We appreciate the dedication and sacrifice our servicemen and servicewomen make for our country. We want to make it as easy as possible to get the information you need to manage your education loans with ACPE.
If you are a servicemember, there are special benefits and repayment options for your education loans. Some benefits apply to federal education loans while others apply to state education loans. The available benefits and options can seem confusing, so start with these simple steps.
1. Lower Your Interest Rate
If you are currently serving on active duty or qualifying National Guard duty, under the Servicemembers Civil Relief Act (SCRA) you are eligible to have your interest rate lowered to 6.00% on all education loans taken out prior to your active duty military service. This benefit applies to both federal and private student loans and is available for all qualifying servicemembers on active duty, regardless of where they serve.
To receive the interest rate reduction, submit a written request along with a copy of your military orders calling you to active duty. You may submit your request at any time during your active duty service or up to 180 days after leaving active duty, and the interest rate reduction will be applied retroactively for the entire period of active duty service.
2. Manage Your Loans
Federal Education Loans
Understanding the repayment process for your federal education loans can go a long way toward building a solid foundation. You have a choice of several repayment plans that are designed to meet your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose. See the guide to military repayment options below or check out our full list of repayment plans, deferments, and forbearance options for federal loans.
Note: If you opt for military deferment or forbearance on your unsubsidized federal loans, your total loan amount can rapidly increase due to the interest accruing, even though your payments are deferred.
ACPE State Education Loans
Consider how to best manage your state education loans. If you can afford to repay your loans while you are on active duty, you will pay less over time. ACPE has certain repayment plans that temporarily reduce your payments to make it easier. See the guide to military repayment options below or check out our full list of repayment plans, deferments, and forbearance options for state education loans.