Applying for Student Loan Deferment for Military Service

These days, going to college can be an expensive proposition. Between tuition, fees, books, room and board, travel etc. you can easily drop over ten thousand dollars a year on higher education. So, if you are not the brightest of students, and scholarships are not an option, you have to look at pooling your resources and maybe getting some student loans.

The great thing about those loans is that their interest rate is quite low. Also, you do not have to make any payments until after you leave school. Yet, there is also another way to put off repaying it; you can get a student loan deferment for military service. Then, just like when you are in school, no principal and / or interest will accrue during the time of the deferment.

The process is fairly simple and straightforward. First off, you can get the military deferment for up to three years, but it is only granted one year at a time; you have to re-apply each year. You also have to be a member of the armed forces: the Army, Navy, Air Force, Marine Corps, or the Coast Guard.

Being in the reserves does not qualify, and this has been a source of ill-feelings among

This can cause some difficulties for some people as the application process takes time. As a side note, one other little benefit of the deferment is that you get a six-month grace period after the official deferment time has elapsed; no interest or principal will accrue during that time.

There are two ways to apply for the student loan deferment for military service. First, get a copy of the military deferment application. In many cases, there are web sites that have the form, and you can easily print it out. Next, fill out Part I of the application; and then get Part II filled in by an authorized member of the armed forces. Once it is done, mail it to the Office of Student Loans and Scholarships.

The address is: 108 Shields Building, University Park in Pennsylvania, and the zip code is 16802. The second method is a bit easier. All you have to do is obtain a letter from the military that states the exact terms of your military service. Now, it is important to note that the letter must be certified. This might seem a trivial matter, but lenders have had far too many people trying to cheat them over the years.

So, if you feel loyalty and devotion to country is something you want to use your college education for; you can do so without the burden of debt crushing you. Granted, a student loan deferment for military service is not permanent, you only get the three year deferment, but for some people that is all they need to help and serve their country.