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Bogged down with student loans? This benefit can help.

If you have student loans, you need to know about this 

Caitlin M. Kenney
January 31, 2018 - 2:56 pm
Categories: 

If you have student loans, this zero interest student loan benefit could be a big help.

“Federal law exempts members of the military from paying interest for up to 60 months on certain student loans while serving or having served in an area that qualifies them to receive hostile fire or imminent danger pay,” according to a Department of Defense press release.

You can also “apply retroactively based on previous qualifying military service. This benefit applies to direct loans or a portion of a direct consolidation loan made on or after Oct. 1, 2008,” the statement says.

In order to take advantage of the student loan benefit, the announcement said that eligible active duty, National Guard, and Reserve service members as well as veterans, should take the following steps:

1.    Check your loan type and servicer by logging in to “My Federal Student Aid” at StudentAid.gov/login.

2.    Contact your loan servicer to find out how to provide any of the following forms of proof:

·      A leave and earnings statement showing receipt of hostile fire or imminent danger pay

·      A certifying official’s statement and signature

·      Military orders showing service in a hostile area

For more information on your federal student loan benefits, you can read this brochure.