Are you looking for yet another reason to enlist in the Military? If so, the Military College Loan Repayment Program may be just what you are searching for. Like many other incentives, this one is a financial benefit that you don?t want to undervalue.
With this program, the Military will repay a portion of the college loans for anybody enlisting who has never served in the past.
Although Congress has put a limit of $65,000 on the repayment program, this is more than enough to offer financial relief to most people. At this time, both the Army and the Navy will pay up to the maximum. For those enlisting in the Reserves, these branches will only pay up to $20,000.
Do your Loans Qualify?
Above all else, the loan must be taken out before enlisting in the Military. The following types of loans qualify for the program:
– Stafford Student Loan
– Auxiliary Loan Assistance for Students
– Federally Insured Student Loans
– Consolidated Loan Program
– Parents Loans for Undergraduate Students
– Supplemental Loans for Students
– Perkins Loan
Are you Eligible?
It is one thing to have student loans that qualify for the Military College Loan Repayment Program. It is another thing entirely for you to be eligible to take advantage.
Here are a few details that will determine your eligibility:
– If you are interested in active duty service, you must not have any prior military experience
– Army active duty must enlist for three years with Air Force and Navy active duty required to enlist for a minimum of four years
– Army National Guard, Air National Guard, Army Reserves, and Navy Reserves require a minimum enlistment of six years
– For those enlisting in the Army, a high school diploma is required
– For those enlisting in the Army, an Armed Forces Vocational Aptitude Battery score of 50 or higher is required
Will I receive the Money?
Don?t make the mistake of thinking that you are going to receive a check in the mail to pay your loans. Instead, with the Military College Loan Repayment Program the payments are made directly to your lender.
The first payment is not sent to your lender until you complete one year of service.
As an active duty member of the Military, $1,500 ?or 33.3 percent of your balance is paid annually ? whichever is the greater of the two numbers.
If you are bogged down by student loans and looking for a way to obtain sweet relief, you should consider enlisting in the Army. If you are eligible for the Military College Loan Repayment Program, you can have a large portion of your loans wiped clean.