From a January 30 Consumer Financial Protection Bureau release: Here are some reminders of your rights, protections, and resources as a student loan borrower and member of the military community:
- The CFPB has created an action guide detailing options for service members to help tackle your student loan debt, ranging from details about different Income Driven Repayment options for federal student loans to zero percent interest for certain loans due to service in an area of hostile fire.
- Under federal law, veterans with a service-connected disability can seek discharge (forgiveness) of their federal student loans if they received a 100-percent disability rating from the Department of Veterans Affairs (VA). If you think you might qualify for a Total and Permanent Disability discharge, the Department of Education has more information to learn about applying.
Active duty service members (and veterans) meeting certain requirements may have the balance of their federal student loans forgiven after working in public service for ten years under the Public Service Loan Forgiveness (PSLF) program. To get more information on this program, check out our guide for borrowers.