Army Student Loan Repayment: Active Duty
If you qualify, the Army will pay up to 33.33% of your principal balance each year for three years. You could receive up to $65,000 in loan assistance. Note that you can only use this money to pay off federal student loans, such as Direct, FFEL, and Perkins Loans.
Beside above, can I use GI Bill to pay student loans?
“The law does not provide authority to allow GI Bill benefits to be used to pay down or pay off student loans,” says VA Spokesperson Terry Jemison. “Individuals eligible for GI Bill benefits may use such benefits for training. … You cannot request education benefits specifically to repay a student loan.
Just so, can you go into the military with debt?
Credit Checks and Military Branches
Excessive debt obligations that exceed half of the annual salary of the pay grade of the recruit can prevent enlistment. If debt includes mortgage debt, the total debt must not be more than two-and-a-half times the annual salary of the recruit.
Does joining the military offer loan forgiveness?
The Army and Navy Reserves can provide up to 15% or $1,5000 (whichever is greater) in federal loan forgiveness annually for qualified individuals who are enlisting for the first time. You will have to have the loans before enlisting and sign on for at least 6 years of service. This benefit is capped at $20,000.
Active-duty servicemembers are eligible for Military Tuition Assistance, the most common form of military financial aid assistance. The program pays up to $4,500 each fiscal year for tuition and other school expenses, aid that can serve as an important motivator for students.
The Air Force SLRP provides annual loan repayment of $10,000 maximum. You’re, however, eligible for the program if you enlist in the Air Force for a minimum of three years. The AF student loan services will pay 33.33% or $1,500 of your remaining principal balance in the first year.
Both enlisted and officer military members can receive up to $4,500 annually for tuition and fees. … Depending on length of service, the bill pays 40% to 100% of tuition and fees at a in-state public college or university, or up to $17,500 at a private or foreign school.
Parent PLUS loans may be eligible for repayment under the various military loan forgiveness programs , depending on the service. The loan forgiveness may be limited to Parent PLUS loans borrowed on behalf of a student where the student is the Service member. Private parent loans are not eligible.
As a member of the military on active duty, you may qualify for special benefits and repayment options for your federal and private student loans.
College Loan Repayment Program (LRP)
- Soldier must have Loan Repayment Program guaranteed in writing in the enlistment contract.
- Soldier must enlist for a minimum of six years.
- Soldier must have a high school diploma and a score of 50 or higher on the Armed Forces Qualification Test (AFQT)
The minimum annual payment is $500 and the maximum annual payment is $7,500. NSLDS Full Report – A report that shows all student loans that qualify for SLRP payment. Both the Summary and Individual Loan pages are required each year.
Currently, the Army and Navy will repay up to $65,000 of your student loans, the Coast Guard will repay up to $30,000 with yearly limits and the National Guard will repay up to $50,000. Remember that these are maximum amounts and may be limited only to very specific military specialties.
Under CLRP, the military will repay a portion of eligible college loans for non-prior service military members. This program is for enlisted personnel only; officers are not eligible, and not every military occupational specialty (MOS) is eligible for CLRP. Congress has limited the maximum amount of payment to $65,000.
Army: Active-duty Army members are eligible for up to $65,000 in student loan repayment assistance. You must agree to enlist for at least three years. After your first year of service, the Army will pay 33.33% of your outstanding principal student loan balance or $1,500, whichever is greater.