I've been exploring the idea of joining the Navy but still want to go to college. I've heard about the College Loan Repayment Program -- can anybody on here provide some insight? What are the terms and eligibility criteria? Thanks for the help!
Yes, the Navy does provide assistance with student loans through the Loan Repayment Program (LRP). The LRP is designed to help recruit individuals into the Navy who have existing student loans.
A few key things to know:
- The Navy LRP provides up to $65,000 in student loan repayment assistance.
- The LRP operates as a yearly payment directly to the loan holder, covering the principal, interest, and any associated taxes.
- The LRP only covers federally insured student loans or loans made by a college or university. That means private loans are not eligible.
- The enlistee must be on their first term of enlistment, and the LRP is typically only offered to people in certain enlistment ratings (jobs). You'll want to communicate clearly with your recruiter about this.
Eligibility criteria typically include:
- You must enlist for at least three years in a qualifying position. The specific MOS (Military Occupational Specialty) positions that qualify for the LRP can fluctuate depending on the Navy's needs, so you'll want to discuss this directly with a recruiter.
- Enlistees must be high school graduates, though GED holders may also be eligible.
- The loans must be incurred prior to enlistment, and you'll need to show proof of your loans.
- You can't have previously served in the military.
One thing to note is that you can't combine the GI Bill with the Loan Repayment Program. That is, if you make use of the LRP, you give up your rights to the Post-9/11 GI Bill. Therefore, it's a decision you'll want to consider carefully, weighing the benefits of both programs. If you're looking to minimize loans and potentially continue education while serving or after your service, the GI Bill might be a better option.
The above are general principles of the program - for the most accurate and current information, I'd recommend reaching out to a Navy recruiter, as they'll have the most up-to-date knowledge of the program's specifics.
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