Chicago startup EduLender, which is a comparison search engine for student loans, has raised $1 million in seed funding from Hyde Park Angels, Kapor Capital, Sandbox Ventures, New World Ventures, Excelerate, and OKCupid co-founder Sam Yagan.
A graduate of Chicago startup incubator Excelerate Labs, EduLender offers online tools, services, and information for college students and family members
looking to make informed decisions about the college financial aid process.
You simply enter your name, location and financial information, and EduLender will show you all of the lenders serving your area that offer student loans, requisite interest rates, and what your loan will cost in real dollars in an apples-to-apples comparison.
Currently, EduLender is tracking loans from over 250 lenders. EduLender is also announcing the upcoming launch of EduLender OnePay, which is a solution for students who want to consolidate their existing federal student loans. EduLender will use the new funding towards future product development.
Alltuition makes the financial aid process more transparent and easier to navigate. Their search engine tracks hundreds of student loan providers to help students find the best loans they are eligible for and understand the real cost of borrowing. Alltuition notes on its blog that the Government Accountability Office (GAO) concluded that there was no way something like this could be built.