You would think that military members who are actively serving their country shouldn’t have to spend time arguing with their student loan servicing company, right?
Apparently, that’s not the case.
A recent report from the Consumer Financial Protection Bureau finds that service members often have a tough time getting access to loan benefits available to those serving on active duty, like interest-rate reductions and loan forgiveness programs.
The average cumulative amount of student loan debt for active-duty service members graduating from college in 2008 was $25,566, according to the National Center for Education Statistics. There are a number of special benefits and protections available to help service members manage this debt, but the programs were enacted through a patchwork of laws, and the benefits vary depending on the type of loan in question. Sometimes, details of how the programs work can be confusing — and loan servicing companies don’t always help clarify things.
“Unfortunately, the complexities of these provisions, together with problems in loan servicing, have created difficulties for many military families when attempting to manage their debt,” the agency reports.
Click through for full article content.