As Student Financial Advisors waits for congress to get from their summer recess we are reflecting on how the current bill if signed into a law will affect the student loan consolidation industry.
First, we would like to let borrowers know that they still have time to consolidate their student loans; the deadline for student loan consolidation without any of the proposed effects is October 1st, 2007. (tentatively)
That being said it is important to note that the pending legislation would potentially change the value of FFELP loans for student loan lenders that make Federal Consolidation Loans. We are not aware at this time the exact date, if the new bill if passed, will actually take effect, nor whether they would be applied to Federal consolidation loan applications that had been submitted prior to that date but not yet funded.
If the bill becomes law, we will not be able to offer the interest rate discount benefits described to you for those consolidation applications that are subject to the new bill. We will work efficiently to process all consolidation applications we receive prior to the date the new bill may become law, but cannot guarantee that your application will be processed in time for the interest rate discount benefits to apply.
Full article can be read here:http://www.transworldnews.com
First, we would like to let borrowers know that they still have time to consolidate their student loans; the deadline for student loan consolidation without any of the proposed effects is October 1st, 2007. (tentatively)
That being said it is important to note that the pending legislation would potentially change the value of FFELP loans for student loan lenders that make Federal Consolidation Loans. We are not aware at this time the exact date, if the new bill if passed, will actually take effect, nor whether they would be applied to Federal consolidation loan applications that had been submitted prior to that date but not yet funded.
If the bill becomes law, we will not be able to offer the interest rate discount benefits described to you for those consolidation applications that are subject to the new bill. We will work efficiently to process all consolidation applications we receive prior to the date the new bill may become law, but cannot guarantee that your application will be processed in time for the interest rate discount benefits to apply.
Full article can be read here:http://www.transworldnews.com
