Hey, my spouse is in the military and I've been thinking about going to college. I heard there are specific loans for military spouses. Anyone know how I can get access to those?
Absolutely, as a military spouse, there are quite a few options available to you for getting loans and general financial assistance for your education, and it's definitely wise to explore them.
One of these options is through the Military Spouse Career Advancement Accounts (MyCAA) program. This program provides up to $4,000 in financial assistance for military spouses who are pursuing licenses, certificates, or associate degrees in a portable career field and occupation. While this program doesn't offer loans, it might reduce your need for borrowing through other avenues.
If you find that you'll still need additional assistance, you could consider federal loans like Direct Subsidized Loans, Direct Unsubsidized Loans, or Direct PLUS Loans. To apply for these, you'd need to fill out the Free Application for Federal Student Aid (FAFSA) form to assess your eligibility. The FAFSA form uses your income and your spouse's military pay to determine your family's financial need.
Another lesser-known resource is the Dependents' Educational Assistance (DEA) Program, which provides education and training opportunities for eligible dependents of veterans who are permanently and totally disabled due to a service-related condition or have died while on active duty or as a result of a service-related condition.
Remember, before applying for a loan, always search for scholarships or grants that you might qualify for, whether they're designated for military spouses specifically or not. It's essentially free money that you won't need to repay later.
While the specifics of accessing and applying for these loans vary, a good place to start would often be by contacting each program directly, visiting their websites, or speaking with a financial aid adviser at the college you're interested in attending. These resources should provide you with guidance on the necessary documentation and steps you'll need to follow.
Good luck with your journey back to school! It's a big step, but there are many resources available to make it more affordable.
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