Army Student Loan Repayment Program
Serving in the U.S. Army has its privileges and incentives. The Army provides many education benefits, the Army Student Loan Repayment Program (CLRP) being one of them. The Army will repay a portion of a student’s eligible school loans each year the student is on active duty and the the main aim is to recruit new Army members and to motivate them to serve by offering an opportunity to help pay off loans.
Under this program, neither state nor private loans are covered. The amount of repayment is not provided until the person completes a year of service. On completion of every year for active service, 33.33% of the total outstanding balance is given to the person directly. For the Army Reserves, 15% of the total outstanding amount can be paid off each year.
- For a three-year active duty, a student is eligible to receive up to $65,000 to pay off their eligible student loans. This is the maximum amount specified by the federal law.
- For Army Reserve enlistment and the Army National Guard, the student is eligible to receive up to $20,000 to pay off qualifying student loans.
- Enlist with a high school diploma
- Should have no previous military experience
- For the Army-active duty, three years of enlistment is required
- For the Army Reserves – six years of enlistment is required
- The CLRP specifications must be on the enlistment contract.
- Should enlist for one of the military occupational specialties (MOS)
- The student loans taken should be on list of Department of Education National Student Loan Data System
- The loan should be one that was taken before entering active duty
- Should not be enrolled for Montgomery GI Bill
Finding the Right Loans
In order to find out more information about the Army student loan repayment program, make sure that you research thoroughly and check with your school’s financial aid office. To make searching for an eligible loan easier, you can use our comparison tool, which will provide you with information regarding army loan repayment options. Compare and verify loan options and the various loan repayment options. Take note: find out about amount specifications, eligibility details and process of payments before applying for any loans.
- Repayment Home
- Defaulting on Loans
- Financial Advice
- Five Ways to Pay Your Student Loan
- How Does the Income-Based Repayment Plan Change Student Loan Payments?
- How much will a $10,000 student loan cost you over 10 years?
- Income Based
- National Guard Student Repayment Program
- Qualifying Payments for the Income-Based Repayment Plan
- Repayment Basics
- Responsibly Pay Off Debt
- Standard Plan