Comparison Shopping Finally an Option for Those Looking to Consolidate Student Loans

For decades, most grads were forced to consolidate student loans with the lender who issued their student loans throughout school. The policy, called the “single holder rule” interfered with competition and often left grads with a raw deal.

Now college loan borrowers are free to shop for the best choice for their student loan consolidation. ScholarPoint offers up to 52% reduction on monthly payments with money saving incentives, world class support, and fast online application process.
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How the end of the single holder rule affects you, the student loan borrower

Until July 1, 2006 if all of your student loans were issued through one lender, you were forced to consolidate with that lender—regardless of whether that lender had the best student loan consolidation deals for you. If you’re like most students, you probably have no idea which lender was supplying your federal student loans. If you did, you probably didn’t pour through the fine print of their student loan consolidation terms while in line at the financial aid office. Now, it doesn’t matter who issued your original loan, you can consolidate college loans with the lender that offers you the most benefits.

How to choose a company to consolidate your college loans

Now that you have a choice about which lender you can consolidate student loans with, how do you choose the right one? Most companies that offer federal student loan consolidation offer the same interest rates because these are fixed by the government. Instead, you’ll want to compare the lender’s incentive programs, the ease and speed of the application process, and availability of