Alternatives at tuitionbids.com

It's about that time of the year, again. Time to pay for books, tuition, student fees, housing, and the list goes on and on. While some enjoy the benefits of having scholarships, parents, or savings accounts to pay for school, many students aren't so fortunate. For these students, taking out student loans and working long hours are usually the only realistic options, and many can only afford the rising cost of tuition and fees using a combination of the two.

As anyone who's taken out a student loan in the past knows, going through the process is lengthy and confusing. Students may be confronted with choices they feel they aren't equipped to make, and end up getting in head-over-heels, drowning in loan terms they didn't understand or that were not sufficiently explained to them in the loan process. Enter TuitionBids.com.

According to the site's co-founder and CEO, Keith Alliotts, who used to deal with credit reports, this is not a problem students should take lightly.

"What bothered me was that it became common practice for me to see this debt on people's credit well into their 30s and 40s," he said. "This is when I decided to do something about it."

TuitionBids.com is a free new web-site designed to assist students in applying for and choosing a student loan that suits their individual needs. The site explains different types of loans, and what each one means as far as interest and repayment options. TuitionBids.com guides prospective students through the process of application. It is not a bank or lender itself, but instead allows banks and lenders to bid over students' business. Here's how the process works in three steps:

First, fill out an application on TuitionBids.com. The application takes about five minutes according to the web-site information, and asks just a few questions about things like how much money the student needs and who the student is.

Second, submit the application and review the loan terms for up to six lenders who want your business. The lenders find the student, not the other way around, as happens commonly.

Third, pick the loan that's right for you, and get your money for school. Begin to work with the lender that suits your needs right away for expedient funds and a great educational experience in the future.

In addition to this amazing service, TuitionBids.com also offers much more to the curious and confused student. As easy as the site makes it to choose a loan lender, loan terms can still be foreign and laced with details with which an inexperienced borrower may be unfamiliar. To assist in this department, TuitionBids.com has a glossary of terms used in loan contracts that is easily accessible and very thorough.

There is a section where students can browse articles about private and federal loans and how to use them wisely, as well as a frequently asked questions page, and even a "gap calculator" to figure out how much money will need to be borrowed after scholarships, federal loans, grants, etc. are taken into consideration. One of the most unique features of the site is an in-depth look at all the colleges and universities in the country - what the site deems its "Campus Detective" - to help prospective students find the school that fits them perfectly.