U.S. Service Members Receive Interest Rate Benefit

Education Department works with DoD to ensure student loan interest benefit received.

The U.S. Department of Education has announced that members of the U.S. Armed Forces are being granted retroactively waived interest on student loans through the Federal Student Aid office. The benefit will apply to over 47,000 current and former active-duty personnel.

This move comes as the Defense Department collaborated with the Education Department via a data-matching agreement that locates student loan borrowers that have qualified for imminent danger or hostile fire pay due to their deployments.

“Brave men and women in uniform serving our country can now focus on doing their jobs and coming home safely, not filling out more paperwork to access their hard-earned benefits,” said FSA Chief Operating Officer Richard Cordray. “Federal Student Aid is grateful for our strong partnership with the Department of Defense, and we will seek to reduce red tape for service members wherever possible.”

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Sources: AP, NPR


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