Many members of the military with student loans are spending way too much to pay off those loans. They are not accessing the student loan repayment protections and forgiveness benefits that have been granted to them under federal rules.

Unfortunately, those rules are extremely complex, and not all loan servicers are properly handling the loans or advising their clients. A report by the Consumer Financal Protection Bureau (PDF) shows that many servicemembers are paying thousands too much over the life of their loans.

The Action Guide for Servicemembers with Student Loans (PDF) shows you step-by-step how to take advantage of the repayment protections mandated by Congress.

Lower Your Interest Rates

If you’re an active duty servicemember, you are eligible to have the interest rate reduced by 6 percent on any loans you took prior to the start of your active-duty service.

Manage Federal Loans

Income-based repayment (IBR) and public service loan forgiveness (PSLF) are two options servicemembers should consider to help repay their loans.

IBR determines your monthly payment amounts based on your income and the size of your family.

PSLF forgives any remaining loan balance after you’ve made 10 years of on-time payments while working full time in public service.

If you’re on active-duty, you may also be eligible to defer your loan repayments for 180 days after your service ends.

Manage Private Loans

You’ll have to review the terms of your private loans carefully to find what options are available to you. Some companies may let you defer payments while you’re on active duty service. However, interest may continue to accumulate, increasing your overall debt amount. The Consumer Financial Protection Bureau recommends making payments on your private student loans if you can.

Learn more about how to manage your loan repayments and what options are available to you (PDF).

This week is International Education Week. Learn more about the benefits of international education and exchange.

Study in the States is a new website that walks you through the steps you need to take in order to study in the U.S., such as getting accepted to school, paying your I-901 SEVIS fee, and applying for a visa. It has information for current and prospective students and exchange visitors.

Learn more about studying in the U.S. now.

Kids.gov is the U.S. government’s website for children (grades K-8). Kids, parents, and teachers can use the site to get help with homework, access lesson plans, watch videos, play games, and more.

If you’ve visited Kids.gov previously, you’ll notice that the website has been completely redesigned. The vibrant new site provides areas for three specific audiences: kids (grades K-5), teens (grades 6-8), and grown-ups (teachers and parents).

Enjoy exploring all that Kids.gov has to offer, including the following examples:

• How to Become President of the United States — Check out a colorful and informative poster to help kids understand the process of becoming President.
• Videos Featuring Various Careers — View videos describing different professions, ranging from an archeologist with the National Park Service to an executive chef at the White House.
• How Parents Can Get Involved — Get homework tips, learn about school meal programs, find out how to help stop bullying, and more.
• Lesson Plans — Teachers can find lesson plans on math, history, science, music, and other topics.

If you’re planning for college, learn more about financial aid and find out how the government can help.