I understand the SCRA lets you get interest rates that are higher than 6% on loans and things reduced to 6%. That goes for loans I had before and after I entered service, right?
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Half right. The SCRA in Section 527 only permits reduction of interest rates higher than 6% to a maximum of 6% on loans and other obligations that you had outstanding before you entered military service. If you got a loan after you entered service, at say 8%, you would still have to pay 8% on that loan through its life. You would not get a reduction to 6%. If you had that 8% loan BEFORE you entered military service, though, you would get to reduce the rate to 6%.
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Half right. The SCRA in Section 527 only permits reduction of interest rates higher than 6% to a maximum of 6% on loans and other obligations that you had outstanding before you entered military service. If you got a loan after you entered service, at say 8%, you would still have to pay 8% on that loan through its life. You would not get a reduction to 6%. If you had that 8% loan BEFORE you entered military service, though, you would get to reduce the rate to 6%.
