Monday, as the country honors Veterans Day, Sallie Mae offers student loan assistance to those who serve or have served in the armed forces.
Service members may be far from home, incurring extra expenses due to deployment, or have infrequent access to a computer or phone. To help, Sallie Mae offers these reminders about the options that may be available to assist active duty servicemembers managing their student loan repayment.
- If you enter military service and have an existing federal or private education loan, the Service member Civil Relief Act may qualify you for a reduction in your interest rate to 6 percent during qualifying military service. In addition, you may be eligible for an additional interest rate reduction if you schedule payments through automatic deduction.
- You may request to postpone payments on your federal loans while serving on active duty during a war or other military operation, and for an additional 180 days following the completion of your military service.
- You may also be able to postpone payments on non-federal, private education loans. For example, Sallie Mae offers active duty military personnel the option to defer payments during periods of eligible military duty.