Struggling with student loan debt? Published Nov. 26, 2014 By Malmstrom Legal Office MALMSTROM AIR FORCE BASE, Mont. -- Hopefully you already know that the Servicemembers Civil Relief Act protects service members by placing a 6 percent cap on interest rates on debts incurred before military service. But are you aware of the other tools at your disposal to get out from under crippling student loan debt? Last month, the Consumer Financial Protection Bureau (CFPB) student loan ombudsman released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default. Distressed borrowers report that they receive very little information or help when they get in trouble, that there are no affordable loan modification options available, and that the alternatives to default are temporary at best. The CFPB now offers new tools to help borrowers take action when they run into trouble. The CFPB released a sample letter that consumers can edit and send to their student loan servicer to request lower monthly payments and information on available repayment plans. Consumers can download the sample letter to send by mail, or they can just cut and paste the text when they log into their account on the servicer's website. The letter requests student loan payments that would allow borrowers to afford their other living expenses. The sample letter can be found at http://files.consumerfinance.gov/f/201410_cfpb_students_sample-letter.doc The Bureau has also developed a sample financial worksheet to assist borrowers to determine maximum funds available to pay their student loans. The worksheet can be found at http://files.consumerfinance.gov/f/201410_cfpb_students_sample-financial-worksheet.doc Student loan borrowers can also find help using the CFPB's Repay Student Debt tool. This interactive resource offers a step-by-step solution to navigate borrowers through their options, especially when facing default. The Repay Student Debt tool can be found at http://www.consumerfinance.gov/paying-for-college/repay-student-debt/#Question-1 For more information on private student loans, visit http://www.consumerfinance.gov/blog/struggling-private-student-loan-borrowers-still-searching-for-help/ The Airman and Family Readiness Center on base also offers a wealth of information about budgeting and debt management, as well as valuable resources like individual financial counseling. For more information on financial readiness or to set up an appointment with a financial advisor, call the Airman and Family Readiness Center at 731-4900. Individuals may also contact the Malmstrom Legal Office at 731-2878 if they would like to set up an appointment to speak with an attorney. Don't stand by and watch the bills pile up, take charge of your financial situation.