Military Student Loans
About Military Student Loans
Military student loans are a form of financial aid that students receive directly from the military academy they attend. Institutions like The Citadel and other military academies offer loans to their students to help pay for the costs to attend. Certain military academies, such as Annapolis, West Point, and the Air Force Academy, do not charge students tuition, and all other associated costs are paid for entirely by the federal government. This is not the case at all military schools, however.
Finding and Applying for Military Student Loans
There are various other military organizations that offer military student loans to special interest groups within the military; for example, the Military Officers Organization of America offers loans to officers seeking higher education. To apply for and receive military student loans in a more traditional manner, a prospective student and/or veteran simply has to file the FAFSA. Students will then receive a financial aid package from the school, and a component of the package could include federal or military student loans. Veterans also are offered several educational benefits they can receive depending on their military service, including the Post 9/11 GI Bill, the Montgomery GI Bill, various tuition assistance programs through the branch you served, and several others through the Department of Veterans Affairs.
Loans received through military institutions have similar characteristics as federal student loans, including low, fixed interest rates and flexible repayment plans. As always, students are encouraged to explore all other types of financial aid, such as veteran's benefits, scholarships, and grants before pursuing military student loans or any other type of student loan.
Benefits of Military Student Loans
Students that are enrolled in school and wish to join the military have two benefits that can greatly help them. The first benefit is that student loans can be deferred while the person is on active duty, while the second benefit is that the Army, Navy, and Air Force offer a military student loan repayment program. The eligibility requirements and maximum amounts one can receive is different for each branch. You would need to talk to your recruiter to get exact details.
Frequently Asked Questions
Q:Can you tell me about the major advantages of military and student loans?
A:Military students and regular students all have access to federal loans, including low interst rate loans such as the Stafford loan, Perkins loan, Graduate PLUS loan, etc. The major advantage of military and student loans is that they come with rates lower than the market rate of interest, and they offer flexible repayment plans, deferral options, and even forgiveness plans.
Q:Are there any military student loan forgiveness programs?
A:Yes, there many military student loan forgiveness programs that are geared toward waiving off student loans taken on by veterans and students who served in the army. Veterans do not have to worry about loan repayment as they are automatically eligible for loan forgiveness programs.