Service members are entitled to a 0% interest rates while they’re in combat zones and other dangerous situations.
Over the past several years members of the military subject to hostile fire and other dangerous situations have overpaid at least $100 million on their student loans. The federal government quietly announced a policy this week that advocates hope will bring that number close to zero in the coming years.
‘Your mind should be on surviving and making sure the people underneath you survive not on your student loan balance or the interest rate you’re getting charged on it.’ —Mike Saunders, director of military and consumer policy at Veterans Education Success Members of the military with student loans are entitled to several protections under the law meant to help them manage their debt while serving their country. But they’ve struggled to access these protections.
“Your mind should be on surviving and making sure the people underneath you survive not on your student loan balance or the interest rate you’re getting charged on it,” Saunders said. It’s unclear whether the Department of Education will apply the benefit retroactively. The agency didn’t immediately respond to a request for comment. The benefit only applies to loans made on or after October 1, 2008.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trans student set to lose Army scholarship following new military policyThe military's new transgender policy, which took effect on April 12, has been equated to a “don’t ask, don’t tell” rule for trans service members.
Read more »
New Student Loan Forgiveness Bill Could Help MillionsWill this new student loan forgiveness bill change the future of public service loan forgiveness?
Read more »
Transgender ROTC cadet says he lost military scholarship after new DOD policy took effectA transgender ROTC cadet says he has lost his scholarship at the University of Texas due to the Trump administration's new policy toward transgender service members.
Read more »
Transgender ROTC cadet says he lost military scholarship after new DOD policy took effectA transgender ROTC cadet says he lost his military scholarship at the University of Texas due to the Trump administration's new policy toward transgender service members. In the wake of President's Donald Trump's implementation of the policy first ordered with a tweet in July 2017, reversing
Read more »
Here's What The 2020 Presidential Candidates Say About Your Student LoansThe 2020 presidential race is heating up. Here's what some candidates are saying about your student loans:
Read more »
Here's What The 2020 Presidential Candidates Say About Your Student LoansThe 2020 race may reshape the future of student loans.
Read more »
5 Key Strategies To Deal With Student Loans
Read more »
Here's What The 2020 Presidential Candidates Say About Your Student LoansHere's what the 2020 presidential candidates say about your student loans:
Read more »
Here's What The 2020 Presidential Candidates Say About Your Student LoansThe 2020 race may reshape the future of student loans.
Read more »
States Tempt Recent College Graduates With Student-Loan PayoffsEmployers say loan-forgiveness is a stronger incentive than a raise: “It’s sexier to say you can offer the same amount in a student-loan benefit.”
Read more »
An unpaid $1,250 student loan can become thousands more and land you in federal courtFederal student loan debt can't be written off in bankruptcy; long-term, unpaid debt is relentlessly tracked down.
Read more »