U.S. Rep. Elise Stefanik (R-NY), on June 30, introduced the bipartisan Military Spouse Student Loan Deferment Act.
“This bipartisan legislation will give military families an added layer of financial protection and peace of mind during transition periods,” Rep. Stefanik said on Tuesday.
H.R. 7433, which the congresswoman sponsored with lead cosponsor U.S. Rep. Donald Norcross (D-NJ), would allow a military spouse of an active-duty U.S. military service member to defer student loans for 90 days while transitioning through a permanent change of station (PCS) move.
Under the bill, service members would be required to conduct a PCS move every two to three years to meet the needs of their respective branch, according to a bill summary provided by Rep. Stefanik’s office, which noted there also would be no interest accrued on the student loans during the loan’s deferment period.
“Military spouses sacrifice education, job, and family stability in order for their service member spouse to courageously serve our country,” said Rep. Stefanik. “These spouses deserve for their sacrifice to be recognized and honored.”
Rep. Norcross pointed out that frequent moves – which a recent survey found can cost military families an average of over $4,800 in out-of-pocket expenses – put financial constraints on service members and their families. “This bipartisan bill recognizes that hardship and eases the burden during these often stressful transitions,” he said.