Military Loan Education Repayment

Print Friendly, PDF & Email
The United States Military has a program that is designed to help with educational loans that you might have taken out to pay for university or college studies. Each of the United States Armed Forces Services is able to offer the new loan repayment program, but they are not required to. This is a program for repayment of part or all of educational loans that have been taken out prior to a Servicemembers enlistment in the military. It is for repayment of loans for those people that have not served in the military before. It is for enlisted people and it is not open to commissioned officers. The Congress has imposed limits on the level of loan repayment that can be participated in. The different loan repayment amount is limited by law to $65,000 dollars. The two individual services that pay the maximum at this time are the Army and the Navy for those persons that have not previous served on active duty. The Army will help out with up to $20,000 dollars for repayment of loans for those that enter the National Guard or Army. The maximum that the Navy will reimburse is $10,000 dollars for Servicemembers that join the Navy active duty or Navy reserves. As for the Air Force, they also will repay funds for school loans for up to $10,000 dollars for new members that join the Active Duty Air Force Ranks. No program currently exist for the Marine Corps, the Air Force Reserve, or the United States Coast Guard. There is currently a program for the Air National Guard Reserves that does offer repayment in the CLRP program for up to $20,000 dollars, but this is only for AFSC billet shortage jobs. There are some different qualifying factors involved, but it is a highly lucrative program for those that qualify. In many cases you have to enlist for a minimum of four years active duty service or a minimum of six years in the reserves. You must have a high school diploma, and a qualifying ASVAB score of 50 or higher. If you are participating in a loan repayment program as an active duty participant, then you may have to give up eligibility for the Montgomery GI bill. Find the Military Career right for YOU ! Click here for more Information. If you participate in this program there are other requirements, but mostly you have to be a United States citizen, and eligible to participate otherwise in the Montgomery GI Bill Program.




Leave a Reply

Previous Post <<
Next Post >>