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Military Servicemember Info

Military Servicemember Information

There is a variety of important student loan information available for military servicemembers: 

Managing Your Account  

While you are serving on active duty, it may be difficult to manage your account.  There are several options to assist you.  

Third Party Authorization – You may authorize our office to release loan information to certain individuals.  Although they can receive specific information related to your account, they WILL NOT be able to make changes to your account.  To authorize a third party, complete the Authorization to Release Information Form and return it to our office. 

Power of Attorney – You may elect someone to act on your behalf via a Power of Attorney (POA).  Unlike a third party authorization, as noted above, a POA has the ability to make changes to your account.  Contact your Judge Advocate General Officer’s office for more information.

Postponing Payments

If you need to temporarily postpone your student loan payments, you may be eligible for forbearance.  During a period of forbearance, while your payments are postponed, interest continues to accrue and will be added (capitalized) to the principal balance of your loan at the end of the postponement period. 

Forbearance Agreement – SC Teachers Loan and/or Palmetto Assistance Loan    

Interest Benefits

Servicemembers may qualify for reduced interest benefits under the Servicemembers Civil Relief Act (SCRA). 

SCRA Interest Rate Reduction Request - Private and SC Teachers Loans only
 

Servicemembers who are eligible for this benefit can have their interest rates capped at 6%.  

Eligibility requirements:

  •  Active Duty members of the Army, Navy, Air Force, Marine Corps, and Coast Guard
  •  Reserve members while on active duty
  •  National Guard members while on active duty for federal service, not for state duties
  •  Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric 
      Administration
  •  Must be considered ACTIVE DUTY for any reason except:
         Duty as a member of the Reserve Forces Policy Board
         Duty performed as a property and fiscal officer
         Duty performed for the purpose of interdiction and counter-drug activities
         Duty performed as a general or flag officer or service as a state director of the selective service
  •  Must be a person who is on Active Duty for at least 30 days
  •  Loans must be disbursed before the date that active service begins
  •  We must receive your request within 180 days of your last day of service

This benefit applies to all active duty servicemembers, whenever and wherever deployed.

Additional Resources:

• www.military.com
• http://studentaid.ed.gov/types/grants-scholarships/military#limited-interest-rates-suspended-accrual-of-interest-and-deferment-of-student-loans
• www.todaysmilitary.com
• http://files.consumerfinance.gov/f/201210_cfpb_servicemember-student-loan-guide.pdf