June Sets Record Month For Student Lending Works

Repeal of the Single Lender Rule gives options to borrowers

CINCINNATI - Student Lending Works counseled more than 5,000 Ohioans and assisted even more in finding relief from rising student loan interest rates during a hurried 15-day period in June.

Between June 15, when President Bush repealed the Single Holder Rule, and June 30, the last day before student loan interest rates increased nearly 2 percentage points, Student Lending Works provided student loan consolidations to hundreds of Ohio students, graduates and parents, and helped more secure Stafford, Parent PLUS and Grad PLUS Loans in time to avoid interest rate increases.

In June 2006, the State of Ohio's designated nonprofit student lender funded more than $20 million in loans from the $244 million in low-cost bond funding allocated for the State of Ohio.  As a nonprofit, Student Lending Works has a goal of making college and graduate school more attainable for Ohioans and to increase access to Ohio schools for more students.  Student Lending Works does this by providing Ohio students and their families with low-cost Federal Education loans.  And the surplus generated from Student Lending Works will be used to further support initiatives to better Ohio's education system and students.  To date, through its parent foundation, more than $100 million has been invested in Ohio's education initiatives.

"The Single Lender Rule caused many borrowers to be without choice of loan products that fit their individual needs and were locked in consolidation loans that offered limited or no benefits." said Jeff Wallace, Student Lending Works' Director of Marketing and Operations.  "Since the repeal in June, we have been able to offer students great products that save them thousands of dollars."

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