Department waives interest on military loan

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The Department of Education’s Office of Federal Student Aid has retroactively waived student loan interest for more than 47,000 current and former military personnel.

Military personnel deployed in areas where they are at risk of physical injury or imminent danger are eligible not to receive interest on certain federal loans, but they had to individually request benefits, so only a small fraction of eligibles were eligible to access it. The department is currently using data matching with the Department of Defense to automatically grant interest waiver to military personnel.

“The courageous 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 Richard Cordray, Chief Operating Officer FSA director. “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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