The College Cost Reduction and Access Act
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The College Cost Reduction and Access Act was signed into law on September 27, 2007 to amend the Higher Education Act of 1965 and create more federal financial assistance to students who need help to pay for college. The act has special provisions for those in the military that servicemen and women looking to go back to college should be aware of.
Student Loan Forgiveness For VeteransOne aspect of the College Cost Reduction and Access Act that is particularly relevant to veterans is loan forgiveness. Under the act, those who serve in the military can have their student loan balance forgiven after 10 years of service providing they have made some kind of continuous monthly payments over that time.
Student Loan Deferment For VeteransAccording to the act, those in the service are entitled to a 180-day deferment for their student loan after demobilization. This entitlement is only effective during times of national emergency and war. Those service members who are enrolled in school when called to active duty are eligible for a loan deferment of 13 months after their tour of duty is complete. If the serviceman or woman reenrolls in school, the deferment expires.
Other Benefits To The College Cost Reduction ActThere are a number of other benefits of the act that are not exclusive to veterans, but which veterans can benefit from. This includes a decrease in the interest rate of Stafford loans, an increase in the maximum Pell Grant allowance, the TEACH program, which grants tuition assistance to those committed to pursuing a career in teaching, and an income-based repayment plan that adjusts a person’s payments according to what they can afford.
There are more opportunities than ever for servicemen and women to resume their college education, so veterans who are interested in pursuing their degree should look into all the great loan and financial aid options that are available to them.
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