OneSimpleLoan to expand headquarters

Tampa Bay Business Journal

 

by Mike Brady

As the July 1 deadline for students to refinance education loans before interest rates go up significantly, OneSimpleLoan has announced plans to expand its loan servicing headquarters in Oldsmar.

Key to the company's decision to remain and expand in Pinellas County was the Florida's Qualified Target Industry incentive, a tax refund program funded by the state.

"Pinellas County Economic Development's staff worked closely with us to ensure we understood all of the business incentives available to eligible companies creating new jobs," said Paul Simino, founder and president of OneSimpleLoan. "The variety of incentives offered made the decision to expand here feasible."

Through the QTI program, OneSimpleLoan will receive a $156,000 performance-based incentive package to remain in the community, said Stacey Swank, business development manager for Pinellas County Economic Development.

"We prefer to find local high-quality, high-wage companies and come up with ways to keep them in the area," Swank said. "Guiding companies towards tax incentives and credits is a tool we can use to support local employers."

On July 1, interest rates on student loans will increase an average of 2 percent as the result of a deficit reduction bill signed into law in February. The bill cut $39 billion in student loan funding over five years.

Loan consolidations funded before the deadline will stay at the old interest rates for the life of the loan. New loan consolidations will require a 1 percent loan fee to be tacked on, and students will be prevented from consolidating loans while still attending school.

"Much of our expansion is because of this bill," Simino said. "Students will be paying much more for their loans if they don't consolidate soon."

The Congressional Budget Office estimates that the average student will pay an additional $5,800 over the life of their loan repayment because of the new rules.

OneSimpleLoan is a nationwide student loan provider that offers both federal and private student loans, and specializes in student loan consolidations.