The Education Finance Council recently announced their new tool to help students find low-interest student loans.
The Education Finance Council (EFC) announced it is launching a new online tool to help families navigate the process of planning, saving, and paying for college. The website provides free resources for families and access to low-interest, nonprofit education loans.
The website’s free content includes advice from trusted experts. It gives tips on things like planning college visits, the best way to save money for school, and how to find “free money” through scholarships and grants. Students can access resources within their home state and even receive in-person assistance with things like filling out a FAFSA.
For students who have filled out a FAFSA but are still coming up short on their tuition bill, the website can help them find access to nonprofit education loans. Nonprofit student loan programs generally come with low, fixed interest rates.
There are no origination fees for taking out the loans, and some even offer income-driven repayment plans. Most nonprofit loans require good credit or a co-signer, which results in very low default rates.
There is also information available to borrowers on repaying their student loan debt. The website explains when borrowers will have to begin repaying their loans and how to avoid getting scammed by illegal debt relief companies. It also walks borrowers through the steps they can take to lower their monthly payments or qualify for loan forgiveness.
Debra Chromy, president of the EFC, said in a statement that the organization wanted to offer this resource to families who are looking for trustworthy advice on the college admissions process and financing options.
The EFC is a trade association that represents nonprofit and state-based higher education finance organizations. The mission of EFC members is to look for ways to increase college affordability and access within their communities.
All EFC members follow a set of guiding principles that are meant to provide accountability and reinforce trust with borrowers.
"Nonprofit and state-based higher education finance organizations were founded to carry out an important mission — to help students and families in their states to make college a reality," Chromy said.
Futhermore, nonprofit and state-based organizations don’t have shareholders to answer to so their first priority is helping consumers. For students and families who are looking for ways to pay for school but are unsure of where to turn, this online resource may be a good place to start.