Student Loan Benefits for Military Servicemembers
The Service Member Civil Relief Act offers many benefits for student loan borrowers in the military. Unfortunately, those benefits are difficult to identify, or to claim.
According to an official report, many of the benefits the Service Member Civil Relief Act grants to those in the military go unredeemed. In some cases, this is because lenders adopt difficult procedural barriers designed to disqualify servicemembers. In other instances, servicemembers remain in payment plans that end up costing them more than they would have to pay under available alternatives, simply because the servicemembers aren’t aware of their options.
The Consumer Financial Protection Bureau is partnering with the Defense Department to increase awareness of the benefits available to student loan borrowers in the military.
If you are having difficulty paying your student loan debts, The Law Firm of Vaughn, Weber & Prakope, PLLC may be able to help. Call 516-858-2620 today to schedule a free consultation.