Under the Higher Education Act of 1965, a borrower is only eligible for a consolidation loan if he or she has never previously consolidated. This creates a "one-time consolidation"? rule, and bars student borrowers from refinancing their consolidation loans, locking those student borrowers into the market interest rate at the time of consolidation, regardless of whether rates fall later on. Most student borrowers are unaware of this rule at the time they consolidate, and only find out that they can't refinance when they try to take advantage of lower interest rates.

In 2003, various bills were introduced in Congress purporting to remedy this unfair rule, all of which now sit in the House Committee on Education and the Workforce.

We, the undersigned, support the passage of a bill that amends the Higher Education Act to provide the most relief from high interest rates to student borrowers, who are not trying to get out of paying debt, but should be able to take advantage of the market's lower interest rates. This is an issue that directly influences our votes in elections.