Rising Junior here, seriously thinking about taking the military path. But, college tuition has me worried. Does anyone know how military college loan repayment programs work or which are the best ones to consider?
The military does offer a variety of programs to help service members pay back college loans. Here's a quick rundown:
1. Post 9/11 GI Bill: This program gives you up to 36 months of tuition paid at public in-state rates, a monthly housing stipend, and a stipend for books and supplies. It can be used either for undergraduate or graduate programs. Eligibility is based on the number of months you've served. If you've served 36 months or longer, you're eligible for 100% of the benefits.
2. Military College Loan Repayment Program (CLRP): This program is designed for those who have existing student loan debt at the time they enlist. The Army, Navy, Air Force, and National Guard all offer some version of this program. Depending on your branch of service, your job and your length of enlistment, you may qualify for up to $65,000 in student loan repayment aid.
3. Tuition Assistance: Active-duty, Reserve, and National Guard members are eligible to use the military's Tuition Assistance program to pursue college courses while serving. This program pays up to 100% of tuition expenses up to an annual cap.
Remember, these programs often require a military obligation of a certain number of years, and benefits can depend on the job you're assigned in the service. Before making any decisions make sure you research thoroughly and reach out to a recruiter to understand fully the commitments and benefits.
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