Governor David A. Paterson today announced the launch of the New York State Higher Education Services Corporation's (HESC) Student Loan Marketplace, a dynamic, interactive Web site that provides the first transparent, online information and comparison service for private student loans. The new State‐sponsored student loan, the New York Higher Education Loan Program (NYHELPs), will also be available in HESC Marketplace for the Spring 2010 semester.

"HESC Marketplace ensures that New York’s private student loan borrowers will have easy access to the unbiased facts and information they need to evaluate and decide on the college financing options that best suit their individual situations," said Governor Paterson. "This valuable resource will bring transparency and clarity to the often confusing process of choosing the right student loan."

HESC Student Loan Marketplace, at www.HESCMarketplace.org, is a Web‐based resource that enables students seeking a private education loan to compare the terms of loan products from multiple lenders, based upon the borrower's credit profile, with only one credit check. Administered by HESC, the State's student financial aid agency, this service educates students and their parents about good borrowing practices and helps students make decisions based on accurate information, not "as‐low‐as" advertised offers.

President of HESC James C. Ross said: "In today's economic environment, many students are struggling to find trustworthy sources of private education funding. HESC Marketplace helps New York's students by providing a free and transparent resource where they can research and compare private loan terms from multiple lenders within the secure environment of HESC's systems."

Chairman of Overture Technologies, provider of the software engine for HESC Marketplace, Bill Kelvie said: "We are excited to work with HESC, an innovator in applying online technologies that help students pay for college, to provide a safe and transparent way for students to take private loans when needed. Overture's technology platform gives students and their families the unmatched ability to compare loan terms before choosing one that best meets their needs."

To read the full press release by Governor Paterson's office, click here.