Education Loan Forgiveness Programs

Serving in the military is a profession that some of our Servicemembers were involved in just a few months ago. Now, having serviced their country in Afghanistan or Iraq they find themselves settling down to a college program of study. Many of our nations warriors were reservists in college, and then were called up for their military duty. Now, having service their country they find themselves back in school, and as such they are eligible to participate in some of the different military funding and educational loan programs. Some of these include the ability to forgive part of the loan for qualified military Servicemembers. Congress set up the loan relief program for different members of the United States Military who have been reassigned or activated due to the War on Terror, and this is a valuable program to know about. It is important that Servicemembers be aware of their benefits and rights under this program.

If a Servicemember was in college and was activated, the Department of Defense asks the College or university involved to refund tuition and other charges for the reservist. If it takes place part way through a term or semester, the DoD formally requests that the university or college refund the money paid by the mobilizing reservist, and it is a surprise how many Servicemembers do not realize this is a possibility for them to use. For some active duty reservists who are activated, it is as simple as asking for the loan payments that they are making be postponed. At other times lenders will have the Federal Government itself assume the loan interest payments while the Servicemember is serving their country.

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When the Servicemember is forced to fully withdraw because of mobilization the Federal Government asks the colleges and universities to provide credit or a full refund, this has been a change as in past military conflicts this was only done in extreme cases, but the Department of Defense has realized its in everyone’s best interest to support the educational efforts of the Servicemember who has to quit to be mobilized.

For its own part, the Federal Government has relaxed rules for colleges and universities regarding the repayment of funds for students who are on Federal Financial Aid. This allows and encourages the colleges and universities to support what the Servicemember is doing, and gives impetus for the schools to be more