benefit of student loan consolidation

Loan consolidation deadline June 30

Students can consolidate their loans at the lower rate, even if they are still in school and plan to take out more loans.

Students who have multiple lending programs can merge their loans into one payment plan, said Wayne Sparks, early assistant manager for the Oklahoma Guaranteed Student Loan Program.

He said students who want to consolidate loans should contact their lender to find out options for consolidation.

There are both benefits and drawbacks to student loan consolidation. The main benefit is students have only one lender to worry about instead of several, Sparks said.

In addition, consolidation companies also help students by reducing their bills to one each month, as well as giving students an extended payment period of 10 to 30 years, he said.

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All Student Loan Borrowers Can Now Consolidate Federal Student ...

HARRISBURG, Pa., June 20 /PRNewswire/ -- Good news for student loan borrowers across the nation -- Congress has repealed the "Single Holder Rule," allowing any student loan borrower to consolidate their student loans with American Education Services (AES).

Under the Single Holder Rule, borrowers whose federal student loans were held by one lender were only able to consolidate their loans with that lender. Now borrowers can consolidate their student loans with any eligible lender, including those who offer lower interest rates, rebates, better repayment terms and quality customer service.

"We're thrilled with this long-anticipated ruling," said Dick Willey, AES President and C.E.O. "We receive consolidation requests from borrowers on a daily basis, looking to take advantage of our repayment benefits and services, and we have been forced to turn them down because of the Single Holder Rule.

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