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.
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