Like many student borrowers, David says he never knew who his Stafford lender was. With a 1992 Notre Dame bachelor’s degree in history and computer applications, Kirby went to work as a programmer for a Washington-area defense contractor. In June 1993, he became employee number one at a start-up called Proxicom. Later he worked as a systems consultant at Fannie Mae until 2001, when he joined Overture to manage their higher education activities.
Your company has two loan-related products for higher education. What are they?
Amadeus is a student loan decisioning and risk-based pricing solution for private lenders. Our Student Loan Marketplace is a multi-lender portal where students can request and receive multiple private student loan offers.
Explain your marketplace approach to student lending.
During a visit to a single portal, a student can provide some personal information. The marketplace retrieves a credit report, and enables a number of participating lenders to present highly qualified private loan offers to the student and/or his co-maker.
How will this approach benefit a student or parent?
With just one credit check, multiple offers are received in minutes during just one web session. With this marketplace, schools have a role to play. A financial aid officer can choose to rate lenders with an overall score based on specific criteria that are explained on the site.
How is a borrower’s or a co-signer’s FICO score affected by his or her one-time marketplace participation?
A single credit-check produces multiple loan offers. The impact to a participant’s FICO score could not be lower.
Who performs the interest rate and fee calcuations for each private loan offer?
The lender performs the calculations. That’s an example of the ingenuity of our platform.
Where may it be found?
Our partner New York HESC is making it ready for launch in New York in June.