Back in the 1980’s, the idea of our national security and military readiness being maintained by the Selected Reserves, where we would mobilize units of the Reserves for extended active duty during time of war or national conflict was theory. We had just eliminated the draft about ten years before, and we were in a new period of our military. Then came the first Gulf War and the defense of Kuwait. And later following the tragedy that was September 11th, 2001 we went on the offensive in Afghanistan and Iraq in the current War on Terror.
Many of the people that are now serving in the military were just a few months ago college students serving in the Reserves. Many people are now serving their country on active duty but they have educational loans. Some of these loans are perhaps even going into repayment. Well there are a number of Reservists and Servicemembers that are perhaps eligible for having part or all of their military loans forgiven. Congress established the loan relief program to assist Servicemembers who have been reassigned or activated due to the War on Terror, and it is a good idea to find out what your benefits are under this program. In addition the US Department of Education also is asking colleges and Universities across the United States to refund tuition, fees and charges for any reservist or military member that is activated during the middle of a school semester or term. It is alarming the number of people that serve in the military or the selected reserves, that do not know that tuition refunds, tuition forgiveness, and in some cases educational loan forgiveness are possible. There are some really easy options available for Servicemembers. You can notify your lender and the Federal Government will assume the interest payments that accrue on your school loans while you are on active duty. Servicemembers that are forced to suddenly completely withdraw from active duty are often fully eligible for future credit or a full refund.
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The Federal Government is putting a great deal of pressure on universities and colleges to take this action, but there is a catch- unless you apply for this refund or credit, then you will not receive it. Your college may or may not be aware you are headed for mobilization and active duty service, but it is necessary for you to officially notify them and request a refund in order to receive one.
Marcus Lewis says
I am prior marine corp reserve and am trying to get some more information about the above mentioned military loan forgiveness program. thanks