Attending college is expensive and crucial to many career paths. Unfortunately, once you graduate, you will find yourself in debt with student loans that helped you to achieve your goal of a degree. The United States Army is prepared to help you ease that burden with their College Loan Repayment Program.
How Much Is Covered?
If you enlist for three years in a qualifying Army job and your student loans are not in default, you can receive up to $65,000 to repay your student loans. If you enlist for six years in the Army Reserve, you can receive up to $20,000. Imagine how far that money will go toward eliminating your student loan debt. As an active duty member of the Army, you will also receive many other benefits that will help you build your professional skills and your savings account. Regular military benefits include free housing, full medical, dental and vision benefits, free and discounted world travel, free professional training, access to military shopping and physical fitness facilities and the satisfaction of a job well done.
Which Student Loans Are Covered?
The following federally funded student loan sources qualify for repayment under the College Loan Repayment Program:
• Auxiliary Loan Assistance for Students (ALAS)
• Stafford Student Loan, formerly know as the Guaranteed Student Loan (GSL)
• Parents Loans for Undergraduate Students (PLUS). Must be incurred for the use of the individual contracting for the program (not others such as relatives)
• Consolidated Loan Program. Only covers Soldier’s education expenses
• Federally Insured Student Loans (FISL)
• Perkins Loan, formerly known as the National Direct Student Loan (NDSL)
• Supplemental Loans for Students (SLS)
Clearly, the U.S. Army is a great place to start your career, debt free, with plenty of benefits and professional opportunities, as you travel the world and protect freedom for everyone.