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New rules give people more flexibility to consolidate student ...

Recently signed federal legislation has eliminated the "single-holder" rule for student loans, giving borrowers more flexibility when consolidating. Under the old rule, borrowers whose loans were held by a single company were not allowed to consolidate with any other lender, even if they could get better interest rates or repayment terms somewhere else. Now, students can consolidate their loans with any company they choose, even if one company holds all of them. Those with student loans are being encouraged to consolidate existing loans as a way to lock into a lower interest rate and avoid rate increases that are coming soon. Interest rates on Stafford loans will rise to 7.14 percent, from 5.3 percent, on July 1. PLUS loan rates will jump to 8.5 percent, from 6.1 percent. Charles Wallace, manager of the Huntington National Bank office at 17 S.

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Single-Lender Rule Repealed; NextStudent Offers Low Student Loan ...

PHOENIX, June 22 /PRNewswire/ -- The single-lender rule that prohibited student borrowers from consolidating their student loans with the lender of their choice was repealed June 15, 2006, when President Bush signed into law the emergency supplemental spending package, H.R. 4939. This has paved the way for student borrowers to consolidate their federal student loans with the lender of their choice at low interest rates before the July 1, 2006, rate increase of 1.84 percentage points.

In order to take advantage of the low interest rates, student borrowers now are urged to consolidate before the July 1 deadline, according to NextStudent, the Phoenix-based premier education funding company. The well- established company offers low rates and unmatched benefits and incentives to all student borrowers.

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