Are there any programs to help those in the military with student loan repayment?
Yes, there are programs to help military personnel with student loan repayment in California. The California Student Aid Commission (CSAC) offers a number of assistance programs to California military personnel to help manage and pay back student loan debt. The California Military Spouse, Veteran, and Dependent Loan Repayment Program (MSVDRP) offers qualified military borrowers relief on their student loans. Eligible borrowers can have up to $4,000 paid towards the principal and interest of their student loan(s). The California Military Family Relief Fund (CMFRF) provides assistance to individuals and families of military personnel who have incurred a financial hardship due to active duty service of a family member. The funds are used to pay bills such as medical expenses, rent, groceries, utilities, etc. Those with student loan debt may apply for funding to help pay their student loans. The California National Guard Education Assistance Award Program (CNG EAAP) provides tuition assistance for members of the California National Guard and their dependents. This program covers up to full tuition expenses, as well as textbook expenses for college courses. Finally, the Servicemembers Civil Relief Act (SCRA) provides protections to borrowers serving in the military. These protections include a provision allowing military personnel to suspend student loan payments temporarily, a reduction in interest rate to 6 percent, and a requirement that the lender get court approval before initiating a foreclosure on a home. Overall, there are several programs available to military personnel in California to help manage and pay back student loan debt. These programs can provide much needed financial relief to military personnel and their families.
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