The end of incentives for student loan consolidation - TransWorldNews (press release)

Fort Lauderdale Florida 8/23/2007 4:01 Prime Minister Greenwich Mean Time (TransWorldNews - Top Story)

As Student Financial Advisors waits for Congress to acquire from their summertime deferral we are reflecting on how the current measure if signed into a law will impact the industry.

First, we would wish to allow borrowers cognize that they still have got clip to consolidate their ; the deadline for pupil loan consolidation without any of the projected personal effects is October 1st, 2007. (tentatively)

That beingness said it is of import to observe that the pending statute law would potentially change the value of FFELP loans for pupil loan loaners that do . We are not aware at this clip the exact date, if the new measure if passed, will actually take effect, nor whether they would be applied to Federal Soldier consolidation loan applications that had been submitted prior to that day of the month but not yet funded.

If the measure goes law, we will not be able to offer the involvement charge per unit price reduction benefits described to you for those consolidation applications that are subject to the new bill. We will work efficiently to procedure all consolidation applications we have prior to the day of the month the new measure may go law, but cannot warrant that your application will be processed in clip for the involvement charge per unit price reduction benefits to apply.

We will be forced to stop the involvement charge per unit price reduction benefit programme described to you if United States Congress enacts the College Cost Decrease Act of 2007. Please maintain in head that it is not known what its effectual day of the month will be.

We propose all borrowers of Federal Soldier pupil loans, and everyone in the pupil loan consolidation industry to direct correspondence to the president urging him to blackball College Cost Decrease Act of 2007. Otherwise any type of involvement charge per unit decrease for consolidating pupil loans will be a thing of the past.