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DNG Education Program JOIN THE GUARD!
By 1LT Deborah L. Welch, Education Services Officer, Delaware National Guard
 Relief for Student Loan Debt
Easing the Burden of Student Debt
If you are like many servicemembers, you may be carrying the extra financial burden of repaying your old student loans. If so, then the following article may hold the answer to relieving that burden until you are better able to begin repayment.
Many servicemembers are not aware that they qualify for Student Loan deferment or forbearance.
Deferment:
A deferment means to postpone payments on your principal loan balance. During a deferment, the interest on Subsidized loans is covered by the government. Under the Direct Unsubsidized and Unsubsidized Consolidation Loans you are responsible for the interest that accrues during the deferment period. If you have unsubsidized loans, when you re-enter repayment at the end of the deferment period, any unpaid interest capitalizes (is added to the principal balance).
You may be eligible for several types of deferments; however, most servicemembers only qualify for the "In-School" deferment which requires you to go back to school, and why not, you can use your GI Bill or Tuition Assistance to cover the cost while deferring your student debt and completing your degree!
Forbearance:
Forbearance is an arrangement to postpone or reduce your monthly payment amount for a limited and specific period during which you are charged interest.
If you are temporarily unable, but willing to repay the loan(s), you may ask for a forbearance. The interest will accrue during a forbearance and it is the your responsibility. When you reenter repayment at the end of the forbearance period, any unpaid interest is added to the principal balance.
Unlike deferment most servicemembers qualify for forbearance. You must apply and qualify for a forbearance and the U.S. Department of Education must approve the request in order for a forbearance to be in effect. The process is quite simple.
Eligibility Requirements:
The most common type of forbearance. that servicemembers are eligible for is the "General Forbearance." To qualify for general forbearance. you must meet the following conditions:
· You must be in the process of repayment.
· You must be willing but unable to pay the scheduled monthly payment because of a temporary financial hardship.
· You must select either: temporarily stopping making payments for a specific period of time; OR making a smaller monthly payment (than previously scheduled) for a specific period of time.
Contact a Federal Student Aid Customer Service Representative for more information about how to manage your student loan debt at 1-800-848-0979 or visit the Federal Student Aid web page.
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TUITION
INFO
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| ARNG FEDERAL TUITION ASSISTANCE PROGRAM |
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Did you know that as a traditional Army National Guard Soldier you are eligible to have up to 100% of your civilian eduction tuition and fees paid for up front?
That's right. Whether you are interested in a vocational skill or an academic post-secondary education, the Army National Guard wants you to give you the financial resources necessary to get to that next level. Find out more by clicking here>>>
APPLY ONLINE!
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| STATE TUITION PROGRAM: |
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The Delaware National Guard State Tuition Reimbursement Program is open to all participating members of the Delaware National Guard. The program is a Reimbursement Program for primarily Fall and Spring semesters and requires a six-year obligation. The possibility for reimbursement for the Winter and Summer semesters will be honored if funding permits.
Find out more by clicking here>>
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