Last week Senator Hillary Clinton introduced S. 3255, The Student Loan Bill of Rights Act of 2006, but according to Paul Simino, President, OneSimpleLoan, a firm specializing in personal student loan consolidation, “this Borrower Bill of Rights is missing a few rights.”
Oldsmar, FL (PRWEB) June 10, 2006 -- Last week Senator Hillary Clinton introduced S. 3255, The Student Loan Bill of Rights Act of 2006, but according to Paul Simino, President, OneSimpleLoan, a firm specializing in personal student loan consolidation, “this Borrower Bill of Rights is missing a few rights.”
Simino continued: “This is a positive step, but it still needs a little work. Student borrowers should be able to refinance their loans with the same ease that homeowners refinance their homes. This Bill of Rights does not enable borrowers to do that.”
For example, Simino pointed out that Senator Clinton’s legislation might prohibit Direct Loan consolidation loans from ever being reconsolidated into a Federal Family Education Loan Program (FFELP) Consolidation loan.
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 has taken steps to help student borrowers who risk being saddled with billions of dollars in additional loan debt.
“We should be making it easier, not harder, to finance higher education,” Simino argued. “That’s why OneSimpleLoan has filed a lawsuit challenging the U.S. Department of Education’s early termination of the ‘two-step’ consolidation program. It is in no one’s best interests for students to graduate into a drowning pool of debt.”
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’ combined experience in personal student loan consolidation.
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