Servicemember Student Loan Interest Relief Act - Amends the Higher Education Act of 1965 to provide that no interest shall accrue on student loans under the Federal Direct Loan program for individuals who are serving on active duty or performing National Guard duty during a war or other military operation or national emergency. Limits receipt of such benefit to 60 months.
Requires the Secretary of Education to offer direct consolidation loans to eligible service members who want to avoid the accrual of interest on existing loans.