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U.S. servicemembers

GuidEd Solutions is very appreciative to America’s servicemen and servicewomen for the sacrifices they made for our country.

Transfer of academic credits

If you are a veteran or servicemember, you may be able to receive college credit for your military training and experience. Credit hour transfer policies vary at schools, so it is critical that you start the process early. Check with your school to find out its process for transferring military credit hours. For information and a list of organizations that offer assistance to servicemembers pursuing a degree during and after military service, click on the G.I. Jobs.com website. 

GI Bills and military scholarships

There are two GI Bills and numerous scholarships available for veterans and servicemembers to help finance your college education. There is also financial aid available for your spouse and dependents. Click on the websites below for more information:

Military benefits summary chart

There are several benefits and repayment options available for your Federal student loan from the U.S. Department of Education (ED) and the U.S. Department of Defense (DOD). The chart below summarizes the benefits available to you.

Military Benefits Chart

Benefit Condition Description Additional Resource To Apply

Servicemembers Civil Relief Act (SCRA) Interest Rate Cap

 

 

 

 

 

 

 

  • If you took out a Federal student loan prior to entering the military or being called to active duty, the interest rate on the loan will be limited to 6% during your active duty military service.

 

  • This interest rate limitation applies to both Federal and private student loans.

 

Servicemembers Civil Relief Act (SCRA)

 

For more information and to apply, contact your loan servicer.

0% Interest Rate

  • For a Federal Direct Loan first disbursed on or after October 1, 2008, 0% interest will be charged for up to 60 months while you are serving on active duty or performing qualifying National Guard duty during a war, other military operation, or national emergency and are serving in an area of hostilities qualifying for special pay.

 

  • For a Federal Direct Consolidation loan, this benefit applies to the portion of the consolidation loan that repaid loans first disbursed on or after October 1, 2008.

 

Federal Student Aid website

 

For more information and to apply, contact your loan servicer.

Military Service Deferment 

 

 

 

 

 

 

 

 

  • You may qualify for a deferment of repayment on your Federal student loan while serving on active duty in the military, or performing qualifying National Guard duty, during a war, military operation, or national emergency.

 

  • If your period of active duty service includes October 1, 2007, or begins on or after that date, your deferment may be extended for an additional 180 days after the demobilization date for each period of qualifying service.

Deferment Chart

For more information and to apply, contact your loan servicer.

Public Service Loan Forgiveness

  • You may qualify for forgiveness of the remaining balance of your Federal Direct Student Loan when you have made 120 qualifying payments after October 1, 2007, while employed in public service, including military service.

 

  • Your required 120 payments must be made under one of the following repayment plans:
    • Income-Based Repayment Plan
    • Income-Contingent Repayment Plan
    • Pay As You Earn Repayment Plan
    • Standard Repayment Plan

Discharge and Forgiveness Options Chart 

For more information, please click here. 

Deferment After Active Duty

  • You may qualify for a deferment of your Federal student loan during the 13 months following the conclusion of qualifying active duty military service, or until you return to enrollment on at least a half-time basis, whichever is earlier, if
  • you are a Reserve or retired member of the U.S. armed forces or a member of the National Guard and
  • you are called or ordered to active duty while enrolled at least half time at an eligible school or within six months of having been enrolled at least half time.

 

Deferment Chart

For more information and to apply, contact your loan servicer.

Repayment Plans Based on Income

 

  • You may qualify for a repayment plan on your Federal student loan that bases your monthly payment amount on your income.
  • Under one of these repayment plans, you may qualify for a low or zero payment amount with the possibility of forgiveness of the remaining balance in the future. Possible repayment plans include:
    • Income-Based Repayment Plan
    • Income-Contingent Repayment Plan
    • Pay As You Earn Repayment Plan

 

Overview of Student Loan Repayment Plans Chart

For more information and to apply, contact your loan servicer.

Mandatory Forbearance

  • You may be able to qualify for a mandatory forbearance if you are a member of the National Guard (current or retired) during a time when a governor activated National Guard personnel for active state duty for a period of more than 30 consecutive days.

 

  • You may qualify for a mandatory forbearance if you are performing the type of service that qualifies for a partial repayment of your Federal student loan under the Department of Defense (DOD) Student Loan Repayment Program administered under 10 U.S.C. 2171.

 

Mandatory forbearance

 

 

 

 

 

 

 

Department of Defense (DOD) Student Loan Repayment Program

 

 

For more information and to apply, contact your loan servicer. 

HEROES Act Waiver

  • While you are on active duty, the U.S. Department of Education (ED) waives many of the documentation requirements attached to Federal student loan benefits. For example:
  • if you are on a payment plan based on your income and military service prevents you from providing updated information on your family size and income, you can request to have your monthly payment amount maintained.

 

HEROES Act of 2003

 

For more information and to apply, contact your loan servicer. 

Department of Defense (DOD) Repayment of Your Loan

  • In certain circumstances, as determined by the U.S. Department of Defense, (DOD) all or a portion of your Federal student loan may be repaid by the DOD.

 

Department of Defense (DOD) Student Loan Repayment Program

For more information and to apply, contact your loan servicer.

Veterans Total and Permanent Disability Discharge

  • If you have a service- connected disability, you may qualify for discharge of your Federal student loan.

 

Discharge and Forgiveness Options Chart 

For more information and to apply for a TPD discharge, go to Total and Permanent Disability Discharge.

Your loan servicer will be able to help determine if you qualify for one of the military benefits listed on the Military Benefits Summary Chart. If you do not know who your loan servicer is, please sign on to NSLDS. Once you have signed into your NSLDS account, click on each loan to find your loan servicer contact information.

After you submit the required forms and documentation, be sure to follow up to verify the status of your request. Keep making payments on your loan, if required, until you receive a notice that your request has been granted. Also, it is important that you keep copies of all forms, documents, and correspondence concerning your request.

Helpful tips

Listed below are several helpful tips for while you are on active duty or if you are deployed:

  • Consider granting a power of attorney to an individual you trust to allow him or her to manage your financial matters, including your Federal student loan. The person who is granted the power of attorney may sign documents and act on your behalf.
  • Open an account on your loan servicer's website, which will allow you to view information about your student loan. You may be able to make payments online or sign up for automatic payments. Also, you may be able to request a deferment or a forbearance online.
  • Provide your loan servicer with your current contact information, including an e-mail address.
  • Make interest payments, even if you have a military deferment available to you. This will keep the balance on your student loan from increasing and may save you money in the long run.
  • Review your repayment options. Having a repayment plan based on your income may qualify you for a lower payment and loan forgiveness.
  • Place an active duty alert on your credit report to reduce the risk that you’ll become a victim of identity theft. When a business sees an active duty alert on your credit report, it must verify your identity before issuing credit. You may be able to designate a personal representative who can act on your behalf to verify your identity or remove your active duty alert if needed.

The nationwide consumer reporting agencies are: