Bill stops interest on student loans for active duty soldiers (Sen. Arlen Specter)

One of the defining memories of my childhood was stories of the infamous march on Washington by veterans of World War I to collect in advance their promised wartime bonus.

The Government said no, and my veteran father, who carried wounds from the Argonne Forest, watched from his home in Wichita, Kansas, as his former comrades-in-arms were cut down by federal troops on the main boulevard of the nation's capital.

The failed Bonus March left me with a lasting appreciation for the men and women who fight our nation's wars. Never should they have to await their "bonus."  Nor should they have to pay what amounts to a financial penalty in the form of interest on student loans while on active duty. 

That is why I joined 14 other senators in support of the Servicemember Student Loan Interest Relief Act that would provide immediate student loan debt relief to active-duty service soldiers and members of the National Guard.

Currently, soldiers who are serving in Iraq, Afghanistan and other countries abroad are charged interest on their federal student loans. This 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.

Relief from federal student loan interest during deployment is a practical and important way to honor the men and women who serve our country. This bill will help service members and their families transition from active duty by lessening this undue financial burden, especially during this tough economic climate.