Will my monthly loan payments be affected by the 6% interest rate cap?
Untitled
Yes. Title III, Section 527 (a)(3) of the SCRA allows the amount of any periodic payment, like your monthly payment, to be reduced by the amount of the interest forgiven on the debt. For a simple example, a 15% rate would cost $1.23 per $100 in interest. At 6% the interest is only $.49 per $100. That amounts to a monthly payment reduction of $9.80 for a $2,000 loan.
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Yes. 