Student Loan Consolidation Program Deadline
The new law that we have talked about is considered by most to be a direct result of scandalous practices in the student loan and consolidation loan industry including paying for cozy relationships with school administrators and alumni under the understanding that they will direct loans to lender from their respective institutions.
There are many negative and positives and you can read some of our other articles covering the subject to get the details but all in all the law hits the middle class borrowers that do not qualify for need based assistance. Democrats are championing this bill and while I agree that our country's student's need help paying for education, I do not think that hitting the already struggling middle class is the way to do it. In one respect the bill has something in common with out failure of a welfare system. It does not reward those working and generating an income while attending school, after all someone working full time and going to college deserves to be able to pay their bills too don't they?
At any rate Terry Corbell at King5.com quotes Christopher P. Chapman CEO of ALL Student Loans as saying, “It is new borrowers who need to pay close attention; if they need a student loan, they will be better off applying well before the October 1 deadline.” I believe this to be a true statement and if you are seeking federal student loans then I would suggest getting your application in today.
