setting in
for millions still needing money to at least partially pay for school.
With home equity lines of credit not what they were a year ago, and school
costs continuing their upward climb, our survey's findings were, somewhat
unfortunately, in line with our expectations," said Keith Alliotts, CEO of
TuitionBids.com, a new service that enables lenders to competitively bid
for student loan business.
Among the survey's other key findings:
-- 52% of respondents said they are "feeling anxiety" as a result of not
yet securing financing for the coming school year.
-- 59% felt their financial situation as it relates to paying for college
is worse today than it was 12 months ago.
-- 66% revealed college costs are higher than anticipated.
-- 86% said they would use an online service to gather information about
college loans; currently the majority turns to schools (57%) and local
banks (18%) to get information.
Alliotts urges loan-seekers to do their homework. "Research and exhaust
low-cost, federal student loan options prior to tapping private loans,
which cost more," he says. "Private loans are best used to bridge the gap
between federal assistance, grants, scholarships and personal savings, and
the total required to attend school. Do your homework, and don't assume
the first rate you get will be the best rate available to you."
Survey Methodology
The findings of this survey, underwritten by TuitionBids and conducted by
Survey.com, are based on the results of a national Internet survey of 506
students and parents of students who will need a loan in order to pay for
college. The survey was conducted June 30-July 11, 2008. The margin of
error is +/- 4%.
About TuitionBids.com
Englewood Cliffs, NJ-based 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.
For more information, visit the www.tuitionbids.com.
Contacts:
Rob Bratskeir
646-498-0049
rbratskeir@360publicrelations.com
John LeRoy
617-585-5791
jleroy@360publicrelations.com
Copyright 2008, Market Wire, All rights reserved.
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