Recently I've been thinking about how I'm going to manage my student loans after completing my degree. If I join the military after graduating, will they help pay off my student loans?
In numerous cases, the military does indeed offer programs that will help with repaying student loans. Often, they are referred to as loan forgiveness or loan repayment programs. These from each branch may have their specific set of qualifications, so it will be crucial to check with a recruiter to understand the current offers.
The Army, for instance, traditionally has a Loan Repayment Program for active duty, reserve soldiers, and Army National Guard. The program in its general form repays up to 33.3% or $1,500 (whichever is greater) annually of the remaining original unpaid principal on qualifying loans for a maximum of $65,000.
In the Navy, the Loan Repayment Program may repay up to $65,000 in student loans for sailors who enter into eligible ratings (jobs) upon enlisting.
The Air Force and Space Force now have the College Loan Repayment Program, which can grant up to $10,000 towards eligible student loans,
So yes, joining the military can be a strategy to help manage student debt, depending on your qualifications and the specific branch's offerings. However, remember to consider other factors as well, such as the commitment involved in enlisting, the potential for deployment, and how military service aligns with your lifestyle and career goals. Military service is a big commitment and offers many valuable experiences and benefits, but it's crucial to ensure it's the right fit for you, apart from just the financial factor.
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