Servicemembers’ Civil Relief Act (SCRA) provides several protections for consumers called to active duty.
Those serving on active duty in the US Army, Navy, Air Force, Marine Corps, National Guard, and Coast Guard can qualify for certain benefits, such as a maximum interest rate of 6% during your period of active duty. Additional benefits may be allowed depending on the type of loan(s) you have.
Federal loans may allow for interest-free deferment during active duty (The benefit may have a maximum period). The Federal Perkins Loan Program allows for partial debt cancellation for servicemembers engaged in activity in a hostile area and receiving imminent danger pay (IDP).
Private loan program benefits will vary in the options available depending on your lender, but will always adhere to the maximum 6% interest rate cap. If you think you may be eligible for benefits, please contact our office at 877-530-9782 to discuss your situation.
Recipients of Federal loans may download forms here.