Students throughout the country are urged to contact their senators to ask them to eliminate the single holder rule before the Senate votes on the College Access and Opportunity Act, or H.R. 609. The Senate now is in recess and will be back in session April 24, so a vote can occur any time after that date.
Student borrowers are feeling the negative impact of the single lender rule, as it does not allow students to consolidate using other lenders that may offer better student loan consolidation advantages.
On March 30 the house voted to eliminate the single holder rule on student loans. As it now stands, the rule is in place for the next three months and only affects those student loans accepted on or after July 1.
Ask Senators to Eliminate Single Lender Rule
With the vote now in the hands of the Senate and expected any time, students can make their voices heard and ask their senators to do the right thing and repeal the single lender rule. Heres why:
Currently, the way the bill stands, students do not have that many choices. Firstly, student loans have to go through the Department of Education. Because students are prohibited from using...
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