Education Loan Source, Inc. (ELS), an industry leader in education financing, is proud to announce the launch of its TuitionFlexPLUS℠ financing program at Roadmaster, the largest Commercial Driver’s License (CDL) training and truck driving school in the nation.
The TuitionFlexPLUS program offers short-term financing for low-balance loans. With flexible repayment options, the TuitionFlexPLUS program allows the school to determine the first and subsequent payment due dates in order to accommodate students’ unique financial needs.
At Roadmaster, this loan product will bridge the financial aid gap for hundreds of talented and eager students previously unable to enhance their skills or change careers due to inadequate financial aid support available for enrollment. Taking advantage of TuitionFlexPLUS’s repayment flexibility, Roadmaster will offer a short grace period to allow students time to secure employment and obtain their first paycheck before the first loan payment is due.
Brad Ball, Vice President, Industry Relations & Student Finance at Career Path Training, the parent corporation of Roadmaster commented, “We wanted to expand our financial aid offerings with a loan option that was flexible and could realistically fit into a student’s budget, and ELS provided exactly that. We were also looking for an automated option that fit within our existing process, and ELS delivered exactly the customized solution we were looking for. We have a unique population of students with non-traditional financing needs, and were determined to meet those needs.”
And TuitionFlexPLUS offers a unique opportunity for schools as well. Matt Scotty of National Education Servicing, LLC, the organization that services ELS loans, added, “Students ultimately make their payments to us, but the school plays a critical role in managing the program. The school always has the option to work with an investor to determine credit criteria and loan parameters so that the investor can later purchase the debt.” National Education Servicing is well known in the student loan industry for its track record of single digit defaults on its education loan portfolio.
ELS, with a focus on developing alternatives to traditional student lending products like the TuitionFlexPLUS has a reputation of both experience and versatility in the student loan market. By providing short-term financing at competitive rates, ELS is able to cater to and focus on their niche student market, offering financing solutions that won’t result in crippling debt. ELS offers terms as short as 12 months for qualifying balances and students are encouraged to select affordable in-school payment plans so that capitalized interest doesn’t become problematic later.
While other companies might provide partial support, ELS offers total support to the school from loan application through servicing. The TuitionFlexPLUS program offers a branded online application process, electronic signature, customizable reporting, automated payment processing, and flexible servicing repayment terms. ELS’s program is of particular assistance to schools concerned with 90/10 compliance.
Click here for more information on about the TuitionFlex program.