Here are a few tips:
- Talk to your service member to see if they’ve authorized anyone to act on their behalf through a power of attorney. If not, recommend that they speak with the legal assistance office on their base to find out how, and the benefits of doing so.
- If you’re authorized to access information on the loan, make sure you have the borrower’s Social Security number, 16-digit Loan Group Number, and date of birth available.
There are a number of scholarships available. Check out the Sallie Mae Scholarship Search for a list of scholarships that match your criteria.
There are many ways to serve the country and get a higher education, from ROTC to military service academies. Military Tuition Assistance has information that can help.
Power of attorney is a written authorization to allow a trusted person to manage your financial matters, including your student loans, while you’re unavailable to manage them yourself. It’s an important role: This person will be able to sign documents and act on your behalf. The legal assistance office on your military base can assist with establishing a power of attorney.
Place an active duty alert on your credit report to reduce the risk that you’ll become a victim of identity theft. When a business sees an active duty alert on your credit report, it must verify your identity before issuing credit. You may designate a personal representative (a spouse or another trusted person) who can act on your behalf to verify your identity or remove your active duty alert if needed.
Servicemembers Civil Relief Act (SCRA)
SCRA provides an interest rate benefit during eligible periods of military service by capping the interest rate on eligible loans obtained before military service at 6%. In addition, you’re not charged any fees. The SCRA interest rate benefit is available to borrowers, and cosigners.
Any loan incurred by a service member (or jointly with a spouse) before military service, including:
- Federally sponsored loans, including Stafford Loans, PLUS Loans, or Graduate PLUS Loans made under the:
- William D. Ford Direct Loan Program, or
- Federal Family Education Loan Program
- Private student loans
NOTE: HEAL loans are not eligible for this benefit.
To understand your SCRA rights, locate a U.S. Armed Forces Legal Assistance office.
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Servicemembers Civil Relief Act
Interest on student loans obtained prior to your military service is capped at 6% during eligible periods of military service. To request the SCRA Benefit simply fill out the online form.