It's No Wonder Military Servicemembers Make Such Easy Prey For Student Lenders

[xchrom]

http://www.businessinsider.com/walter-reed-nurse-protests-student-loans-2012-11



***SNIP

Like all military servicemembers, Mondo's federal loans were sent into deferment until the end of her service, as offered through the federal Servicemembers Civil Relief Act (SCRA). Her private loans were a different story.

The U.S. Army agreed to cover $90,000 of Mondo's Sallie Mae loans for three years, and she asked Sallie Mae to put her remaining loan balance — about $120,000 — into deferment until she left active duty. They refused to budge for months, while her loans continued to swell under a 9 percent interest rate.

It wasn't until she posted an online petition seeking action from Sallie Mae that she got the answers she needed. Turns out she was not only eligible for deferment under SCRA, but she qualified for a lowered interest rate as well.

"Nobody ever told me (about this program), so my interest rate for all my loans was accruing at a higher rate," she said.


Read more: http://www.businessinsider.com/walter-reed-nurse-protests-student-loans-2012-11#ixzz2C6UlZmo1

[pipoman]

1. Something isn't quite right..

210k in loans for a nursing degree? Couldn't find a nursing job? The 210 is excessive for loans...I'm thinking she lived fairly well while going to school..Nursing jobs are available, my boss is a recruiter of nurses, my sister was a nurse, I've never heard of a nurse who wasn't nuts not being able to find a job.

[exboyfil]

2. Private and out of state

I can see it. Out of state at our flagship university would be $114K for four years. Other expenses (room & board etc) at $55K. That total would be $169K in Iowa.

Of course I would not understand why anyone would go to an out state nursing school without some sort of non-loan financial aid. Also you should be able to work some to defer the cost.

[sammytko]

3. And doesn't say if she was an officer

Why couldn't she pay something while she was working?

And she has a degree. Why couldn't she find this info on her own?

We had one young man that was told by his recruiter that the military would pay off his loans if he took a certain career path and signed up for so many years. They dropped the ball, but we got it going and they cleared them. Don't think it was 120K though. Not sure if this program is still around.