Single Holder Rule Repealed.
Congress passed the Emergency Supplemental Appropriations bill on June 15, 2006, which includes a provision repealing the controversial “single holder” rule. The rule required that borrowers with multiple federal student loans who wished to consolidate do so only through the original lender. This was one of the provisions that ACP's medical students and residents lobbied for during Leadership Day 2006 and will provide much needed relief to those with debt.
The single holder rule is considered anti-competitive because of the way it limits options in the student loan marketplace. Under the single-holder rule, a borrower had to refinance through his or her current lender if all student loans were obtained through a single lender. Without the single-holder rule in place, borrowers will now be able to find the best interest rates, customer service, and loan packages available. This change will help debt-burdened graduates obtain the best interest rates and borrower benefits so they can ultimately save more money.
The President is expected to sign the bill into law during the week of June 19, 2006.
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