This review was written for Debt Roundup by the founder of Achieve Lending, Allen Kors.
Student loan debt is one of the hottest topics of conversation right now. From the proposed student loan government bailout, to heated debate over the price of a college education, it’s clear that our higher-education system in America is broken. This is how Achieve Lending was born, out of a need to demystify the lending process and make competitively shopping for loans easier for the consumer.
Designed to help both traditional and non-traditional students find the best student loans, the online portal allows users to quickly search, find, and compare interest rates between lenders, often in as little as thirty seconds. Achieve Lending is the first tool of its kind to aggregate loan offers for those seeking private financing for educational purposes.
How Achieve Lending Works
First, an applicant submits a single form at achievelending.com. The form is intuitive, clear, and very easy to use, often taking applicants less than 30 seconds to complete.
After filling out the form, applicants are presented with a personalized menu of viable offers based on the following:
a. Applicant Attributes
b. Lender Criteria
After reviewing the loan options, interest rates, and terms, the applicant selects an offer, and then proceeds to the lender’s website to complete their application.
What You Get With Achieve Lending
The average student takes out nearly $30,000 in student loans over four years. With an interest rate of 9% annually, the student can expect to pay nearly $15,700 in interest over ten years, if it took them ten years to pay off the loan. Say that by shopping for private loans you got an interest rate from a lender of 7%, which is competitive given that the federal rate is 6.8% currently. The same borrower who took out $30,000 at 7% interest annually would pay $11,800 over ten years, a difference of almost 4,000 over the lifetime of the loan.
Achieve Lending also seeks to truly empower consumers by providing financial education on terminology used within the loan shopping process, such as repayment schedules, penalties, forbearance and other benefits of certain loan products. The company offers a great blog with information on refinancing loans, changes to education financing, and lending best practices so users can stay up-to-date with changes in the education financing industry.
For those seeking a non-traditional education, money for a professional or trade school program, or for those seeking additional certifications after college, Achieve Lending also offers competitive offers. Whatever your lending needs, Achieve Lending can help you search, find, and compare the best loan offers for you.
Why Achieve Lending
The education financing industry needs to change from the inside out: colleges need to stop charging exorbitant prices, and students need to become savvier, better educated buyers before they sign on for a hefty loan burden.
Many students simply go with the loan options/suggestions provided to them by their institutions which may be convenient, but not the best interest rates. Being young and inexperienced, most students do not realize that the financial choices they make before they enter college can affect their financial life as a young, working adult. Through the use of our tool, Achieve Lending applicants are able to save thousands of dollars on their student loans.
Click here to see the tool in action.
Allen Kors is the Founder and CEO of Achieve Lending, the first ever search engine for education loans. Designed to help both traditional and non-traditional students find the best student loans, Achieve Lending offers users a free online portal to search, find, and compare student loans, often in as little as 30 seconds.
Kors founded Achieve Lending at just 27 years old after six years of working in the finance industry. His resume boasts time spent at the world’s premier financial firms, with positions in investment banking, private equity, angel investing, and consulting. After leaving his job in angel investing to pursue entrepreneurship and form his own financial technology company, Kors now aims to build the ‘Kayak’ for education loans and empower Achieve Lending users by providing financial education on the loan process and terminology.