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Single-Lender Rule Repealed; NextStudent Offers Low Student Loan ...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rule that prohibited student borrowers from consolidating their student loans with the lender of their choice was repealed June 15, 2006, when President Bush signed into law the emergency supplemental spending package, H.R. 4939.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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Campaign for America's Future Memorandum: Large Student Loan ...

One of the largest interest rate hikes on college loans is set for this Saturday, July 1, as student debt and the cost of attending college in the United States continue to rise. Federal student loan interest rates will rise and consequently, many students and alumni are scrambling to consolidate their loans. The move comes as a result of the Deficit Reduction Act signed by President Bush in February.

Interest rates on existing and new federal college loans will rise dramatically on July 1. The interest rate on Stafford loans will rise from 5.3 to 7.14 percent on existing loans and to 6.8 percent on new loans. This will mean $2,000 in additional interest payments for the typical undergraduate borrower who currently graduates with $17,500 in debt. ( http://edworkforce.house.gov/democrats/pdf/raidonstudentaid.pdf )

-- PLUS (Parent Loans for Undergraduate Students) loan interest rates will increase even more dramatically, from 6.1 to 7.94 percent for existing loans and to 8.5 percent on new loans.

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