SOURCE: TuitionBids.com

 

ENGLEWOOD CLIFFS, NJ--(Marketwire - July 21, 2008) - 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.