Whether you are a U.S. military veteran or an active military, there may be several options for reducing your monthly payment or eliminating Military personnel student debt altogether. We SLFA will help and guide you to explore about your debt elimination options. You need to make us 2 minute call or submit application now.
Military personnel Loans
Whether you are a U.S. military veteran or an active military, there may be several options for reducing your monthly payment or eliminating military personnel student debt altogether.
A report released by the Pentagon in 2012 estimates that 41% of U.S. military personnel are in student loan debt. As a result, people started to pay attention to providing veterans and active military personnel to repay student loans and provide qualified students with student loan forgiveness.
military personnel Loan Forgiveness
As a present or ex-member of the United States Army, you might have access to many student loan repayment and forgiveness programs meant to help you save money and decrease the time to get out of debt.
If you get a student loan before joining the army, the Attendant Citizens Relief Act (SCRA) will help you minimize interest on your loan to 6% while you are active. The SCRA interest rate cap applies to federal and private loan holders, but only for federal loans generated after August 14, 2008. If you add up federal loans after you start using them, the combined loans may not meet your requirements.
To qualify for the SCRA interest rate cap, eligibility can be determined by verification against an authorized military database. Another possibility consists of sending a copy of the order to confirm the start date of the unfulfilled obligations.
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Student Loan Deferment
Both US Army troupers and active military personnel have the option of providing loans to students. During service, qualifying federal and private mortgage loan payments may be delayed.
This delay is usually only provided to active members to personnel assigned to duty stations outside of war, national emergencies, military operations, or regular sites. Generally, the time spent on training or attending a service school is not considered an extension.
Veterans seeking to defer qualified federal and private loans must meet these same requirements before approval. However, neither active duty nor veterans can obtain written statements from commanders or personnel officers, copies of military orders and/or documents.
Veterans seeking an extension to obtain a qualified federal and private loan must meet these same requirements prior to approval. However, active and veterans must also meet other requirements, including written statements from commanding or personnel officer, copies of military orders and/or verbal request for the initial 12-month deferment period if documentation is unavailable.