BOSTON, June 10, 2021 /PRNewswire/ — Edmit, now used by millions of students and families to demystify the financial aid process and make better-informed decisions about college, today announced the launch of a guarantee designed to give private loan borrowers increased peace of mind.
“Although federal grants and loans, which include strong protections for borrowers, are always the best option, some students need private loans to bridge the gap when it comes to paying for high-ROI colleges,” said Sabrina Manville, Co-Founder of Edmit. “The Edmit Guarantee is about extending basic protections to ensure that graduates who are truly struggling get the support they need while they search for their first job out of college.”
According to a recent study, eighty percent of college students say they are concerned about “getting any type of job once [they] graduate.” In addition, research suggests that fear of high tuition costs can often lead students to “undermatch” to lower-ROI institutions – which can have significant long-term impacts on their career prospects and lifetime earnings.
The Edmit Guarantee, designed in partnership with Vemo Education, is designed to prevent students from borrowing too much and to reduce the risk of unnecessary debt, which often suppresses college-going aspiration,