In deep waters with college loans here, and it's kinda freaking me out. I heard joining the military might help with debt repayment. Is this true, and how exactly does this work?
If you're considering joining the military as a way to alleviate your college debt, it's true that there are benefits available for doing so. However, it's also a serious commitment that you should weigh out thoroughly. I'll outline how this can work, with the understanding that you should do more research and speak to military recruiters to get the full picture.
One of the main benefits of military service in relation to college debt is the Post-9/11 GI Bill. This program pays full tuition and fees at public schools and may pay up to the national maximum rate at private and foreign schools. Additionally, it covers a monthly housing allowance and an annual books and supplies stipend.
Another program is the Military College Loan Repayment Program (CLRP). This benefit is available to both enlisted members and officers. The Army, Navy, Air Force, and National Guard all participate in this program, but benefits and eligibility requirements vary slightly among branches. In general, the repayment maximum is $65,000, and the military makes payments directly to the loan servicer.
Further, there's the Public Service Loan Forgiveness (PSLF), which is available to anyone working in a government or not-for-profit job, including military service. After making 120 qualifying payments on your loans while working full-time for a qualifying employer, the remainder of your loan is forgiven.
Keep in mind that these benefits often require a specific period of service, and not everyone qualifies for all programs. Also, the decision to join the military should not be taken lightly, as it involves more than financial commitment. It's a life-altering decision that should align with your career goals, personal beliefs, and physical abilities.
Make sure to seek advice from a trusted financial advisor or a counselor before making a decision.
CollegeVine’s Q&A seeks to offer informed perspectives on commonly asked admissions questions. Every answer is refined and validated by our team of admissions experts to ensure it resonates with trusted knowledge in the field.