How does the single lender congress stand?
One of the main issues related to education under discussion in the US at the moment is the single lender rule for college loan consolidation. Because the costs of higher education are so high in the US, students end up contracting several student loans during their college years. It is usually considered in their benefit to consolidate these loans, meaning that they will replace all their loans contracted with different interest rates with a single loan that has a unique, fixed interest rate. Up to the current debates, loan consolidation came together with the single lender rule. The single lender rule means that students can only consolidate their loans if they are all contracted from the federal government or from the same private company. While consolidation of loans is considered to be highly beneficial for college students and graduates, the single lender rule is often argued to be restricting some of these benefits.
Categories: Government
Tags: bill, college, college loan consolidation, college students, Congress...., congressional debates, consolidation, consolidation of loans, contentious bill, Education, fixed interest, higher education, interest, intricacies, lender, loan, private company, rule, student loans, text, US
