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How the end of the
single holder rule affects you, the student loan borrower
Until July 1, 2006 if all of your
student loans were issued through one lender, you were forced to
consolidate with that lender—regardless of whether that lender had
the best student loan consolidation deals for you. If you’re like
most students, you probably have no idea which lender was supplying
your federal student loans. If you did, you probably didn’t pour
through the fine print of their student loan consolidation terms
while in line at the financial aid office. Now, it doesn’t matter
who issued your original loan, you can consolidate college loans
with the lender that offers you the most benefits.
How to choose a company to consolidate your college
loans
Now
that you have a choice about which lender you can consolidate
student loans with, how do you choose the right one? Most companies
that offer federal student loan consolidation offer the same
interest rates because these are fixed by the government. Instead,
you’ll want to compare the lender’s incentive programs, the ease and
speed of the application process, and availability of quality
customer service.
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