EduLender, the SaaS platform dedicated to simplifying the college financial aid process, has raised $1 million in venture and angel capital from notable Silicon Valley and Chicago investors including Hyde Park Angels, Kapor Capital, Sandbox Ventures, New World Ventures, Excelerate, and Sam Yagan (OKCupid / SparkNotes). EduLender used the acclaimed Angel List service to facilitate the funding round.
Today, EduLender is also announcing the launch of EduLender OnePay — a simple and secure solution for students seeking to consolidate their existing federal student loans. EduLender OnePay is one of a series of tools created to meet the needs of students and parents navigating the financial aid process. Edulender will use Series A funds to expand its existing product line to provide clarity to students and their families throughout the college financing lifecycle.
“The EduLender technology enables student borrowers to navigate the confusing maze of loan management options in a way that would be nearly impossible without their technology or the strong values of the company,” said Stephen DeBerry, Partner at Kapor Capital. “Because of who they are and how they do what they do EduLender is earning the trust of families and colleges alike. We couldn’t be prouder to invest in them.”
“With millions of students receiving financial aid each year and the consequences of poor financial aid decisions so high, students and families are constantly searching for easy ways to help them make better choices,” says Sue Khim, CEO of EduLender. “EduLender has and will continue to develop solutions to simplify and improve the financial aid process, with input from financial aid offices, students, and families.”
EduLender’s flagship product, its student loan search engine, responds to the unmet need for a meaningful and unbiased source of information about student loans. By tracking over 250 lenders and remaining neutral, EduLender allows potential borrowers to identify and compare their best options for new student loans.
“Due to EduLender’s refreshingly open and honest approach to student lending, we think there is a huge opportunity to disrupt the current system and create more value for students and colleges,” said Adam Koopersmith, Partner at New World Ventures.
EduLender, Inc. offers online tools, services, and information for college students and family members looking to make informed decisions about the college financial aid process. Based in Chicago, IL, EduLender launched its student loan comparison service in 2010. The flagship product has received glowing reviews from the media and from hundreds of financial aid offices that say EduLender is the best-in-class resource for anyone seeking information on education loans and student financial aid. For more information, visit www.edulender.com.