Are there Special Loan Options for Military Service Members to Fund College?

Hi everybody, I'm considering enlisting after high school as a way to help fund my college education. I've heard about special loans available for service members or their families. Could anybody explain a bit about what these military loans for college are? Are there certain criteria to be met? How do they differ from regular student loans, and are there any particular benefits or drawbacks?

Absolutely! The military offers various educational benefit programs for service members that can partially or fully cover college costs.

One primary option to look at is the Post-9/11 GI Bill. This covers college tuition and fees in full for in-state students at public universities. It also provides a certain amount annually for students attending private or foreign schools. On top of that, it covers housing and gives an allowance for textbooks and supplies. To qualify, service members must serve a certain number of days on active duty after 9/11.

If you're a member of the National Guard or Reserve, you may be eligible for the Montgomery GI Bill Selected Reserve program or the Reserve Educational Assistance Program, both of which can assist with tuition costs to varying degrees based on your length and type of service.

Another critical option is the Military Tuition Assistance program, which most military branches offer. It's designed to fund tuition as well as various fees, essentially acting as a type of loan or scholarship.

There's also the Yellow Ribbon Program for veterans who want to attend participating out-of-state or private institutions that may have costs beyond what the standard GI Bills cover. Institutions voluntarily participate in this and match a certain amount of the excess costs, which the VA then also matches.

One significant advantage of these programs over regular student loans is that they are usually grants, not loans, meaning you won't have to repay them. Also, it's often possible to transfer these benefits to your dependents.

Remember to research thoroughly before making any decisions, as each of these options has different eligibility requirements and benefits. You should also keep in mind that while the military can provide great opportunities, there are also inherent risks and large commitments, so weighing your options carefully is crucial.

Finally, you should still fill out the FAFSA to see what federal, state, and institutional aid you qualify for. You can use educational benefits alongside other forms of financial aid. But remember to inform your school about these benefits as they can affect your financial aid package.