SINGLE HOLDER RULE REPEALED!

This is especially good news for borrowers. Previously, if all your loans were with a single lender, then your consolidation loan could only be facilitated by that lender — you had no choice whatsoever. Now you can shop around for the best service or benefits. Big lenders like Sallie Mae, Chase, Citicorp, or Wells Fargo, were opposed to the repeal of single holder as they have a significant investment to ensure that they accumulate the in-school FFELP business from university’s. Now their loan portfolio’s are exposed and those loans can be consolidated away to another lender. That’s pretty much what we call COMPETITION….the big guys don’t like it, but oh well….the borrower comes out ahead here.