November 9, 2021

Can Military Spouses Get Student Loan Forgiveness?

Forgiveness

Military spouses have a lot on their plates. They're often the backbone of the military family, and they do so much that we can't even imagine. Their support is invaluable to our service members, and it's not always easy being a military spouse — especially when you have student loans to worry about too!

These spouses need to be able to take care of themselves financially to survive on their own when military life gets tough. With that said, is student loan forgiveness for military spouses possible?

The Truth

If you're married to a member of our armed forces, you know it's not easy. During deployments, you must balance your typical tasks with those of your partner. You may be asked to relocate frequently, disrupting your work, family, and social life. But, just as your spouse gives up for our country, so do you!

Unfortunately, there are no military spouse student loan forgiveness programs yet, but there are other options. There are many federal programs that can make your loans more manageable that you can take advantage of.

The Alternatives

Even though military spouses are ineligible for loan forgiveness programs, there are other options for eligible military spouses to get aid. Here are some of the top alternatives:

  • Public Service Loan Forgiveness: The PSLF program is available to all public servants, not just military spouses, and requires borrowers to make 120 payments while working for a qualifying employer.
  • Federal Income-Based Repayment Plans: These programs can adjust a borrower’s monthly payments according to their income and can, in some cases, forgive the remaining balance if the borrower makes payments for 25 years.
  • Servicemembers Civil Relief Act (SCRA): This can help reduce the amount of interest accrued on student loans during active duty.
  • Student Loan Refinancing: This can be a great choice for military spouses who have good credit and can qualify to refinance their loans with a lower interest rate.

Depending on your situation, you can find several options to help make your student loans more manageable. If you're unsure which program is best for you, it's best to talk with a student loan expert who can help you navigate your options.

Closing Thoughts

If you're married to an active duty member of the military, your student loan situation can be difficult. There’s no federal student loan forgiveness for military spouses at the moment, but that doesn't mean you can't get assistance to make your loans more manageable.

Not all hope is lost. There are ways of consolidating loans or deferring payments until after their service has ended. You can also look into refinancing with a company that offers lower rates.

If you're still unsure of how to tackle your student loans, consider reaching out to a student loan expert who can help you identify the best options for your situation.

We hope this article has helped to answer the question can military spouses get student loan forgiveness and what steps to take next. Remember, there is no harm in applying!

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Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

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