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Student Loan Relief For Affected Individuals With HEROES Act Of 2003

Federal student loan relief is an important service for those in the military. Bask in 2003, the Higher Education Relief Opportunities For Students Act (HEROES) was created to ensure that those service members who also were receiving or had received federal student loans were not penalized during or because of active duty. The Act of 2003 was extended in 2005 and then again in 2007 where it was finally made permanent.

According to HEROES, military personnel, spouses, their dependents and residents of disaster areas would receive student loan debt relief.

*During active duty in a war, military operation or a national emergency declared by the President. (Hurricane or tornado disasters are examples of national disasters.)

*For those in the National Guard who are called (by the President or the Secretary of Defense) into active service for 30 consecutive days or more during a war, military operation or national disaster.

*Those people who reside or are employed in an area which is declared a disaster area because of a national emergency. The declaration can come from a Federal, State or local official.

HEROES Act of 2003 offers student loan federal relief in the form of waivers depending on the situation. The following is a list of waivers available for those qualified for debt relief under this Act.

*Need Analysis - Financial administrators are able to substitute estimated award year income for prior tax year information when considering financial circumstances for financial aid.

*Professional Judgment - Financial aid administrators are encouraged to choose between prior tax year, estimated award year or the information after applying a professional judgment to yield the most relief to affected individuals and family.

*Grant Overpayments - If an affected student who withdraws from school because of their situation will not have to repay grant overpayments. The extra money received for the full semester will not have to be returned.

*Verification - An affected individual who has been selected to verify their financial situation, are given several different methods to provide a copy of their US tax return.

*Oral Requests in Lieu of Written Requests - There are many requests which must be submitted in writing. Affected individuals may submit them orally, by a member of their family or another reliable source.

*Satisfactory Academic Progress (SAP) - These requirements may be waived for affected individuals.

*Exclusion of Interruptions - For up to three years, an affected individual may be excluded from the grace period with an additional grace period applied once they are no longer affected. In-school deferment may also extend 3 years while the individual is affected. The 3 year forbearance time limit will not include the time period in which the person is affected. Requirements on student loan relief plans which demand on-time consecutive payments over a period of time will be waived while a person is affected.

*Collections of Defaulted Loans - Collections activities may hault while a person is affected.

*Parental Signatures - Certain requirements for parental signatures may be waived during the affected time. A high school guidance counselor or financial aid administrator may sign on the parent's behalf.

It is important for any person who believes they have become an affected individual to report in to their school financial aid administrator or loan provider in order to obtain the most federal student debt help. National Student Loan Relief helps individuals gain financial relief from their Federal Student Loans. Student loan debt consolidation can lower your payment and get reduced interest rates.

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