posted on November 12, 2012 15:56
With the economy and unemployment numbers still in bad shape in the U.S., plenty of recent college grads are struggling to keep up student loans. That includes veterans and military service members.
Jennifer Dwyer is the assistant director for grants and scholarships for the State Higher Education Services Corporation. She says many service members are choosing less favorable repayment plans which can lead to thousands of dollars in excess debt for a couple of reasons.
“Their ability to manage the loans – which, really, can be a struggle for anyone and would just be magnified for someone in the military," Dwyer said. "People tend to forget who they borrowed from or under what programs they may have borrowed through.”
Postponing loan payments through military deferment or forbearance may seem like an ideal option, but that doesn’t stop the interest from accruing. Options like the Income-Based Repayment, the Public Service Loan Forgiveness Program, or the Service Members Civil Relief Act are available, but Dwyer says it’s important to do your research to find the right fit.
There is an entire section of the HESC site dedicated to military members and veterans.