"The list of financial abuses that military families face is downright appalling," says Judy Sorensen, president of theAssociation of Credit Counseling Professionals, ACCPros.
"On a daily basis, many deal with harassing phone calls from debt collectors, predatory lending traps and wrongful foreclosures on their homes, not to mention widespread problems with student loans.
This is the last thing our service men and women need after they've been out fighting for our safety and freedoms."
To help combat these problems, Sorensen
and the experts at ACCPros
offer four tips to military members facing financial difficulties, especially with student loans.
Tip#1: Know your legal rights
"Part of the problem is that many U.S. servicemembers simply don't know that they have various military protections to help them in areas such as their mortgages and student loans," says Sorensen
urges military members to report wrongful doing to the authorities, like the Consumer Financial Protection Bureau
"Statistics show that four out of 10 U.S. service men and women are now repaying student loans, and the average amount borrowed is about $26,000, so this is a major issue that must be addressed," Sorensen
So if you qualify for loan cancellation, Sorensen
suggests supplying a copy of your DD214 (discharge form) and a letter requesting a discharge to your loan servicer.