Veterans and military personnel receive special student loan benefits

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Veterans and military personnel who have received student loans may be eligible for special programs that forgive interest on their loans or even cancel their loan obligations altogether in special circumstances. Moreover, the Ministry of Education works with other government agencies to provide these benefits automatically, without any action on the part of the borrower.

Waiver of student loan interest for recipients of reward for hostile fire or danger

V recent press releaseThe Ministry of Education said it was writing off interest on student loans for more than 47,000 veterans and military personnel who were paid due to imminent danger or hostile fire during their military service.

Federal law determines that military personnel sent to areas corresponding to them imminent danger or hostile fire are not required to pay interest on certain federal student loans received on or after October 1, 2008. Previously, in order to receive this waiver of interest, the participant had to request it and provide proof of their eligibility by providing instructions or a certificate of leave and income. (LES) as evidence.

However, the Department of Education recently initiated a data-sharing agreement with the Department of Defense, allowing the agency to automatically determine who is eligible for interest waiver and to forgive any interest mistakenly charged to military personnel or veterans. The waiver of interest is retroactive until 2008.

Full Forgiveness of Student Loans to Disabled Veterans

In a related question The Ministry of Education also recently announced that it will forgive $ 5.8 billion in student loans to more than 323,000 borrowers with complete disabilities. This includes veterans receiving disability benefits from Department of Veterans Affairs and for those receiving disability benefits from the Social Security Administration.

Again, the data exchange agreement between the Ministry of Education and other government agencies will automatically apply this loan forgiveness.

Connected: Veteran groups want government to expedite student loan write-offs

Loan forgiveness should automatically apply to all eligible loans. Contact your lender for more information.

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