The Servicemember Student Loan Affordability Act of 2024 aims to modify the Servicemembers Civil Relief Act by capping the interest rate on certain student loans at 6% for servicemembers. This applies to loans incurred before military service and either consolidated or...
Simple Explanation
The Servicemember Student Loan Affordability Act of 2024 is trying to make things a bit easier for soldiers by making sure they don't pay more than 6% interest on certain school loans they got before joining the military. This rule helps them with loans they put together or made smaller while they are serving, so they don't have to worry about paying too much.