OneSimpleLoan® Lawsuit Catalyst for Repeal of Single Holder Rule

Oldsmar, FL- June 19, 2006 – OneSimpleLoan’s® lawsuit 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. The repeal of the single holder law went into effect with the approval of the Emergency Supplemental Appropriations Act (i.e., H.R. 4939).
“It’s a victory for OneSimpleLoan but even a larger victory for our nation’s students,” said Paul Simino, President of OneSimpleLoan, a firm specializing in personal student loan consolidation. “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 regardless of lender.
“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 best possible repayment terms.”
OneSimpleLoan 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.