I heard there are changes to the military deferment. What are they?
There is a new military deferment type. This new deferment type provides up to 3 years of deferment for eligible borrowers on active duty during war, national emergency or military operation, and includes National Guard duty under same circumstances. Adds new definitions for the following: Active Duty – The term “active duty” has the meaning given such term in section 101(d)(1) of title10, United States Code, except that such term does not include active duty for training or attendance at a service school. Military Operation – The term “military operation” means a contingency operation as such term defined in section 101(a)(13) of title 10, United States Code. National Emergency – The term “national emergency” means the national emergency by reason of certain terrorist attacks declared by the President on September 14, 2001, or subsequent national emergencies declared by the President by reason of terrorist attacks.
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