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What is the Meaning of Deployed Troops
Usually, people define “deployed troops” as those that have truly been physically sent to a zone of conflict or war. For purposes of this article, however, we are going to define “deployed” as any troop serving active military duty during a time of armed conflict, war of national emergency. Right now, then, deployed troops include anyone in active duty in any branch of the military service and any National Guard troops which have been “activated” during this same time.
Effect of Deployment on Student Loans
If you do not do anything, and you are currently making monthly student loan payments, your payment obligation will continue as before. If this is not causing a financial hardship for you, it is probably wise to continue to make those payments. The more you make, the faster those loans disappear, leaving you free to pursue other credit for important purchases, such as cars and homes.
Many people who enter the military service, however, find that making the required monthly payments presents a financial strain or hardship, and they would like to be able to suspend these payments. Enter the student loan website with the exact form you need.
Obtaining a Deferment
Deferment or forbearance on student loans is not an automatic occurrence, although deployed troops certainly do qualify for these things. With forbearance, you will be able to lower the monthly payment for a period of time while you are serving active duty. With deferment, you eliminate the payments altogether until you finish you active duty service and return to civilian life.
To get a forbearance or deferment, you have to complete the proper form and submit it to your lender. You can find such a form on the student loan website, along with deferment forms for a wide variety of circumstances. When you open the form for “active duty” status, you can scroll down to the qualifiers, that is, the conditions you must meet in order to obtain the deferment. This form must be accompanied by two things: a copy of your orders and a letter from your commanding officer confirming that you are on “active duty” status at the time of application for the forbearance or deferment.
The decision to request a deferment rests solely on your individual circumstances. It is certainly pleasant not to have to come up with that monthly payment at the moment, or, in the case of forbearance, lower that payment, but remember that you will be back to the original agreement and payments once you are released from active duty. If you have the income each month, you may want to consider continuing the payments. If you are struggling, however, it would be a good time to complete the forms and get the deferment.
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