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DEFENSE COMMUNITIES 360

Military Families Coping with a Variety of Financial Issues

  • November 7, 2011
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Military families are forced to deal with an array of financial issues involving homeownership, military education benefits, spouse employment, car loans and improper debt collection practices, Holly Petraeus, assistant director of the Consumer Financial Protection Bureau’s Office of Servicemember Affairs, told lawmakers last week.

In her written testimony to the Senate Banking, Housing and Urban Affairs Committee, Petraeus, wife of retired Army Gen. David Petraeus, cited homeownership as a top concern for personnel when they are preparing to move. They can’t sell their home to pay off their mortgage, renting it out won’t cover the mortgage, they don’t qualify for a loan modification and they can’t refinance, she stated.

For-profit colleges often target service members because military education benefits count toward the colleges’ requirement to obtain 10 percent of their revenue from sources other than Title IV funds administered by the Education Department. It’s not just the programs that are an issue, but the expensive student loans the schools offer, Petraeus said.

Read the story from American Forces Press Service.

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