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Student Loan Forgiveness: Joining the Military

US Army paratroopers in trainingDealing with student loan debt can seem unbearable and overwhelming. As I mentioned in 15 Ways To Deal with Student Loan Debt, the average student owes a whopping $40, 000 after graduation — but almost one in five students owes $50, 000 or more, and 5.6 percent owe over $100, 000.

Maybe you worked hard to save money in college, diligently keeping your student loan debt in mind. Maybe you made some huge financial mistakes during college and ended up taking out much more than you imagined. Whatever road you took to amass this student loan debt, now is the time to start planning your exit route.

One idea often thrown around when talking about student loan debt is the option of Student Loan Forgiveness. Student Loan Forgiveness is simply what it sounds like – a portion of your student loan debt gets forgiven, and you no longer owe that set amount of money. Pretty sweet, right?

Many people don’t explore this “too good to be true” option since they don’t know about it, they don’t understand it, or they don’t think they’d qualify for such an amazing benefit. That is exactly why I decided to do this Student Loan Forgiveness series, exploring different ways you can eliminate some or all of your student loan debt. Next up: joining the military.

Student Loan Forgiveness Programs for U.S. Military Personnel

Putting yourself at risk to serve your country isn’t an easy bargain, so joining the military comes with many benefits to make it more appealing — one of which is help with the high cost of education.

Most of us are familiar with the basic benefits of the GI Bill — how you can get a good chunk of your college education paid for in exchange for military service. But the armed forces offer many other opportunities for currently enrolled students or those thinking about college as well.

The student loan assistance programs below, though, are specifically for student loan repayment — which means you have already accrued debt from college and are seeking assistance with paying it off.

Pros and Cons of Joining the Military for Student Loan Forgiveness

Joining the military is a huge, life-changing decision. Serving in the armed forces offers many incredible opportunities, but it is also one of the hardest, and riskiest, options you can choose. Before you jump in, you need to consider the pros and cons of joining the military for student loan reimbursement benefits:

Pros

  • Depending on your eligibility and your program, you may be able to earn money toward your student loan debt, which can, of course, benefit your financial future immensely.
  • Depending on the branch of military you join and your exact role, you may also earn a salary and health benefits. This is also true for choosing a job that offers student loan forgiveness.
  • Most military personnel also receive free or discounted housing.
  • The military offers the chance to build your resume and learn useful, marketable, and often high-tech skills while you serve. The experience can help you build a very rewarding career, whether you decide to stay in the military or leave after your commitment.
  • You may also get the chance to travel, and you could be eligible for future tuition assistance in addition to help with the student loans you already have.

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FAQ

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I want to know about education loan? can any one plz help i am joining - helpfulbox

I want to know about education loan? can any one plz help i am joining my bachelors now that is B.B.A + M.B.A in I.I.P.M Bangalore so if any one can plz let me know whic is the best bank for education loan , which bank provides at a least interest comparitively????? and i want a scheme like in which i have to clear the loan after i start earning not my parents!!!!! but hav to pay the interest only per year

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i completed inter 2nd year now i want to do ca can i get any education loan? | Yahoo Answers

Yes you can
Now a days many banks are interested in doing so but be sure you have to study hard
Inquire with nearby bank and consult your teachers.
They can guide you in perfect manner
Thanks

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