This new policy could save military members tens of millions of dollars on their student loans – Market Watch
Service members are entitled to a 0% interest rates while they’re in combat zones and other dangerous situations
Over the past several years members of the military subject to hostile fire and other dangerous situations have overpaid at least $100 million on their student loans. The federal government quietly announced a policy this week that advocates hope will bring that number close to zero in the coming years.
The Department of Defense announced a change in policy this week that will allow the agency to work more closely with the Department of Education to make sure eligible service members get the student loan benefits they’re entitled to under law.
“Frankly it’s overdue,” said Mike Saunders, the director of military and consumer policy at Veterans Education Success, which works to advance higher education success for veterans and service members. “They have rights. And this is a really good first step.”