LendingTree recently closed on the acquisition of Student Loan Hero, a personal finance website that helps borrowers manage their student debt.

Student Loan Hero is led by CEO Andrew Josuweit, who founded the company in 2012 to help manage the nation’s immense student debt burden.

"We are incredibly excited to join the LendingTree team," Josuweit said in a statement.

"Given LendingTree's emphasis on consumer empowerment and transparency, we feel confident that this is the right platform for Student Loan Hero to engage more consumers and help them reach their financial goals."

Over its six-year lifespan, Student Loan Hero says it has helped more than 200,000 borrowers manage and eliminate over $3.5 billion in student loan debt.

LendingTree plans to leverage the acquisition to accelerate the growth of its student loan business, and to that end, it will pay $60 million in cash for the acquisition of Student Loan Hero.

"The acquisition of Student Loan Hero is a strategic transaction that will allow LendingTree to quickly scale our Student Loan business,” CEO of LendingTree Doug Lebda said in a statement.

"On top of that, LendingTree and Student Loan Hero share a common goal of providing consumers with the tools and resources to better understand their personal finances and make smarter financial decisions. We're excited to welcome Student Loan Hero to the LendingTree team and are confident this will enable LendingTree to expand our reach in the student loan space."

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