A unique Pittsburgh-based software company hopes to take the mystery out of comparison shopping for college loans.
TuitionChoice was founded in 2006 by a former Geneva College financial aid administrator who often struggled to help students pick the best loan when federal, state and private sources fell short during the school year.
“I could never answer the question of which loan was best for a student,” explains Jim Richardson, president and founder. “No one else is doing what we’re doing. We really provide a gap in service for the schools. Schools tell us we’re ahead of our time.”
Anyone can look for loans online using one of the many financial aid calculators available, but results generally don’t provide rates and terms based on individual financial circumstance.
TuitionChoice is different. By filling out one application made available through partner schools, TuitionChoice generates a list of loans with specific terms and ranges based on personal financial information. The process is totally secure, financial information stays with the school and families use an easy grid to comparison shop and make the best choice, Richardson says.
TuitionChoice is currently in a pre-beta testing mode and looking for venture capital. The company won a Pittsburgh Technology Council Enterprize Business Plan Competition grant earlier this year.
While the flux in the foreclosure market has slowed TuitionChoice’s momentum due to adjustments in lending regulations, Richardson expects that his company, which includes three partners, will benefit from the readjustment.
“Ultimately this speaks to what we are doing and makes us more valuable,” says Richardson.
Writer: Debra Smit
Source: Jim Richardson, TuitionChoice