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The deal with single lender rule and the single lender list |
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Submitted by Martin Martinez
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After the decision of choosing student loan consolidation and having a look at the market for those special offers, problems may still occur. The single lender rule may come into discussion and change it all…
The single lender rule is something everybody wants to get rid of. More precisely, the single lender rule says that if a person has borrowed money more than once from the same lender, that lender is the only one capable to consolidate his loan. If it’s the case where the single lender rule does apply, it will mean that the person cannot choose a consolidation offer that’s more convenient to him and that he is stuck with the same lender.
Campaigns to vote against the single lender rule were started and results are expected. It seems that more and more people are against the single lender rule and want it abolished. As there are many online resources which offer information about the single lender rule, student loan consolidation sites are becoming very popular also. To try and eliminate the single lender rule law, people can contact their congressperson and tell them personally how they feel about this matter. The second option would be to contact the congressional committee representatives who handle the single lender rule legislation. So it is crystal clear that the general tendency is for people to say no to the single lender rule, and yes to the possibility to choose from the variety of offers on the market, not just a lender who has got the system to back him up. Direct contact with the senators seems to be the best way at this moment to try to eliminate the single lender rule.
Even if the Senate does approve the bill for this change, the single lender rule will not be eliminated until July the 1st Everybody hopes for the best as the elimination of the single lender rule would lead to better future perspectives. No doubt investing in education is the best choice to make and, without the single lender rule still on, people would have better choices to make. There are enough things to worry about for a student without having to think of the ways he could pay his monthly expenses (exams, turning in papers, projects, grades). That is why the single lender rule is a subject of high importance. This is why the single lender rule is not embraced with warmth by students with loans.
Once again, everyone is encouraged to look over some Internet pages and see the many ways a person’s contribution to the vote against the single lender rule can make a difference. Even if we are talking about a student – former, present or future – or a normal citizen without any implication in school activity, it doesn’t cost anything to give a helping hand and just discuss the matter of eliminating the single lender rule once and for all from the system. Once the single lender rule matter is handled, students will have less to worry about and the number intellectual will hopefully grow.
In its continuously growing “departments”, the Internet offers information about lenders as well. It proposes a single lender list solution which helps determine the best offer on the market. Using a single lender list can be very helpful for the comparison of interest rates, time extensions and other future benefits one may have. Another key factor to take care of (when analyzing a potential lender from the single lender list) is to verify the lenders’ business reputations (if they pay creditors on time). By taking a look at a single lender list you will be able to verify if a certain lender takes enough time to figure out, together with the client, every small detail so that the student will have the chance to afford paying all his debts. A look at a single lender list alone can make a difference, but not as big as desired in every situation. When the single lender list will be analyzed (after the single lender rule is abolished) some serious differences will be seen. Some lenders will suddenly become very “unlucky”.
All in all, as any important law affects citizens, the changing of the single lender rule will have a smaller or lighter effect on everyone. Since you can not profit off the single lender list yet, the general advice is to stay focused on the news, especially if on the market for student loans, to avoid any wrong decisions you might make.
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