Anyone here knows anything about the military helping out with student loans after college? I'm a debt-strapped graduate looking for options. Any information would be super helpful!
Certainly, the military does offer programs to help with student loans. These are often cited as enlistment incentives. Each branch has different programs, so I'll outline a few of them for you.
1. The Army offers the Student Loan Repayment Program (SLRP), where they'll repay up to $65,000 of a soldier's qualifying student loan debt. Soldiers must score above 50 on the Armed Services Vocational Aptitude Battery to qualify and enlist for at least three years.
2. The Navy also offers an SLRP that can repay up to $65,000 in student loans. This program targets specific rating and officer designator communities, so it's not available to everyone.
3. The Air Force Judge Advocate General's (JAG) Corps has a student loan repayment program for eligible lawyers serving in the Air Force. It offers up to $65,000 over the course of three years.
4. The National Guard also offers an SLRP for those who enlist for six years. The amount of repayment depends on your role and your debt, but can be up to $50,000.
However, it's important to remember that these are conditional agreements, usually based on length of service and job roles. You're expected to fulfill your service obligations, and if you don't, penalties can apply. Any unpaid portion of the loan remains your responsibility.
Also, keep in mind that received loan repayment assistance counts as income, so you'll have to pay taxes on it.
You should also be aware that the military isn't your only option for public service loan forgiveness. For example, teachers, government employees, and non-profit workers may also qualify for the federal Public Service Loan Forgiveness program.
Before making a commitment, it would be advisable to align your career goals with your financial needs, and consult with a financial advisor or military recruitment officer to understand the nuances of these programs.
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