Paying off prior college loans while serving in the military?

Hello, future soldiers and collegiates! As someone who is excited about enlisting after graduating next year but also scared about my previous student loan debt, I wanted to ask: Are there any programs or ways to offset or get help with prior college loans while being an active duty military member? Thank you in advance for any advice!

Hello, and first off, thank you for your willingness to serve. Indeed, the military offers various programs that can help with student loan repayment. One to look into is the Military College Loan Repayment Program (CLRP). Depending on the branch you enlist, you may qualify for significant repayment assistance.

For instance, the Army and the Navy can repay up to $65,000 of your loans, while the Air Force can repay up to $10,000. The National Guard offers up to $50,000 as well, and there are specific programs available in the Coast Guard too. Do keep in mind that these figures may change and can depend on factors like the needs of the service at the time you enlist.

To qualify, you typically need to score above a certain threshold on the Armed Services Vocational Aptitude Battery (ASVAB) and enlist in a job that qualifies for the CLRP. Eligibility is often contingent on giving up your Montgomery GI Bill benefits, so be sure to weigh your choices carefully before deciding. Also remember that any repaid loans will be considered taxable income.

Another avenue to explore is the Public Service Loan Forgiveness (PSLF) program, which eliminates remaining student loan debt after you've made 120 qualifying payments on an income-driven repayment plan, and if you've worked in a qualifying job (which includes military service) full-time for ten years.

I'd advise checking with an armed forces recruitment officer or your financial advisor for concrete steps and updated information. Good luck, and again, thank you for your commitment to serve!