NEWTON, Mass. (EMWNews) August 6, 2008 —

The first tuition bill is due any day now at most colleges and

universities. As the market crunch continues to impact the student loan

financing market, families are scrambling now more than ever to find the

funds to cover the fall semester bill. For example, the Massachusetts

Educational Financing Authority (MEFA) recently announced that they will

no longer offer loans of any kind – affecting

more than 40,000 Massachusetts families.

While families are advised to max out all federal student loan options,

more and more students and parents are realizing that federal loans don’t

cover all college expenses and are now scrambling to find the means to

fill the financing gap. Less lender participation this year combined

with much tougher credit restrictions for private loans leave families

in a challenging position – and make clear

that good credit is a MUST when it comes to applying for a loan today.

“Many families are now learning that the

federal loans they received won’t cover all

college expenses. The one piece of advice I give to students and parents

is not to panic. Choices are available for families looking for ways to

supplement borrowing options,” said Kevin

Walker, CEO of SimpleTuition, Inc.,

a company dedicated to helping students and parents make sense of

education financing choices.

Lenders are restricting both credit criteria and the schools they deem

acceptable to borrowing, and credit scores are playing a much

bigger role this year in the loan application process. Although access

to student loans are more limited this year, there are opportunities.

SimpleTuition offers the following tips to families:

• Don’t wait until the last minute. Shop

  around now. There are lenders out there still making loans.

• Turn to the Web. A few established companies such as www.simpletuition.com

  are fast becoming valuable in the student loan search process. These

  online resources are objective and allow borrowers to research and

  compare loan options.

• Consider PLUS loans. After securing all other available federal

  student loan, parents should look to PLUS loans. These loans are

  guaranteed government loans that come with favorable repayment

  schedules and are for parents to pay for a child’s

  education.

• Research Peer to Peer lending options. These lending options allow for

  family and friends with a lender/institution doing the paperwork to

  administer the loans.

• Call your college financial aid office for more information.

• Put together a budget and only borrow what is needed.

• Evaluate work study programs.

Kevin Walker is available for interview.