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


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.