Repayment in the Military College Repayment Program

I'm currently a junior in high school mulling over my post-graduation options. I've come across this thing called the Military College Repayment Program, and it's piqued my interest. Can anyone share more information about this? What does it entail, and how is repayment structured?

The Military College Loan Repayment Program (CLRP) is indeed an excellent option for individuals who are interested in serving in the military and receiving assistance with their student loans. Please note that availability and terms of the CLRP might vary by military branch, so it's important to inquire about it when you're speaking with a recruiter.

Here are some general outlines of how the program works:

1. What it Entails: The CLRP is a program offered by the U.S. military to aid in the repayment of eligible student loans for individuals who enlist in the military. It's a benefit that might be offered to recruits in specific occupations that the military is seeking to fill.

2. Eligibility: You generally need to be a first-term enlistee with loans that were taken out before your enlistment. The loans have to be federally insured (like Stafford or Perkins loans). People generally are not eligible if they enlist with a G.I. Bill-selected benefit.

3. Repayment Structure: Depending on the branch of the military, the government will repay a certain portion of your loan for each year of completed service. For example, for some branches, the military could repay up to a particular percentage or a dollar amount (whichever is less) of the outstanding principal loan balance annually. There is usually a cap on the total amount that can be repaid under the program.

4. Taxes: The money used from the CLRP to pay your loans is considered taxable income. This means you could see an increase in the taxes you owe for that year.

5. Drawbacks: It's worth noting that if you choose to utilize CLRP, you often must give up eligibility for the Post-9/11 GI Bill, another military assistance program, which can pay for up to 100% of tuition and fees, depending on the length of your military service.

Please note that each branch of the military has different rules and benefits, and not all military jobs are eligible for loan repayment. It's always wise to do your research and consult with a recruiter to get the most accurate and up-to-date information.