Excelerate-Backed EduLender Closes $1M in Funding

March 16, 2011

10:30 am

EduLender just closed on $1 million in angel and venture funding from notable Silicon Valley and Chicago investors. They’ll be using the funds to continue their work to change the college financial aid process and develop and introduce a number of disruptive products.

A summer 2010 graduate of Excelerate Labs, Chicago’s new tech startup incubator, this round of funding comes courtesy of Hyde Park Angels, Kapor Capital, Sandbox Ventures, New World Ventures, Excelerate, and Sam Yagan (OKCupid / SparkNotes).  (You can read more about Excelerate’s first graduating class, including EduLender, here.) 

As if closing on a major round of funding wasn’t enough, they recently announced the launch of EduLender OnePay, a simple and secure solution for students seeking to consolidate their existing federal student loans.

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.  They also have a fundraiser tool that allows students to raise money for their education from family and friends.

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Monika Jansen is a writer and editor who is happiest pounding out blog posts, newsletters, website content, and other materials. Follow her at: @monikacjansen

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