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Paul Simino President OneSimpleLoan Supports repeal of Single Holder...

8211;- In the conference report of the Emergency Supplemental Appropriations Act of 2006, H.R. 4939, Representative Ralph Regula, Chairman of the Subcommittee on Labor, Health and Human Services and Education, included a repeal of the single holder rule. The repeal would allow borrowers the option to consolidate with a new lender who may offer lower interest rates or better repayment terms.



's8220;Repealing the single holder law would allow borrowers to find lower interest rates and better repayment terms,'s8221; Paul Simino explained, 's8220;These are exactly the type consolidation options we should be offering borrowers.'s8221;



With student loan interest rates prepared to increase 2 percentage points on July 1, one of the most dramatic single-year rate hikes in the history of federal student loans, Simino's8217;s company has taken its own steps to help student borrowers by filing a lawsuit challenging the U.S. Department of Education's8217;s early termination of the 's8216;two-step's8217; consolidation program.



Simino added, 's8220;It is in no one's8217;s best interests for students to graduate into a drowning pool of debt.'s8221;



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's8217; combined experience in personal student loan consolidation.



{NOTE: Paul Simino is available for comment on this legislation as well as other issues related to educational student loans and financial aid.}

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