Student Loan Consolidation Unavailable For Up to 40% of Eligible Students on March 31, 2006
In less than one week, up to 40% of students and college graduates with federal student loans may find themselves unable to consolidate their student loans with the lender of their choice. New regulations from the US Department of Education will restrict the availability of consolidation options for thousands of students around the country, robbing them of their right to choose which companies may help them manage ever-growing student loan debt. If students fail to file a consolidation application before March 30, 2006, they may possibly lose the right to choose their consolidation lender forever.
Quincy, MA (PRWEB) March 24, 2006
In less than one week, up to 40% of students and college graduates with federal student loans may find themselves unable to consolidate their student loans with the lender of their choice. New regulations from the US Department of Education will restrict the availability of consolidation options for thousands of students around the country, robbing them of their right to choose which companies may help them manage ever-growing student loan debt. If students fail to file a consolidation application before March 30, 2006, they may possibly lose the right to choose their consolidation lender forever.
When the new regulations take effect, students will only be able to consolidate their loans with their current lender, effectively forbidding them from "shopping around" for lenders offering the most money-saving options. Students who hold loans with the Department of Education plus a private lender, or who wish to reconsolidate previously consolidated college loans will be affected most.
Jonathan Rudy, director of loan consolidation at StudentLoanConsolidator. com, remarked, "These new regulations, in concert with the Deficit Reduction Act legislation passed earlier in the year, do a great disservice to students and college graduates who want to find a lender that offers them the most money-saving benefits available. Once the deadline passes, affected students will be stuck with whoever currently holds their loans, and it would not surprise me to see borrower benefits suddenly disappear or be drastically cut back as lenders realize these students have no other choices."
"I cannot emphasize enough that students and graduates need to act immediately to file consolidation applications. Once the clock strikes 11:59 PM on March 30, the window of opportunity closes, and no one knows how long it will remain closed - if it ever reopens," continued Mr. Rudy.
Student loan consolidation offers the ability to lock in fixed rates, make one payment a month, and cut monthly payments by as much as 60%. Parents with federal PLUS loans are also generally eligible for student loan consolidation as well.
For more information or to consolidate federal student loans, visit http://www. StudentLoanConsolidator. com (http://www. StudentLoanConsolidator. com) or call toll-free (877) 328-1565.
Email CustomerService at StudentLoanConsolidator. com for more information; to apply for a student loan consolidation, graduates should visit http://www. StudentLoanConsolidator. com (http://www. StudentLoanConsolidator. com) as soon as possible or call toll-free (877) 328-1565.
StudentLoanConsolidator. com is a service of the Student Loan Network (http://www. StudentLoanNetwork. com (http://www. StudentLoanNetwork. com)), an education services company offering students options for managing the entire education life cycle, from getting into their college of choice to financing their education and beyond. The Student Loan Network is based in Quincy, Massachusetts.
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