The Biden administration announced on Friday that it has retroactively waived interest on federal student loans held by more than 47,000 current and former military service members. Under federal law, service members deployed to overseas combat zones where they’re subject to imminent danger or hostile fire can have their interest waived on loans such as Federal Student Aid (FSA) for up to 60 months. But until now, they had to individually apply for the benefit by providing documents that can prove their military service, including a formal application along with a certifying official’s statement and signature, or military orders showing they have been serving in a hostile area, or a Leave and Earnings Statement showing hostile or imminent danger pay. This paperwork burden had prevented many eligible student veterans from successfully getting the interest waiver, according to the Department of Education. In 2019, the benefit was only granted to about …
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