Veterans

October 26, 2012

DOD helps troops with student loan expenses

By Lisa Daniel
American Forces Press Service

WASHINGTON, D.C. — The Defense Department is again working with the federal Consumer Financial Protection Bureau to help service members with their higher-education expenses.

Defense Secretary Leon E. Panetta and Holly Petraeus, the bureau’s assistant director for service members’ concerns, announced they are starting a training program for judge advocate general personnel, personal financial managers and education service officers. The training is to spread information about the benefits and consumer protections service members are afforded under the Service Members Civil Relief Act, including interest rate reductions, loan deferral programs, principal reduction options on certain loans for service in hostile areas, and loan forgiveness on certain federal loans for public service.

“We also plan to push out the message through a variety of media to all service members,” Petraeus said. “We want them to know that even if they did not know about or ask for student loan repayment benefits when they entered the military, it’s not too late to do it now.”

The announcement came as the bureau released a report outlining the unique obstacles service members report in trying to pay off student loan debt. The hurdles they describe range from not being able to get the information they need to hitting roadblocks when pursuing benefits.

With many entering service with tens of thousands of dollars of debt — and financial problems being the No. 1 reason troops lose their security clearances — the intervention could go a long way in helping ease the burden of college debt.
In an effort to educate military consumers and the advisors seeking to assist them, the bureau has developed a guide for service members with student loans. Service members also can use the CFPB’s Student Debt Repayment Assistant online tool at www.consumerfinance.gov/students/repay.

The new outreach on student loans is the latest to make higher education more affordable and easier to attain for service members and their families. Last spring, President Barack Obama signed an executive order cracking down on colleges and universities that prey on service members, their families and veterans.

As military benefits go, the Post-9/11 GI Bill is one of the best, which is why some 325,000 service members and 550,000 veterans have pursued college degrees under it. With the help of the protection board, the DOD created a memorandum of understanding that colleges and universities must abide by, including providing clear information about their programs, before GI Bill money can be used there. The change goes into effect Jan. 1.




All of this week's top headlines to your email every Friday.


 
 

 
U.S. Air Force photo/Master Sgt. Megan Crusher

Team March pays respect to fallen

U.S. Air Force photo/Master Sgt. Megan Crusher Chief Master Sgt. Brian C. Wong, command chief, 4th Air Force, salutes the grave of Abraham W. Shuman, Company H215, Pennsylvania Infantry Volunteer Regiment, who died Aug. 5, 1903...
 
 
Courtesy photo

Taming the TDY beast of single parenting

Courtesy photo Taming the beast together makes for one big happy family, right? Greetings my fellow service members. I have just come from the belly of the beast and I would like to share my experience with everyone. You may be...
 
 

101 Critical Days of Summer reminders

With summer vacations just around the corner, we have entered the 101 Critical Days of Summer. No matter what your choice of recreation is, planning it ahead of time and taking some basic precautions will keep you safe and make your time much more enjoyable during these 101 Critical Days of Summer! Following are tips...
 

 
MD-5

Memorial Day weekend

Courtesy photo A young, patriotic volunteer pauses to salute those who have paid the ultimate sacrifice for this country. She was helping her family place flags on veteran’s graves at Riverside National Cemetery for Memorial ...
 
 
U.S. Air Force photo/Staff Sgt. Tiffany Lindemann

Army National Guard recruits visit March Field

U.S. Air Force photo/Staff Sgt. Tiffany Lindemann Maj. Cliff Atherton, pilot, 336th Air Refueling Squadron, talks to new Army National Guard recruits and their friends during a KC-135 Stratotanker tour, as part of the Guard’s...
 
 
U.S. Marine Corps photo/Cpl. Isaac Ibarra

Joint Task Force 505 begins drawdown in Nepal

U.S. Marine Corps photo/Cpl. Isaac Ibarra U.S. Marines and Nepalese soldiers unload tarps off of a UH-1Y Huey at Orang, Nepal, during Operation Sahayogi Haat, May 19, 2015. Joint Task Force 505 is drawing down its earthquake re...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin