Sup everyone, high school junior over here. Absolutely stressed about the potential of future college loans. I heard that military service could potentially forgive these loans. Is there truth to this? Could I offset the burden of college loans by serving?
Yes, serving in the military can indeed assist with college loan forgiveness. If you borrow money for college through federal student loans and then enlist in the military, several different programs might help reduce what you owe.
The National Defense Student Loan Discharge program, for instance, eliminates up to 100% of Federal Perkins Loan debt for veterans who served in areas of hostility and received a special type of military disbursement.
Another option is the Public Service Loan Forgiveness (PSLF) program which could discharge the remaining balance of your Direct Loans after you make 120 qualifying payments under a qualifying repayment plan, while working full-time for a qualifying employer which can include military service.
The Military College Loan Repayment Program (CLRP), available to both enlisted active duty and reserve personnel, may offer up to $65,000 in repayment aid, with the specifics depending on the branch and the role you are in.
Remember, these programs typically have specific requirements and aren't applicable to private loans. You can find additional details on the respective military branch websites or the Federal Student Aid government website. College financial aid offices can usually provide guidance as well. Just make sure to fully understand the commitment you're making when enlisting in the military—it's a significant decision beyond just the financial aspect.
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