student loan deferment for active military

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I found this in all my web searching:

http://studentaid.ed.gov/PORTALSWebApp/students/english/difficulty.jsp

scroll down to the second paragraph. Hope it is helpful to someone.

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Problem with the deferment is interest still accrues (unless on subsidized Stafford loans)... and for active duty only applies when you deploy.. and lets face it - being deployed is about the best time for most of us to have extra cash and actual pay back loans ;)

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I can't figure out how to reply to the private message you sent. I don't see a reply button anywhere. Do I have to upgrade my account? If so, I'll stick to public posts. :)

Thanks for all your help today. You've been great! I will look for an officer recruiter to see if I can figure out the right path for my commission.

Sandy

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midlife,

that was my fault - its a free function, but only after you reach 15 posts.. so when you get there feel free to let me know your status and I'd be happy to provide any feedback that may help!

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thanks for the link!

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Specializes in C-EFM, L&D/Postpartum/AP/PACU.
Problem with the deferment is interest still accrues (unless on subsidized Stafford loans)... and for active duty only applies when you deploy.. and lets face it - being deployed is about the best time for most of us to have extra cash and actual pay back loans ;)

Not true. Interest does not accrue with military deferment, only with a forebearance, in subsidized loans. Interest is always accruing on unsubsidized loans regardless of loan status. So, even though you are making extra cash on deployment, the lack of interest accrual makes it worth it because your payments will all be towards principle assuming you have a subsidized loan, as most people do.

Keep in mind though that military deferments are a total of three years over a lifetime, not each time you join the service or reenlist.

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ugh I just had my HRC briefing today. I found out because I am ROTC I am not eligible for loan repayment unless there is extra money the following year. Even if there is money, I will have to apply for it.

Direct accessions will get their bonus and loan repayment pending they pass their PT test.

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llovely, thanks for the info.. I searched it - and it appears the 3 years limit has been revoked in 2007.. here is a good description.

http://studentaid.ed.gov/PORTALSWebApp/students/english/difficulty.jsp

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