Military Borrowers have a unique set a circumstances sometimes--I can help!

Programs that will assist Military borrowers

-120 qualifying payments

-Must be made no more than 30 days before due date and 15 days after

-All loans must be Direct Loans

-Non taxable

-Must have qualifying plan (typically based on income only beneficial plan)






-Serving active duty in connection with war, military operation, or national emergency

-1st 12 months can be verbal, after documentation needed

-Available to any borrower with qualifying service

-Ends 180 days after active duty end date but only with supporting documentation

-Needs supportive documentation

-Must be enrolled at least half-time within 6 months of active duty

-Ends date return to school or 13 months after Active Duty end date (or seven months after Military Service 180 day period)

-Be part of National Guard

-Have been called to state active duty by governor for 30+ days AND not qualify for Military Deferment while on active duty but does qualify for Post Active Duty Deferment

-Must complete Mandatory Forbearance (can attach letter from Authorizing Official and copy of National Guard orders)

-Each branch has own requirements (see commanding officer)

-Borrower submits DD2475 to servicer, then they return it to personnel officer on form

-If on program, can get DoD Loan Repayment Forbearance (unlimited-one year at a time)

-The forbearance must be requested separately

-Created by Congress

-Will cap interest on loans at 6%

-Only valid for active duty periods

-only for loans taken out prior to Active Duty

Reasons why SCRA may not be noted:

-Active duty not yet started

-Name discrepency

-Some National Guard or Reserves does not show up on DoD database

-Does not qualify

-Must meet criteria for military Deferment and receive pay from Department of Defense because serving in hostile fire or imminent danger

-No interest will accrue during this time on any eligible loans

-Up to 60 monthly

-Direct Loans only after 10/1/08

-It’s the 3rd option in section 4 of Military Deferment application

-If in consolidation loan, will be weighted if not all qualify

-Borrowers must submit documents of service (letters, orders, etc.)

-Auto-checked when location/dates submitted

So how can a counselor assist someone in my situation?

Congress has set up many programs to help the military that are exclusive to service members.  Though in most cases it is only relevant if you are active duty.

There are also great programs that are not exclusive to military members but will still prove beneficial.

Only there are three primary problems:

1)  You have a hectic schedule that doesn't always give you great access to resources.

2)You do not know what you are entitled to

3)You don't know how to get it or how the process works

And since you are busy, I want to help you with this or any of problems that may exist.  Especially when it comes to things like the Department of Defense Repayment.  Not enough questions are asked about this and people assume everything is paid when sometimes it is just principal.

And since the DoD only pays yearly that is a lot of interest that accrues.  Know what questions to ask and clarifications to make can save you a lot of money--but luckily not cost you a lot.

I've helped over 25,000 borrowers, let me help you too!

see plans and pricing