Did you, or a veteran or family member you know, incur excessive educational loans for study at a for-profit institution? If so, you may be eligible to apply for up to $5,000 in loan relief from the Veterans’ Student Loan Relief Fund.
About the Fund
The Veterans’ Student Loan Relief Fund provides grants of up to $5,000 to qualified active-duty military, veterans and family members, who have accumulated excessive amounts of student loan debt and feel they have been defrauded or misled by the for-profit college or career/trade school they attended. To get started on your application, please click here.
The Fund was created in 2012 by Jerome Kohlberg, a World War II veteran, Wall Street executive and early champion of the Post-9/11 GI Bill. It is administered by Scholarship Management Services, a division of Scholarship America®. Scholarship Management Services is the nation’s largest designer and manager of scholarship and tuition reimbursement programs for corporations, foundations, associations, and individuals.
Under the leadership of its Executive Director, Matthew Boulay, a veteran of the war in Iraq, the Fund has helped over 30 men and women pay down student loans they are burdened with as a result of attending a for-profit education company.
Have you had a bad experience with a for-profit college? Tell us about it.
Veterans returning from Iraq and Afghanistan are seeking college degrees and career training to jump start their civilian careers. Unfortunately, they are under attack from unscrupulous for-profit education companies, which see veterans and active-duty military are as goldmines, since each vet represents tens of thousands of dollars in federal benefits – including the Montgomery GI Bill and the Post-9/11 GI Bill – as well as federally subsidized student loans.
Recruiters aggressively pursue vets promising high-quality educations and high-paying jobs. But many for-profits leave students with substandard educations, non-transferable credits, useless degrees or no degrees at all, and with heavy student loan debt. The U.S. Department of Education has reported that students at for-profit colleges represent 13 percent of all college enrollments but account for nearly half of all loan defaults. The Fund’s mission to help these American heroes pay off some of their debt.
Grants are available to veterans of all branches of the United States Armed Forces (Army, Navy, Air Force, Marines) as well as the Coast Guard, National Guard and Armed Forces Reserves. Applicants are screened based on the following: applicant’s financial assets, level of educational debt, credit difficulties, bankruptcy filings (if any), and the impact of indebtedness on the applicant and his or her family. Other factors, including length of military service, number of deployments, completion of education, and level of employment following degree completion, are also considered. Selection of recipients is made by Scholarship Management Services. In no instance does any member of the Armed Forces, the sponsor, or IAVA play a part in the selection. All applicants agree to accept the decision as final.