Even if you decide to consolidate your student loans and look at the market for special deals, you may still have problems. The single lender rule could come up and change everything...
Everyone wants to get rid of the "single lender rule." More specifically, the single lender rule says that if a person has borrowed money from the same lender more than once, only that lender can consolidate that person's loans. If the single lender rule does apply, it means that the person can't choose a better consolidation offer and is stuck with the same lender.
There have been campaigns to get people to vote against the single lender rule, and results are expected. It looks like more and more people don't like the single lender rule and want to get rid of it. Since there are a lot of online resources that explain the single lender rule, sites that help people consolidate their student loans are also becoming very popular. People can talk to their congressperson and tell them how they feel about the single lender rule law to try to get rid of it. The second option is to get in touch with the members of Congress who work on the single lender rule legislation. So it's clear that most people don't want a single lender rule and do want to be able to choose from the different offers on the market, not just one lender who has a system to back him up. At the moment, the best way to try to get rid of the single lender rule seems to be to talk to senators directly.
Even if the Senate passes the bill to make this change, the single lender rule won't go away until July 1. Everyone hopes for the best because getting rid of the single lender rule would be good for the future. Investing in education is without a doubt the best choice, and if the single lender rule wasn't still in place, people would have better options. A student already has enough to worry about without having to figure out how to pay his bills every month (exams, turning in papers, projects, grades). Because of this, the single lender rule is a very important subject. Students with loans don't like the single lender rule because of this.
Again, everyone is encouraged to look at some websites and see how their vote against the single lender rule can make a difference. Even if we're talking about a former, current, or future student or a regular citizen who has nothing to do with school, it doesn't cost anything to lend a hand and talk about getting rid of the single lender rule once and for all. Once the problem with the single lender rule is fixed, students will have less to worry about, and hopefully the number of intellectuals will go up.
The Internet has more and more "departments" that keep adding information about lenders. It suggests a single list of lenders as a way to find the best offer on the market. Using a single lender list can be a great way to compare interest rates, time extensions, and other benefits that may come up in the future. When looking at a possible lender from the single lender list, it's also important to check the lenders' business reputations (if they pay creditors on time). By looking at a single lender list, you can find out if a certain lender takes the time to work with the client to figure out every little detail so that the student can pay off all his debts. Taking a look at just one lender list can make a difference, but not always as much as would be hoped. When the list of single lenders is looked at (after the single lender rule is gone), there will be some big differences. Some lenders will get very "unlucky" all of a sudden.
Overall, everyone will be less affected by the change to the single lender rule. This is because every important law has an effect on the people who live under it. Since you can't make money from the single lender list yet, the best thing to do is pay attention to the news, especially if you're looking for a student loan, so you don't make a bad choice.
