How Does Military Service Affect College Debt?

I've heard that serving in the military might help pay off college debt. Can someone elaborate on this? What are the eligibility criteria and how does this process work?

Absolutely, military service can indeed play a significant role in minimizing or even eliminating college debt. This relief is typically facilitated through various assistance programs that each branch of the military offers, such as the Post-9/11 GI Bill, the Montgomery GI Bill, and loan repayment programs.

The Post-9/11 GI Bill, for instance, covers full in-state tuition and fees at public colleges for up to 36 months, as well as a monthly housing allowance. If you're attending private or foreign colleges, the bill will pay up to $28,937.09 per academic year. The longer your service, the more benefits you receive. For example, with 36 months of service, you're eligible for 100% benefits. With less than that, the percentage drops.

The Montgomery GI Bill provides a stipend for up to 36 months, which can be used for degree and certificate programs, flight training, apprenticeships, and on-the-job training. The benefits served here also vary with length and type of service, commitment to the Selected Reserve, and other factors.

Military loan repayment programs are another mechanism the government offers to assist service members in eliminating college debt. The Army's Loan Repayment Program (LRP), for example, can repay up to $65,000 of a soldier's qualifying student loans. Here too, there is an eligibility criterion mainly revolving around military occupational specialties.

Note, however, eligibility for these programs usually depends on factors such as your duration of service, duty status, and your occupation within the military. In general, before you enlist, make sure you understand what's required to qualify for these benefits, since some programs require you to opt in at the time of enlistment. And keep in mind, taking advantage of these benefits often requires a commitment to serve in the military for a specified period of time.

These programs offer a significant opportunity to achieve a debt-free education in exchange for military service. However, serving in the military is a substantial commitment, and shouldn't be viewed solely as a financial decision. It's crucial to consider the broader implications, including the demands and risks of military service.