U.S. Department of Education Grants the benefit of the interest rate to more than 47,000 members of the service Automated process benefits 880% More current and previous Members of Active Service since 2019 August 20, 2021 Contact: Press office, ( 202) 401-1576, Press @ Ed.gov
  • < P> Today, the United States Department of Education announced that the Federal Student Aid Bureau (FSA) has resorted retroactively interested in loans held by more than 47,000 current and previous active service members. This action was possible thanks to a data coincidence agreement with the United States Department of Defense (DOD) that substantially improves access to a student loan interest exemption benefit for many service members with federal student loans.

    Under the Higher Education Law, the Members of the Service implemented in areas that qualify them for an imminent danger or a hostile fire payment, have no accumulated interest in certain student federal loans who first disbursed in or after October 1, 2008. In the past, only a small proportion of eligible service members successfully accessed this benefit. For example, the Department resigned from interest for only approximately 4,800 service members in 2019, when it did not have the data party instead. Now, the Department can identify federal student loan borrowers who serve as active service by equal records to DOD staff records. As a result, the Department can automatically provide the benefit of the interests of student loans to eligible service members.

    "Men and brave women in uniform who serve our country can now focus on doing their jobs and come home safely, not filling more paperwork to access their hard benefits," said the director of the director. FSA operations, Richard Cordray. "Federal student aid is grateful for our solid partnership with the Department of Defense, and we will try to reduce bureaucracy for service members whenever possible."

    "The Department of Defense appreciates the efforts and commitment of the Education Department to guarantee eligible service members received this benefit," said Virginia Penrod, Undersecretary of Defense, Undersecretary of Defense for Ovens of hand and reservation in the Department of Defense.

    Announcement today means that the members of the service are not required to take any action to receive the benefit of the interest rate. Before this new automation, the members of the service had to make individual requests for the benefit and provide additional information confirming their eligibility.

    Recently, the department announced its intention to form a negotiated Rulevaking committee to address the problems that affect the federal student borrowers of loans. The announcement invited the nominations of constitutive groups, including members of the United States military service, veterans and groups representing their interests. Nominations are open until August 31, 2021. This action is aligned with the Belief of President Biden that we have the sacred obligation to take care of veterans and their families from our nations, both while they are deployed and after they return to home.

  • Tags: Federal Student Assistance (FSA) Military Families and Veteranspress Releases < / li>

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