A military student loan deferment program offered by JPMorgan Chase was recently reinstated after NBC News questioned the program’s elimination. The family that contacted NBC may have helped hundreds have their deferments reinstated while on active duty after the program ended two months ago.
Chase Pressured into Reinstating Deferment Program
Military troop members had been able to take advantage of a voluntary student loan deferment program offered by JPMorgan Chase that would allow them to hold off payments on their private student loans while on active duty.
However, in December 2010, Kerri Napoli, whose husband, Army Pfc. Andrew Napoli is serving near Kandahar, received a letter alerting them the bank decided to end the program and would no longer allow active-duty troops to delay paying their student loans, even if they were away at war.
Napoli said she spoke with Chase on her husband’s behalf several times but could reach no agreement on reinstating deferments. It was only after she alerted the bank that she’d spoken with NBC News about the ordeal–the next day, in fact–that the bank told her it would grant her husband an exception to the new policy and defer his loan.
When NBC News contacted the bank to ask why it had stopped allowing deferred payments, a Chase official stated it had second thoughts about ending the program and decided to reverse it to help U.S. troops with their family finances.
Chase Currently Under Fire for Overcharging Military Mortgages
Last month, Chase was placed under media fire by NBC News after learning that a marine had been overcharged up to $900 a month by the bank. After conducting an investigation, NBC found that the bank had violated the Servicemembers Civil Relief Act (SCRA) by unlawfully increasing mortgage rates and placing some military families in foreclosure.
To resolve the issue, the bank agreed to issue approximately $2 million in refunds to military families and ensure those who were forced into foreclosure would get their homes back.
Napoli contacted NBC News after reading about the Chase’s mortgage scandal in hopes of exposing more wrongdoing. In this case, it appears her instincts gave hundreds of troops relief from financial stress while out protecting the country.
[...] JPMorgan Chase Reinstates Military Student Loan Deferments after Media Gets …Go Banking RatesA military student loan deferment program offered by JPMorgan Chase was recently reinstated after NBC News questioned the program's elimination. …JP Morgan flip-flopping on student loan deferment program for active militaryAMERICAblog (blog)Chase pulls about-face on military loansmsnbc.comall 5 news articles » [...]
Super army wife HOOAH to Ms. Kerri! You made an amazing difference in so many lives.
[...] the bank was pushed to reinstate a deferment program for active duty military servicepeople, after NBC News reported on a family that “received a letter alerting them the bank decided to end the program and would no [...]
[...] the bank was pushed to reinstate a deferment program for active duty military servicepeople, after NBC News reported on a family that “received a letter alerting them the bank decided to end the program and would no [...]
[...] the bank was pushed to reinstate a deferment program for active duty military servicepeople, after NBC News reported on a family that “received a letter alerting them the bank decided to end the program and would no [...]
[...] the bank was pushed to reinstate a deferment program for active duty military servicepeople, after NBC News reported on a family that “received a letter alerting them the bank decided to end the program and would no [...]
[...] the bank was pushed to reinstate a deferment program for active duty military servicepeople, after NBC News reported on a family that “received a letter alerting them the bank decided to end the program and would no [...]
[...] the bank was pushed to reinstate a deferment program for active duty military servicepeople, after NBC News reported on a family that “received a letter alerting them the bank decided to end the program and would no [...]
[...] the bank was pushed to reinstate a deferment program for active duty military servicepeople, after NBC News reported on a family that “received a letter alerting them the bank decided to end the program and would no [...]