What happens to my student loans if I join the military?

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.

Are student loans forgiven if you join the military?

Will the military pay off student loans? Yes, but not for spouses. … The best-known is the military college loan repayment program (CLRP). That student loan repayment program is used as an enlistment incentive for those joining the military and is not available for commissioning officers.

Will military pay off private student loans?

Active-duty servicemembers may get some or all of their federal student loans forgiven after three to six years of service. Some private student loans also may be forgiven. The student loan repayment program is generally for new enlistees, although some already enrolled members may qualify.

How much student loan debt will the military pay?

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.

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Will military pay off Sallie Mae loans?

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.

Will Marines pay off student loans?

REPAYMENT OF QUALIFYING EDUCATION LOANS. CURRENTLY, THE MARINE CORPS PAYS UP TO $30,000 OF QUALIFYING EDUCATION LOANS FOR FY09 CLRP PARTICIPANTS. LOANS OBTAINED AFTER THE COMMISSIONING DATE ARE NOT ELIGIBLE FOR REPAYMENT.

Can I use my GI Bill to pay off student loans?

Can the GI Bill be used to pay off student loans? You cannot request education benefits specifically to repay a student loan.

Will the VA pay off my student loans?

Under the VA Student Loan Repayment Program, you may be eligible to receive up to $10,000 per year, with a lifetime maximum of $60,000, to help you repay your student loans. Employees may qualify for monetary awards to help them medical training or to pay back their student loans.

Can you join the military in debt?

The short answer is that you usually can’t join the military with debt if you can’t meet your financial obligations to pay back your debt. If you have any of these debt problems, then you will most likely have problems joining the military.

Will Navy pay off student loans?

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.

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Does military check your credit?

Credit scores and military clearance

Some branches of the military will run a credit check on anyone who wants to enlist, as part of a standard background check, while some will only run credit checks on those individuals who require a security clearance in their positions or ranks.