Student loan deferrals for soldiers

[Stitch]

Chase planned to end student loan deferrals for active-duty members of the military. One private had over $50,000 in student loan debt. How does private rack that much debt up? With that much debt, he should have a degree and have a crack at OTC. I thought the military had student loan repayment plans as well. Seems it's another sob story where NBC had a topic in mind. I hate these stories because so much is left out.

http://www.msnbc.msn.com/id/41415796/ns/business-personal_finance/

 

[bydesign77]

Chase has also tried to foreclose on active duty members house while they were deployed. It's illegal for them to do that.

 

[lone star scribe]

Obviously you haven't checked the cost of tuition in, say, 20 years. It's easy to rack up $50,000 in debt and still be short a degree. I would surmise the private in question dropped out of school and enlisted. Maybe he felt it was the patriotic thing to do, we being at war and all. Sob story? He wasn't asking for the debt to be forgiven -- just deferred while he was being shot at in a war zone. Which was the policy in place to begin with.

As I write this, I find myself getting angrier and angrier, at Chase for being corporate dicks and at Stitch for ... what? Naivete? Obtuseness? Full disclosure -- I'm the parent of a deployed Marine in Afghanistan. The last thing I want him to worry about over there is his bank calling in a goddamned loan early.

Kudos to NBC for calling Chase on its policy, because it's obvious the negative publicity led to the policy reversal. Isn't that the role of watchdog journalism?

 

[Mizzougrad96]

I don't think anybody who serves 10 years in the military should have to pay one cent of their college education. If they have student loans, re-payment of those loans should be deferred until their military duty is done.

 

[Flying Headbutt]

Well isn't that why they have the GI Bill?

 

[Stitch]

Well isn't that why they have the GI Bill?

http://www.goarmy.com/benefits/education-benefits/money-for-college.html

http://www.military.com/Resources/ResourcesContent/0,13964,44245--,00.html

To get that high in student loan debt, I assume that he either took out private loans or is really close to a degree. The federal loan limit for undergraduates is $57,500. I don't think the repayment programs apply to private student loans, which are a big mistake to take out for most people. If it were a federal loan, the loan could have been paid off as the Army and Navy will pay off $65,000 worth of federal loans for active duty members.

 

[txsportsscribe]

I don't think anybody who serves 10 years in the military should have to pay one cent of their college education. If they have student loans, re-payment of those loans should be deferred until their military duty is done.

if they face combat, 10 years is too long.

 

[spnited]

$50,000 doesn't even pay for two years these days.
My niece goes to Frodham and its 38 grand a year just for tuition, plus another 10K to live in a dorm.