Biden Freezes Student Loan Interest Rates For 47,000 Service Members

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President Joe Biden is freezing student loan interest for 47,000 military personnel.

Here’s what you need to know.

Student loans

Another win this week for student loan borrowers: The US Department of Education retrospectively waived interest on federal student loans held by more than 47,000 current and former military personnel. This student loan exemption improves access to student loan interest exemption benefits for military personnel through a data collation agreement with the US Department of Defense.

“The brave men and women in military uniform serving our country can now focus on getting their jobs done and returning home safely, rather than completing additional paperwork to gain access to their hard-earned benefits,” said the Chief Operating Officer of the Federal Service student aid Richard Cordray. “The Federal Student Aid Agency is grateful for our close partnership with the Department of Defense and we will strive to reduce military red tape where possible.”


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