Military Mobilization and Your Student Loan
As more National Guard and Reserve units are being called to active duty and regular, active-duty members of the Armed Forces are reassigned to other duty stations, Iowa Student Loan is ready to help you understand the benefits you are entitled to on any Federal Stafford, SLS, PLUS and Consolidation loan(s) borrowed under the Federal Family Education Loan Program (FFELP). Assistance is also available to those borrowers with loans under our Private Loan Program.
Federal Loan Programs
If you are currently in an in-school, in-school deferment or grace period status on your loan(s), you are entitled to maintain that status during the period in which you are on active duty or reassigned, plus the time necessary for you to resume enrollment in the next regular enrollment period, if you return to school. This extended status can not exceed a total of three years, including the period of time necessary to resume enrollment.
If you are currently in a repayment status on your loans, other than in an in-school deferment status, a deferment can be granted for the expected period of your active duty, beginning on the first day of active duty, not to exceed three years. To request deferment, the required form must be completed by you, your family or other reliable source.
You may qualify for a Public Service Deferment if you have an outstanding FFELP loan made before July 1, 1993, or you had a balance on a FFELP loan when you received another loan disbursed on or after July 1, 1993. Consolidation loans do not qualify for an Armed Forces deferment in any instance, but you may qualify for other assistance. To request this deferment, complete the Public Service Deferment Request Form.
You may qualify for a Military Deferment if you have an outstanding FFELP loan first disbursed on or after July 1, 2001. Federal Consolidation loans are eligible for this deferment only if all of the Title IV loans included in the Consolidation Loan were first disbursed on or after July 1, 2001.
Effective Oct. 1, 2007, requirements changed for the Military Deferment. The three-year limit was lifted on this deferment. There is now an unlimited amount of time allowed to use in case of deployment for borrowers with FFELP, FDLP or Perkins Loans. In addition, the new law states that all loans — regardless of disbursement date — qualify for the deferment. If you were on active duty on or after Oct. 1, 2007, your deferment will be extended an additional 180 days after your deactivation. Please contact Iowa Student Loan to see if you qualify for this additional time.
To request this deferment, complete the Military Deferment Request Form.
Active Duty Student Deferment
If you are a member of the National Guard, other reserve component of the Armed Forces or a retired member of the Armed Forces and were enrolled at least half time at the time, or within six months of being called to action, and your service includes a period on or after Oct. 1, 2007 you may be eligible for a Active Duty Student Deferment when you are deactivated. Please contact Iowa Student Loan to see if you qualify for deferment.
Private Loan Program
Armed Forces Interest Rate Reduction Program
As a Private Loan borrower, you are given 84 months of deferment time to use over the life of your loan(s) while you are in school and repayment. Please contact our office to determine if you have deferment time available to use during your deployment. If you have deferment time available, we will need a copy of your orders to process the deferment.
Please contact Iowa Student Loan for more information regarding military mobilization and your student loans.
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