OneSimpleLoan Lawsuit 'Catalyst' for Repeal of Single Holder Rule

Oldsmar, FL (PRWEB) June 21, 2006

The lawsuit filed by OneSimpleLoan®, a firm specializing in personal student loan consolidation, challenging the U.S. Department of Education’s early termination of the ‘two-step’ consolidation program was a critical catalyst in the repeal of the single holder rule (OneSimpleLoan v. Secretary of Education). The repeal of the single holder rule went into effect with the approval of the Emergency Supplemental Appropriations Act (H.R. 4939).

“It’s a victory for OneSimpleLoanè, but an even a larger victory for our nation’s students,” said Paul Simino, president of OneSimpleLoanè. “Thanks to our lawsuit, students will have more options in refinancing their student loans.”

This repeal means that student loan borrowers will be able to consolidate their student loans through a variety of student lenders and will no longer be tied to their original lender. This will allow borrowers to take full advantage of the consolidation offers with the most favorable terms.

“Student borrowers are about to get hit with one of the most dramatic single-year rate hikes in the history of federal student loans,” Simino explained. “Our lawsuit had its intended result for students: the opportunity to find lower interest rates and the best possible repayment terms.”

About OneSimpleLoan®

OneSimpleLoanè 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.

Paul Simino, president of OneSimpleLoanè, is available for comment on the single holder rule repeal, his company’s role in it, and the benefits to students.

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