Hundreds of Iowans serving in the military, who have student loan debt, are getting some relief. Iowa Student Loan announced Friday it will charge zero percent interest on loans for it’s borrowers serving in the U.S. Armed Forces since 9/11.
Steve McCullough, CEO of Iowa Student Loan, says it’s a $500,000 commitment. McCullough explains, "We’re back-dating it, so that if people have already been deployed and they’re back we’re going to credit their loans for the time they were deployed and we’ll continue to do zero percent interest for anyone that’s currently deployed or is deployed in the future."
McCullough estimates that 400 Iowa Soldiers already qualify for the program. "We’re going to try and automatically provide this benefit to them, so they don’t need to do anything," McCullough says, "we estimate that we have another 300 or so that quality now or will in the future – but what we really need is for people to call us to see if they qualify." Borrowers who think they might qualify should call 1-800-243-7552.
Staff Sergeant Trenton Byler of Winterset will be getting a rebate check for the time he served in Kuwait. He says Iowans currently deployed will appreciate the help. Byler says, "It’s going to take a lot off your mind – when you’re deployed, you don’t have a lot of time to deal with your finances, so it’s a big help." McCullough says the average person that qualifies will save anywhere from 600 to $1,200.