College Payment: Military

With the rising price of tuition and the ever-increasing pressure to go to college, it is a wonder how the “twenty-somethings” are not in deeper debt than they are. Paying for college is an incredible burden, especially for those students footing the entire bill. Sure, there are many payment plans and options such as scholarships, loans, and FAFSA, but what about the military? What kind of aid do they offer those who have joined and trained, or served and are now home? It is true that if you are enlisted in the military they will help pay for your education. There are some students who enlist just so they will have a way to pay for school. Not exactly a bad idea.

 

Payment Programs

The program is an incentive to enlist. The College Loan Repayment Program, also known as CLRP does not require prior military experience and will pay for a portion of your previous college loans. This is only meant for those who have never enlisted so officers are not eligible. The Marines are offering a test program through 2011 where they will pay up to $30,000 in loans in exchange for extending your service commitment for 6 months. The maximum amount allowed by law is $65,000 to one person.

The Army will pay up to $20,000 for Reserve enlistments and this payment option is also available for the National Guard. The Air Force will repay up to $10,000 for non-prior service, active duty enlistments. If you would like to consider this option, it is imperative that the loans be entered before you join the military.

 

Do You Qualify?

There are certain restrictions and only certain loans actually qualify for the program. Some loans that qualify are: Auxiliary Loan Assistance for Students, Consolidated Loan Program, Perkins Loan, and Supplemental loans, to name a few.

In order to make sure your loans are covered and this is something you are seriously considering, make sure you call ahead of time or get approved before assuming your loans will be covered. If they are and you decide to enlist that is a big decision to make and one to be proud of. If you learn your loans will not be covered and decide to go a different route, try the old fashion way of working and paying off your loans in a timely fashion. Whichever road you take good luck and enjoy the road which you travel.

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