As the country honors its military this Veterans Day, Sallie Mae, the nation’s No. 1 financial services company specializing in education, offers appreciation and student loan assistance to those who serve or have served in the armed forces.
“These brave men and women perform an extraordinary service for our great nation,” said Mike Maier, senior vice president, Sallie Mae, and U.S. Navy veteran. “I served multiple deployments as a member of the U.S. Navy, and today I run loan servicing for Sallie Mae. I understand firsthand the special burdens that members of the military may encounter trying to meet financial obligations while serving our country. We salute their service and are committed to ensuring they succeed.”
Servicemembers may be far from home, incurring extra expenses due to deployment, or have infrequent access to a computer or phone. To help, Sallie Mae offers these reminders about the options that may be available to assist active duty servicemembers managing their student loan repayment.
- If you enter military service and have an existing federal or private education loan, the Servicemember Civil Relief Act may qualify you for a reduction in your interest rate to 6 percent during qualifying military service. In addition, you may be eligible for an additional interest rate reduction if you schedule payments through automatic deduction.
- You may request to postpone payments on your federal loans while serving on active duty during a war or other military operation, and for an additional 180 days following the completion of your military service.
- You may also be able to postpone payments on non-federal, private education loans. For example, Sallie Mae offers active duty military personnel the option to defer payments during periods of eligible military duty.
Sallie Mae reminds customers that postponing payments on either federal or private loans may provide temporary relief, but may increase the amount paid over the life of the loan. Student loan customers are encouraged to consider any extra costs as they decide whether to delay payments.