Interest Rate Cap for Servicemembers' Refinanced Student Loans.
This law expands financial protection for active duty servicemembers. It ensures that the interest rate on student loans originally taken out before service, but consolidated or refinanced during service, cannot exceed 6% per year. This prevents military personnel from losing crucial interest rate protections when restructuring their educational debt while on duty.
Key points
Extends the 6% interest rate cap to student loans that were refinanced or consolidated while the servicemember was on active duty.
The protection applies specifically to student loans originally incurred before the start of military service.
This measure provides financial stability and relief for military personnel managing educational debt.
Expired
Citizen Poll