Paul Simino, President, OneSimpleLoan? Supports repeal of Single Holder Rule

Paul Simino, President, OneSimpleLoan? Supports repeal of Single Holder Rule. In the conference report of the Emergency Supplemental Appropriations Act of 2006, H.R. 4939, Representative Ralph Regula, Chairman of the Subcommittee on Labor, Health and Human Services and Education, included a repeal of the single holder rule. The repeal would allow borrowers the option to consolidate with a new lender who may offer lower interest rates or better repayment terms.

Oldsmar, FL (PRWEB) June 10, 2006 –- In the conference report of the Emergency Supplemental Appropriations Act of 2006, H.R. 4939, Representative Ralph Regula, Chairman of the Subcommittee on Labor, Health and Human Services and Education, included a repeal of the single holder rule. The repeal would allow borrowers the option to consolidate with a new lender who may offer lower interest rates or better repayment terms.

“Repealing the single holder law would allow borrowers to find lower interest rates and better repayment terms,” Paul Simino explained, “These are exactly the type consolidation options we should be offering borrowers.”

With student loan interest rates prepared to increase 2 percentage points on July 1, one of the most dramatic single-year rate hikes in the history of federal student loans, Simino’s company has taken its own steps to help student borrowers by filing a lawsuit challenging the U.S. Department of Education’s early termination of the ‘two-step’ consolidation program.

Simino added, “It is in no one’s best interests for students to graduate into a drowning pool of debt.”

OneSimpleLoan? is a member of the National Council of Higher Education Loan Programs (NCHELP) and the Florida Association of Student Financial Aid Administrators (FASFAA) and has over twenty years’ combined experience in personal student loan consolidation.

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