Did you know that soldiers who are serving in active duty are charged interest on their student loans? Going to graduate school will free your student loan interest accrual, but serving in Iraq? No.
A group of 15 senators is introducing a new bill to change this, providing immediate student loan debt relief to active-duty soldiers and members of the National Guard. According to a blog post from Senator Arlen Specter (R-PA), the bill
would prohibit interest from accruing on direct student loans, regardless of the date of origination, for all service members on active duty for up to 60 months. This would save the average service member between $1,183 and $1,479 over the course of a 12- to 15-month activation period.
Between this and the delays with tuition benefits from the new GI Bill, I am feeling rather frustrated for our nation’s soldiers and veterans. Are you a member of the military struggling with paying for your college tuition or your student loan payments? What do you think of the new Spector-sponsored bill?