LendingTree Launches Student Loan Refinance and Consolidation Marketplace

Borrowers can now comparison shop for student loan refinance or consolidation loans for both Federal and private student loans

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LendingTree, LLC

Nov 10, 2014, 12:30 ET

CHARLOTTE, N.C., Nov. 10, 2014 /PRNewswire/ -- LendingTree, the nation's leading online loan marketplace, today announced the launch of its student loan refinance and consolidation offering for existing student loans. This announcement comes just five months after announcing the company's entrance into facilitating new student loans, as LendingTree continues its diversification and expands its range of offerings.

Student borrowers can easily access LendingTree's student loan refinance and consolidation marketplace by visiting www.LendingTree.com. Additionally, access to the marketplace has been integrated into LendingTree's personalization platform, known as the new My LendingTree. When a borrower creates an account, the My LendingTree experience instantly provides them with an overview of their current loans and can alert them to when a savings opportunity may exist by accessing offer data available through LendingTree's network. By leveraging a full complement of traditional, specialty and peer-to-peer/alternative lenders, borrowers can explore refinance and consolidation loan options for their student loans. Additionally, each borrower who requests a quote for student loans will receive completely free credit scores, updated monthly, along with insights into their personal credit and borrowing profiles that may impact the offers available to them.

"Student debt has become a major concern in regards to the economy, and we're hoping to help alleviate some of the financial woes with this new product offering," said Tamara Kotronis, SVP & GM, Education. "Total student loan debt outstanding is second only to mortgage debt, but unlike mortgage debt holders, many student-debt holders don't realize they might qualify for a better loan. Due to recent market innovations brought about by alternative lenders, new offerings are available to student loan borrowers who may have improved their credit profiles relative to when they first took on their loans. This experience affords them the opportunity to shop and compare private refinance and consolidation loans side-by-side in a consistent manner, and truly find the best fit for their personal financial needs."

According to a recent LendingTree survey, 49.7% of college-educated millennials carry student loan debt, and 28.7% say they need to pay off student loans before they consider buying a home. Additionally, LendingTree's data found that, on average, student loan borrowers have four student loans, and an average of $33,000 in total student loan debt.

For more information, please visit www.lendingtree.com/student-loan-refinancing-index.

About LendingTree, LLC
LendingTree, LLC is the nation's leading online source for competitive home loan offers, empowering consumers during the mortgage, refinance or auto loan process. LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 30 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE, join our Facebook page and/or follow us on Twitter @LendingTree.

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SOURCE LendingTree, LLC