Join the Army and Pay Off Your Student Loans

Published April 17, 2014

army career

The army can lead you to a prosperous career in your field and student loans may be written off if you choose this career path. You must have your student loan prior to entering the army to benefit from this scheme. This is a fantastic incentive for new graduates and there is a lot of potential to rise up the career ladder, for instance the majority of officers hold a degree.

Military student loan forgiveness and discharge program are a great way for new graduates to wipe out their student loans. The Public service loan forgiveness program allows members of the military or those who serve in public service who have been employed for the last ten years, to have their loans fully discharged.

Occupations that qualify for this benefit include; Emergency management, Military service, public safety, Law enforcement, public interest law services, early childhood education, Public services for individuals with disabilities and the elderly, Public health, Public education, Public library services and school based services.

The type of student loans available for the forgiveness program include the income based repayment plan, the income contingent repayment plan, the standard repayment plan. These are all loans which are eligible for consolidation. Further details can be found at the below link: http://www.military.com/money/personal-finance/credit-debt-management/military-student-loan-forgiveness-and-discharge-programs.html

The military college loan repayment program is an enlistment incentive. Different arms of the military have a maximum amount that they will pay under this scheme and it is not usually available for officers. Under this particular scheme candidates need to serve for a minimum of three to for years, although some branches of the military the requirement is to be enlisted for six years.

Almost all career types are covered ranging from accountants to CPA’s or law enforcement.

The Army and Navy will repay the full amount of loan for brand new candidates, whilst reserve enlistments may receive up to $20,000. The Air force will pay a maximum of $10,000. The marine corps, coast guard and air force reservists do not qualify for this award. Loans must not be in a default status and loan repayment only applies to any outstanding loan to be paid. Payments are made directly to the lender

http://usmilitary.about.com/cs/joiningup/a/clrp.htm

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