Industry News

Congress Urges Consolidation of Student Loans Before July 1st

5/24/2006 - House Democrats voiced their recommendation that anyone eligible to consolidate their student loans do so now, in view of law changes and higher interest rates to take effect July 1, 2006.

This announcement comes on the heels of Senator Edward Kennedy's own pleas that students take action now before the deadline.

In addition, the lawsuit filed by OneSimpleLoan vs. the Secretary of the Departtment of Education continues to be tied up in legal maneuverings.

This flurry of activity comes in reaction to the Deficit Reduction Act of 2005, which will eliminate a number of student loan consolidation benefits, such as in-school and spousal consolidation. Of far greater impact to borrowers is the anticipated jump in Stafford and parent PLUS loans.

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