EduLender helps students find loans that suit their needs. The application covers all types of educational loans, from Federal and state to private lending. Users can actually compare each loan option side by side, to view the overall cost including interest and fees so they can find the cheapest product. EduLender also enables users to view the long term impact of the loans they choose with repayment schedules. The user can see what their monthly payment will look like based on the duration of the loan. EduLender also helps users consolidate their student loans, starting with an assessment to determine the best approach to maximize deductions. Users can also build their own fundraising page through EduLender, giving students another way to gather the funds they need to cover educational expenses. Additional features include helpful financial aid resources and information on taxes.Show more screenshots »
EduLender was founded in 2010. Based in Illinois, the application was intended to give students a way to access up to date loan comparisons along with many other financial tools. In March of 2011 the application received significant seed funding. Today, EduLender provides current and future students with a number of valuable resources to help them learn about and find student loans. The company has raised $1 million in funding from Hyde Park Angels, Kapor Capital, Sandbox Ventures, New World Ventures, Excelerate, and Sam Yagan, one of the OKCupid founders.
Edulender.com was shut down in 2012.
There are many resources available that help students learn about loans and educational expenses. EduLender stands out because of the many areas it covers. Users can compare up to date loan details side by side to make the best choice for their financial and educational future. The application also gives students a way to fundraise for their education.
The EduLender website has a very neat, clean design hat features lime green and dark blue. The color scheme is offset by a white and light grey background and organized layout to create a very professional looking finished product. Four main navigational tabs at the top, center of the page help users find each area, including the loan search, loan consolidation tools, fundraiser pages and financial aid research resources.
A new user can get started comparing loans with EduLender by filling out the short search form along the left hand side of the homepage. The form asks for a hometown zip code, the name of the school the student is attending or will attend, the degree and the loan amount. After clicking the blue “Search” button, the user can see what loans are available and compare them.
Users can also sign up to create a fundraiser page by clicking the blue “Fundraiser” tab at the top, center of the homepage. A wide blue and white button invites the user to “Create my free fundraiser now.” The form asks the user for an email address and password. The user must also check the terms of service agreement box at the bottom of the form before continuing. The next page asks the user for their full name, how much they would like to fundraise and a fundraiser title. The third page asks the user for a short introduction paragraph while the fourth form asks the user a couple of optional questions. The last step is to connect EduLender to the user’s Paypal account so they can accept payments.
Visitors to EduLender can access many of the website’s features for free. The loan comparison tool does not require an account and users can read through the financial aid resources as soon as they arrive. Users who decide to utilize the EduLender fundraiser feature will have to pay a small transaction fee to Paypal. There are no subscription fees for this service, but approximately 2.9% plus 30 cents is taken out by Paypal.
EduLender is an excellent resource for current and future students. The application provides a number of informational tools that help users make better decisions about student loans. The fundraiser feature is also a unique addition to the site.