Is there any student loan debt assistance programs for current military members?

Answer 1

Federal student loans offer many different types of deferments for active, generally deployed, members of the military but note you will need to apply directly through your student loan holder. If you do not qualify for these deferments, you can apply for a lower payment option such as the income based repayment or graduated repayment option which can lower your payment to interest only or sometimes less depending on your income and family size.

Private loans are a little trickier as each lender has different options and benefits available. Generally they should work with your if you send them proof of your orders and work out some sort of payment plan while you are active.

Finally, do you know if you are receiving any type of student loan benefit for your service? If you are I am guessing a check will be sent annually - if you have them apply it in one lump sum then redisclose the loan based on the new balance, it may lower your payments.

I do regulatory compliance work for a company called American Student Assistance which specializes in education debt management.