JAG
JAG offices
NSMI
Organization Type
Interest Rate Reduction
A Servicemember’s Guide to Student Loan Interest Rates
Since August 14, 2008, the Higher Education Opportunity Act has also made it possible for servicemembers to use the SCRA to have their interest rate reduced to six (6) percent on federal student loans that were taken prior to their entry into active duty.
Foreclosure - Help for Servicemembers under SCRA
The Act limits the interest that may be charged on mortgages incurred by a servicemember (including debts incurred jointly with a spouse) before he or she entered into active military service.
Interactive Form - Letter to Request Lower Credit Card Interest Rate
As a member of the Armed Forces, Reserves, National Guard or other uniformed services, you have some financial protections for you and your family when you are called into active duty military service.
Interactive Form - Letter to Request 6% Loan Interest Rate
When you go on active duty, it may be hard to keep up with all of your credit payments. This is especially true if you have loans with high interest rates. The Servicemembers Civil Relief Act (“SCRA”) may allow you to reduce your rate of interest on those pre-existing loans while you are on active duty. This federal law sets a maximum interest rate of 6%. (This includes service charges, renewal charges and fees.)