Numerous veterans find themselves burdened by student loan debt, which can significantly hinder their financial stability and overall well-being. The challenges of maintaining timely payments, particularly in light of rising interest rates, often lead to considerable stress. Unfortunately, many veterans remain unaware of the resources available to them for assistance in managing their student loan obligations. Fortunately, there are several options designed to provide support specifically for veterans seeking help with repaying their student loans.
It is estimated that there is a $1.5 trillion student loan crisis in the country. Student loans are believed to be keeping people from being able to purchase homes, cars, and more. Being able to get help for veterans with paying off student loans can make it easier to get by each month, and reduce the stress in one’s life. Veterans who have student loans that need to be paid off do have some options they can consider.
Types of Help for Veterans with Paying off Student Loans
Student Loan Forgiveness – There are some circumstances where the federal government will agree to provide student loan forgiveness. You have to meet the qualifications in order to have your loan forgiven. Some of the circumstances where you may qualify to have your student loan forgiven include select bankruptcy cases, teacher loan forgiveness, public services loan forgiveness, and closed school discharge. There are different qualifications for each loan forgiveness area. For example, to qualify for the teacher loan forgiveness you have to teach for a certain number of years in a low income school. To qualify for public service loan forgiveness, you have to work for a certain amount of time for a government agency or for a not-for-profit organization. Each of the loan forgiveness programs offered through the US Department of Education requires that you meet a variety of conditions in order to qualify to have your loans forgiven. If your student loans are forgiven, you will not have to pay anything more on them, they will be considered closed. To apply, click here.
Disabled Veterans Loan Forgiveness – The US Department of Education is working with the Department of Veterans Affairs to help veterans who have become disabled. Through the program they have created, disabled veterans may qualify to have their student loans forgiven, so that they don’t have to be paid back. The program is open to veterans who are totally and permanently disabled. You will need to submit documentation to prove that you are considered totally and permanently disabled. To apply for the program, fill out the form and send it in. To apply, click here.
Student Loan Refinance – Refinancing is one option providing help for veterans with paying off student loans. When you refinance your student loans you can often get a better interest rate, which will lower your monthly student loan payments. There are numerous lenders that offer student loan refinancing options, including SoFi, which is a popular option. By refinancing your student loans you will not only save on your monthly payment, but you can save thousands over the course of paying your student loan off. You can begin the refinance application online. To apply, click here.
Hostile Environment Service – Veterans who spent time serving in a hostile area, such as a combat zone, may qualify for 0% interest rates on their loans for 60 months. This can save you thousands over the course of paying off your loan. You will have to provide documentation that you served in a hostile environment. To apply, click here.
Leave No Veteran Behind – Some veterans may qualify for a retroactive scholarship that can be used to pay on their student loans. Many people apply for the assistance each year, but the funds are limited. Still, there are many veterans who are chosen to receive a Leave No Veteran Behind retroactive scholarship each year. Those who receive the award will have to do community service hours in exchange for the grant. To apply, click here.
Gone are the days when those in the military were able to get their education completely paid for through the GI bill. Today, some of their tuition may be paid, but they often have to take out student loans to complete their education. There is help for veterans with paying off student loans, which will help save you money and ease the burden.