Can military service help in paying off college debt?

I've been freaking out about my college debt. I've been told that the military could shoulder some of it. Could anyone share any information about this?

Yes, serving in the military can assist with managing and reducing college debt. Most branches of the U.S. military offer programs for student loan repayment or forgiveness. Each of these programs has its own set of requirements and regulations, but generally speaking, they can make a significant dent in your student loan debt.

For example, the Army's College Loan Repayment Program (CLRP) offers assistance up to $65,000 for service members in certain job specialties. The Navy also offers a similar program where they pay off a specific amount of your loan for each year of service, typically up to $65,000 as well.

The National Guard offers the Student Loan Repayment Program which can provide up to $50,000 in loan repayment. You'd be required to enlist for a minimum of six years and have a qualifying loan to benefit from this program.

The Air Force and Coast Guard have selective repayment programs as well, offered to those in certain critical positions or those with certain loan types.

It's important to understand that these programs often have requirements and stipulations. You often need to serve for a certain number of years, and the amount they'll pay off can depend on your role in the military, the type of loans you have, and several other factors.

It may be wise to consult with a military recruiter to understand these options thoroughly and verify that they would apply to your specific situation. Remember, joining the military is a big commitment and decision and should not be undertaken lightly.

Lastly, take note that the Post-9/11 GI Bill provides educational benefits for service members and veterans, which could help if you're planning on tackling grad school or need additional credits after your enlistment. This can help prevent additional debt accumulation.