SOURCE: The First Marblehead Corporation

June 11, 2008 10:30 ET

First Marblehead Launches Enhancements to SmartBorrowing.org Site

Information Clearinghouse Enhanced With New Content and Time-Saving, Easy-to-Use Tools, Tips and Navigation Features

BOSTON, MA--(Marketwire - June 11, 2008) - Wondering how much you should borrow for college? See Smart Borrowing Tip #11 on SmartBorrowing.org.

Not sure what to expect when dealing with lenders? Read the SmartBorrowing.org "Borrowers Bill of Rights."

Mystified by the process colleges use to determine how much of the costs your family will be expected to pay? Check out the QuickCalc on SmartBorrowing.org, provided by TuitionCoach.

These are just a few of the features available on the latest release of SmartBorrowing.org, initially launched in 2007 by First Marblehead (NYSE: FMD) as an information clearinghouse on college affordability. Employing frequently updated content from a wide variety of news and information sources, and featuring content with the admissions and financial counseling service TuitionCoach, SmartBorrowing.org is now an even more powerful resource for answering common questions and avoiding common pitfalls when it comes to college financing.

"More Americans are applying and going to college than ever before, yet the annual funding gap between the cost of education and traditional funding sources such as federal student loans, scholarships and grants continues to widen," said Jack Kopnisky, Chief Executive Officer and President of The First Marblehead Corporation. "With resources ranging from how-to articles to searchable grants and scholarship databases, SmartBorrowing.org can serve as a launching point for students, parents and counselors as they navigate through the education financing decisions many people face."

Kopnisky noted that along with the enhancements, First Marblehead has retained the site's signature five-step approach to being a smart borrower:

    Start Early -- With the rising cost of college, SmartBorrowing.org will
    give you a simple step-by-step guide to help you navigate through the
    process of paying for school.

    Estimate Your Share -- The sooner you start planning how you will pay
    for college, the better prepared you will be.

    Federal Aid First -- Why it makes sense to pursue scholarships and
    federal aid before loans.

    Filling the Gap -- Where to turn when scholarships and federal aid are
    not enough.

    Borrowing Smart -- Why it makes sense to have a parent or other
    credit-worthy person as a cosigner.

"Everyone has dreams for themselves or their children, and so often those dreams start with getting a college degree," Kopnisky said. "SmartBorrowing.org -- and the Smart Borrowing principles that First Marblehead has developed -- are one way we're helping people turn those dreams into reality."

About The First Marblehead Corporation -- First Marblehead provides financial solutions that help students achieve their dreams. The Company helps meet the growing demand for private education loans by providing national and regional financial institutions and educational institutions, as well as education loan marketers, with an integrated suite of design, implementation and capital market services for student loan programs. First Marblehead supports responsible lending and is a strong proponent of the smart borrowing principle, which encourages students to access scholarships, grants and federally-guaranteed loans before considering private education loans. For more information, go to www.firstmarblehead.com.

Contact Information

  • Contact:

    Janice D. Walker
    Corporate Communications
    617-638-2047

    Jeff Landis
    Corporate Communications
    617-638-2277