Ways to Deal With Military Student Debts

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For most of our military service members, being in the military is one of the most fulfilling parts of their lives. Being able to serve the nation, and safeguarding its security and liberty is an honor to each and every military.

Enlisting oneself in the military can be very rewarding. However, being in one may disconnect you from real life situations that civilians face. The real problem then arises when these individuals are discharged from the military and return to their civilian lives.

One of these realities is student debts. Before being part of the military, many of these individuals went to college and had to take college degrees.  Their college education may be funded through student loans. They are not exempt from paying off their loans.

This can be a big struggle that both veterans and active duty members have to deal with. Fortunately, those who are eligible may take advantage of military student loan repayment reliefs or refinancing programs. This can be the answer to the student debts that burden them.

Repayment Relief Program for Active Duty Military Members

Active duty members who qualify will get a repayment assistance from the Army. You may be granted 33.33 percent of the remaining principal balance or $1,500, whichever of the two is greater. This will be disbursed to you each year for three years in total.

This repayment assistance requires that the active duty military has enlisted for at least three years in a critical military occupational specialty (MOS). You must also have a score of 50 or higher on the Armed Forces Qualification Test.

You can use this funds to pay for Grad Plus Loans, Consolidation Loans, Perkins Loans, Stafford Loans, Supplemental Loans for Students and federal student loans. However, this cannot be used towards private loans.

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Military Student Debts Repayment Program for Medical Professionals

Medical professionals have a vital role in the Armed Forces. Without this team of dedicated and passionate individuals, the Army would be handicapped.

But they didn’t just become the doctors and dentists and nurses that they are without earning a degree. Most of them also had to take student loans to pay for their education. As an aid from the Army, qualified healthcare professionals who are on active duty or in the Army Reserve may take advantage of the Health Professions Loan Repayment Program.

Those borrowers who qualify will get a maximum of $40,000 annually for up to three years. The accumulated amount of $120,000 in military loan forgiveness can significantly reduce the military student debts they incurred in their medical or dental schooling.

These are just two of the many programs that a military personnel can explore if he/she is seeking for military student debt repayment options. To know more about these programs or to look for other options, it is best to contact an army recruiter.

 

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