The revelation may bring new scrutiny to LendEDU, which started in 2014 and describes itself as a marketplace for private student loans, student loan refinancing, credit cards and other financial products. LendEDU’s reports have also been featured in many publications, including CNBC, The Wall Street Journal and Bloomberg.
LendEDU ran advertisements on Student Loan Report’s website but never disclosed that the two companies were affiliated.
“There certainly was an advertisement for LendEDU on the Student Loan Report, but it wasn’t a huge part of our business,” Matherson told CNBC.
According to SEMrush, an online research company, studentloans.net has had 7,800 organic visitors so far in April.
“The site is not heavily monetized, the plan was not to heavily market any products for LendEDU,” Matherson said. “Our long term vision for the Student Loan Report was to build an informative news site.”
Mark Kantrowitz, a well-known student loan expert, said he suspected there might be a connection between the two companies— LendEDU and Student Loan Report — because both claimed a statistical degree of precision from their surveys he said was inconsistent with their sample sizes.
“It stood out as something both sites do, but no one else does,” Kantrowitz said. “The use of two decimal points of precision also suggested that some of their surveys were complete fabrications.”
“They’ve been good at pushing their surveys as news, and apparently not many people asked: Who are these guys?,” Kantrowitz said.
References to Drew Cloud have been scrubbed from the Student Loan Report site.
More from Personal Finance:
Trump lawyer may get a tax break from the $130,000 Stormy Daniels ‘hush agreement’
These states are best suited for the super rich
Forget a data breach, consumers give away their personal information on social media
Source : CNBC
