The Department of Education is proposing to extend without changes a current information collection request related to the Servicemembers Civil Relief Act (SCRA), which ensures that active-duty military members have a cap of 6% on interest rates for their loans. This effort focuses on verifying borrower's military status using the Department of Defense’s database and providing the interest rate benefit accordingly. Public comments on this proposal are being accepted until January 6, 2025. The Department is particularly interested in feedback on the necessity of the collection, the accuracy of the burden estimate, and suggestions for improving the process.
Simple Explanation
The paper from the Department of Education says they're checking to make sure soldiers don't pay too much interest on loans. They are asking people to share what they think about this plan, but they didn't say how those thoughts will be used or how they decided on the time it takes to do all this work.