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/Staff Sgt. Tiffany Lindemann

Team March maintainers refurbish KC-135 Stratotanker in record time

U.S. Air Force photo/Staff Sgt. Tiffany Lindemann Staff Sgt. Caleb Meyer, an active-duty crew chief, and Staff Sgt. Neftali Rivera, an Air Reserve Technician and crew chief, both from the 752nd Maintenance Squadron, screw in th...
 
 
U.S. Air Force photo/Senior Airman Russell S. McMillan

Johnson assumes command of 56th Aerial Port Squadron

U.S. Air Force photo/Senior Airman Russell S. McMillan Col. Timothy McCoy (left), commander, 452nd Mission Support Group, March Air Reserve Base, passes the guidon to Maj. Mark E. Johnson, commander, 56th Aerial Port Squadron, ...
 
 
U.S. Air Force photo/Tech. Sgt. Ryan Crane

Airman, Guardsman recognized as ‘heroes’ in Paris

U.S. Air Force photo/Tech. Sgt. Ryan Crane Airman 1st Class Spencer Stone (right), Aleksander Skarlatos (center) and Anthony Sadler pose for a photo in Paris Aug. 23, 2015, following a foiled attack on a French train. Stone was...
 

 
150822-F-RK887-146

Chief Kacsmaryk Retirement

U.S. Air Force photo/Senior Airman Russell S. McMillan Chief Master Sgt. Michael Kacsmaryk, superintendent, 752nd Aircraft Maintenance Squadron, March Air Reserve Base, receives a U.S. flag that was flown over the Capitol, duri...
 
 

The 452nd Air Mobility Wing 2015, 3rd Quarter award winners

Airman of the Quarter – Senior Airman Christian Bojorquez, 452 SFS   NCO of the Quarter – Staff Sgt. Kevin Duffy, 56 APS   SNCO of the Quarter – Senior Master Sgt. Winston Demmin, 452 AMXS   Company Grade Officer of the Quarter – Capt. Dawn Schultz, 452 MDG/752 MDS   (Not pictured) Civilians of...
 
 

Healthy Base Initiative ends, Team March continues concept

The Defense Department’s Healthy Base Initiative is about to end, but the emphasis on health and wellness is merely making a transition. The Healthy Base Initiative, a DOD demonstration project at 14 installations that tested ways to improve the health and wellness of troops, civilians and their families, is ending this month. However, the successful ideas that...
 




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=""> <s> <strike> <strong>