consolidation legislation loan student

Fitch Comments on FFELP Single Holder Rule Repeal & 7/1 Interest ...

NEW YORK--(BUSINESS WIRE)--June 21, 2006--Prepayments for Stafford and PLUS loans are likely to increase, according to Fitch Ratings.

On June 15, President Bush signed H.R. 4939, the 'Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Hurricane Recovery, 2006.' This legislation includes a repeal of the single holder rule for borrower applications received for consolidation on or after June 15, 2006. This means that a borrower who has all of his/her student loans with one lender may now consolidate with any lender. Previously, a borrower in that case would have to consolidate with that same lender. The Higher Education Reconciliation Act passed earlier this year in April, eliminated in-school and spousal consolidations. This would require that borrowers enter repayment prior to consolidating.

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Students given OK to shop for best deals to consolidate loans

Newly minted university graduates facing the looming specter of student loan payments should take heed: The federal government earlier this month passed legislation to do away with the “single-lender" or “single-holder" rule, meaning borrowers are now free to shop around for the best consolidation deals.And not a moment too soon.

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