Anticompetitive Student Loan Consolidation Law Struck Down by Congress.

TAMPA, Fla. -- On the heels of last week's repeal of the anticompetitive Single Holder Rule, student loan borrowers across the Country are finding out that large student loan lenders have been keeping them in the dark regarding their Federal right to consolidate their student loans and reduce their loan interest payments. Until last week, several large lenders had a monopoly on an estimated 60% of all outstanding student loans. This monopoly existed because the Single Holder Rule made it illegal for borrower's to consolidate their loans with anyone other than the lender that had their loans. Many borrowers that fell within the Single Holder Rule's guidelines prior to the repeal of the law are finding out that they have paid thousands of dollars in extra interest over the life of their loans because they had not had the opportunity to "shop around" and find the best deal to suit their specific financial needs.

"With the dramatic rise in higher education costs, more and more students are stepping into the workplace burdened by substantial debt," said Congressman Jim Davis. "The repeal of the 'single holder rule' will increase competition in the lending market and give students who are planning to consolidate their loans the option to shop for the best interest rate."

"We're very pleased that Jim Davis and his fellow Congressman have done away with this extremely anticompetitive law," said Michael Babb, President of Academic Financial Solutions. "The Single Holder Rule benefited only a handful of larger lenders at the expense of many past and present student loan borrowers. These large lenders have lobbied hard to keep the rule in place, and then when Congress voted to remove the Single Holder Rule, these same large lenders now say how happy they are that the rule is gone. I'm sure there is some confusion in the marketplace when these large lenders send so many mixed messages. The borrowers are not sure which message to believe."

Based in Tampa, Florida, Academic Financial Solutions has saved Federal Student Loan holders millions of dollars by reducing their payments through consolidation. For more information on how to consolidate Student Loan debt, call Toll Free 1-866-416-6333 or visit their Website at http://www.AcademicFinancial.com.