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How Much Are You Owed in SCRA Refunds?

Calculate your retroactive interest refund in 60 seconds. Lenders must refund excess interest charged since your active duty start date.

Calculate Your Refund

Date cannot be in the future

Your rate is already at or below %. SCRA won't reduce it further, but you may still have other protections.

Your Refund

How We Calculate Your Refund

Under the SCRA (50 U.S.C. § 3937), lenders must cap interest at 6% on debts you had before entering active duty. If you've been paying more, they legally owe you the difference.

// The formula
Refund = (Interest Paid) - (Interest at 6% Cap)
 
// Example: $10,000 balance at 18% for 24 months
Monthly interest at 18%: $10,000 × 0.18 ÷ 12 = $150/month
Monthly interest at 6%:  $10,000 × 0.06 ÷ 12 = $50/month
 
Your refund: ($150 - $50) × 24 = $2,400

Assumptions

  • Calculation assumes a consistent balance. Your actual refund may vary based on payments made over time.
  • Uses simple interest for quick estimates. Amortized loans (mortgages, auto) may differ slightly.
  • Chase voluntarily offers a 4% rate cap — we factor this in when you select them.
  • Some lenders like Navy Federal, Capital One, and Bank of America also offer enhanced SCRA programs.
Legal basis: Servicemembers Civil Relief Act, 50 U.S.C. § 3937(a)(1) — "An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, before the servicemember enters military service shall not bear interest at a rate in excess of 6 percent per year during the period of military service."

What To Do Next

1

Gather Your Documents

Get a copy of your military orders showing your active duty start date, plus account statements.

2

Contact Each Lender

Submit a written SCRA request. Ask for BOTH the rate cap AND retroactive refund of excess interest.

3

Follow Up

Most lenders process in 14-30 days. Check your statement and call if you don't see the refund.

Quick links: Chase Chase Bank of America Bank of America USAA USAA

Frequently Asked Questions

Contact each lender in writing, provide a copy of your military orders, and specifically request both the 6% rate cap AND a retroactive refund of excess interest charged since your active duty start date. Many lenders have dedicated military/SCRA departments. Keep records of all communications.
Most lenders process SCRA requests within 14-30 days. The refund typically appears as a credit on your account or a check. If you don't see it after 30 days, follow up with the lender's SCRA department.
Generally, SCRA refunds are not taxable income because they represent interest you overpaid, not new earnings. However, tax situations vary, so consult a tax professional for your specific circumstances.
If a lender refuses, you have options: (1) Escalate to their SCRA/military department supervisor, (2) File a complaint with the CFPB at consumerfinance.gov, (3) Contact your installation's legal assistance office (JAG), (4) The SCRA allows you to sue for damages, attorney fees, and court costs.
You must request SCRA benefits within 180 days after leaving active duty. Don't wait — file as soon as you go on active duty to maximize your savings and refund amount.
No. The SCRA 6% cap only applies to debts incurred BEFORE your active duty start date. Debts you take on while serving are covered by the Military Lending Act (MLA), which has different protections. Learn about SCRA vs MLA.
Read the Complete SCRA Guide