Last Day until Historic Increase in Student Loan Rates; Borrowers to face billions in additional deb

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) June 30, 2006 -- With student loan interest rates prepared to increase almost 2 percentage points on July 1, one of the largest single-year rate hikes in the history of federal student loans, borrowers wanting to consolidate loans have until the end of today to do so before the rate increase.

The impact of the July 1 interest rate increase will be dramatic. Borrowers with $50,000 in loans will pay up to an additional $21,000 over the life of their loan. Borrowers with $100,000 in loans will pay up to an additional $64,000 over the life of their loan.

Paul Simino, President of OneSimpleLoan, a firm specializing in personal student loan consolidation, has been working to retain consolidation options for student borrowers. OneSimpleLoan�s lawsuit challenging the U.S. Department of Education�s early termination of the �two-step� consolidation program was a critical catalyst in the recent repeal of the single holder rule.

�The repeal of the single holder rule was a victory for OneSimpleLoan but an even larger victory for our nation�s students,� said Simino. �No one has been working harder for student borrowers than we have. Thanks to our lawsuit students will have more options in refinancing their student loans. And with the interest rates increasing at the end of today, eligible students should be looking to consolidate now.�

Student borrowers looking to consolidate before the July 1 rate increase should contact OneSimpleLoan at www.onesimpleloan.com or 1-877-663-7467.

OneSimpleLoan is a national student loan company assisting thousands of students and their parents with student loan needs before, during and after their college experience. Specializing in student loan consolidation, the company offers a full array of student loan products including Stafford, Parent PLUS and private loans, all at competitive rates.

Superb product knowledge of intricate student loan laws and regulations, unsurpassed customer service, an information-rich website and a strong outreach program to colleges and universities throughout the U.S are the hallmarks of this dynamic player in the student loan industry.

Living up to its mission to serve as a true advocate for the student loan borrower, a recent OneSimpleLoan lawsuit challenging the Department of Education was the catalyst behind Congressional repeal of the single holder rule, thereby providing all borrowers with greater opportunities to find the lowest interest rates and best possible repayment terms.

OneSimpleLoan is a member of the National Council of Higher Education Loan Programs (NCHELP) and the Florida Association of Student Financial Aid Administrators (FASFAA).