Deferment of College Loans for Military Service?

So, I'm slightly overwhelmed... Does anyone know how the college loan deferment works for those serving in the military? I've heard something along these lines, but can't find much info about it. Would like to know more as I'm weighing up my post-high school options.

Absolutely, happy to help clarify! When you join the military, you become eligible for a few student loan benefits. One of them is the ability to defer your loan payments during certain periods of active duty and immediately following active duty.

Student loan deferment for military service means that you may temporarily stop making federal student loan payments during certain periods of active duty, such as during war, other military operations, or national emergencies, and for 13 months following the conclusion of that service, or until you return to college or career school on at least a half-time basis, whichever comes first.

It's important to note that interest will continue to accrue on all types of federal student loans during deferment. If you have subsidized loans, you don't have to pay the interest that accrues during deferment. If you have unsubsidized loans, you are responsible for the interest that accrues during deferment. If feasible, you might consider making interest-only payments during this time to prevent your loan balance from increasing.

You actually have to apply for deferment through your loan servicer (the entity you make your monthly payment to). When you apply, you'll be required to provide an official military order or a written statement from your commanding or personnel officer.

Additionally, keep in mind that while in the military, you also might be eligible for other types of student loan forgiveness or repayment assistance. For instance, the Public Service Loan Forgiveness program forgives the remaining balance of your Direct Loans after you make 120 qualifying monthly payments while working full-time for a qualifying employer, which includes the military.

Do note that this is specific to federal student loans. If you have private student loans, you'll need to reach out to the individual loan servicer to learn about any similar options they might offer.

I hope this helps clarify things a bit! Once you've assessed all your post-high school options, it would be wise to reach out to a financial advisor or someone knowledgeable in military benefits to ensure you're making the most informed decision. College and military service can both be great options depending on your goals, and it's important to understand the financial implications of each.