Student loans and the SCRA

[aboveliquidice]

As I understand it, this line from the SCRA pin rules out any decrease in rate:

 

Student Loans A Department of Education memorandum (20 USC 1078d) provides that no federal or state law limiting interest rates on loans shall have any effect on federally guaranteed student loans. Consequently, the SCRA may have no effect in this area. However, the Department of Education may reduce the interest on such loans in its discretion as a matter of internal policy.

 

However, can anyone reflect upon the last line concerning the reduction of of loans at its discretion?

 

I will have approx 150-170k in loans when everything is said and done (the exact number is a bit nebulous at the moment). The ARMY HPSLRP program will be assisting with a large chunk of it (160k over 4 years)... however, I would still be responsible for around 75k even with this great program.

 

After I consolidate my loans, I am looking at 170k at 7.2%.

 

Any thoughts?

[Moorlock21]

I would contact the DOE and see if they will do it-they may already have some kind of program in place for this.

 

 

Joe