Hi there, I heard something about the military aiding with college loan repayments. Can someone confirm this? Also, how does it work? It's an avenue I'm looking into to avoid being drowned in college debt.
Yes, that's true! Joining the military is one way to pay off your student loans. Each branch of the U.S. Military offers one or more student loan repayment programs (SLRP), though the specific details including the percentage of debt covered and the length of the service commitment vary. These programs usually require an initial service obligation period to qualify.
For instance, the Army offers the College Loan Repayment Program (CLRP), which pays up to $65,000 in eligible college loans for both enlisted personnel and officers.
The Navy, too, has a similar program called the Loan Repayment Program (LRP), which also provides up to $65,000 for paying off student loans. However, it's limited to certain jobs in the Navy and typically only for first-time enlistees without prior military service.
For the Air Force, the College Loan Repayment Program (CLRP) is offered as well where they would pay off up to $10,000 in student loans for eligible candidates. However, this is not available for every role in the Air Force.
The National Guard Student Loan Repayment Program offers up to $50,000 for student loan repayment, and the Coast Guard offers a student loan repayment assistance program that provides up to $30,000.
Moreover, the Public Service Loan Forgiveness Program (PSLF) doesn't exclusively apply to military members but to anyone who works in public service. After making 120 qualifying monthly payments under a qualifying repayment plan while working in a qualifying public service job, any remaining loan balance will be forgiven.
Finally, keep in mind that many of these benefits require you to have existing student loans at the time of your enlistment, and not all types of loans qualify. Some specific requirements may apply, so be sure to talk to a recruiter and read the fine print to understand the ins and outs of these repayment programs.
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