A bipartisan coalition of 14 U.S. Senators today introduced legislation to provide immediate student loan debt relief to active-duty service soldiers and members of the National Guard.
Currently, soldiers who are serving in Iraq, Afghanistan and other countries abroad are charged interest on their federal student loans while they are defending the country overseas. The bill filed today would prohibit interest from accruing on direct student loans for all service members on active duty for up to 60 months. This would save the average service member between $1,183 and $1,479 over the course of a 12- to 15-month activation period.
Obviously a good idea, but why the cap at 60 months?