Happy Veterans Day: A New Class Just for Military Student Loan Benefits

  11/11/2015 by    in Financial Aid, Student Loans   Comments Off on Happy Veterans Day: A New Class Just for Military Student Loan Benefits

Attention all military personnel: Navient wants to help you understand your loan repayment benefits, so they’ve devised a class just for you!

Who is Navient?

Navient, a subsidiary of Sallie Mae, is the largest provider of student loans in the United States with over 12 million customers across the country. Always striving to make the student loan repayment process easier to understand and provide information to their customers, the company devised a series of online courses which they call the “Path to Success” series. Free to all Navient loan customers, the series introduces and explains several different aspects of student loan repayment, from the different repayment plans to budgeting and understanding things like credit scores and savings.

So What about Military Members with Student Loans?

In honor of Veterans Day, Navient has decided to introduce a new course specifically geared towards military personnel and the specific aspects of student loan payment for those in the service and the special benefits they are entitled to. These military student loan benefits include (but are not limited to) the Servicemembers Civil Relief Act (SCRA), the Heroes Act Waiver, military service and post-active duty deferment, and military no-interest accrual.

How Do These Acts Help With Student Loans?

  • The Servicemembers Civil Relief Act provides a relief window for those who are entering the military, called to active duty or deployed. It’s allows for a postponement of obligations including mortgage payments, credit card debt and taxes. This allows military personnel and their family to focus on their service without the burden of making payments. It also puts a cap of 6% on interest rates, keeping the buildup from skyrocketing while they are in active service. Finally, student loans are exempt from service charges and fees while the benefit is being utilized.
  • The Heroes Act Waiver waives quite a few of the documents required for program benefits for those on active duty. Those an income based repayment plans, for instance, are exempt from providing information updates about family size and income if their service prevents their ability to do so.
  • Post-Active Duty Deferment allows those in the service to return to school after active duty and postpone their repayment until after they finish their education.

How Will the Class Help?

Starting Veterans Day, the new class specifically for military benefits and student loans will become available. The class is a self-paced class, meaning there’s no schedule that has to be met, and those who wish to use it to understand their military benefits can do so on their own time and at their own learning pace. With all the options and benefits available, this will hopefully prove to be a valuable resource to those in the military seeking help comprehending their options.

For more information, call a Navient customer support member at (855) 284 4879 or email them at militarybenefits@navient.com.
And to all of those who have served in the military, past and present: thank you for your service.

About the author

Trinya MurrayTrinya’s passion for helping others understand student loans started when she began learning all she could to fill in what she didn’t know about her own loans. She enjoys speaking at local schools about the cost of college and assisting friends with their finances. In her free time, Trinya also enjoys reading, writing, and playing music.

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