Lana Oconnell
The rising cost of college education has left many students and graduates overwhelmed by debt. The US military offers several programs to help service members pay off their student loans. While the Marines do not offer loan repayment of any kind, other branches of the military, such as the Army, Navy, Air Force, and Coast Guard, offer loan repayment incentives for new enlistees. These programs may include the Student Loan Repayment Program (SLRP) and the Public Service Loan Forgiveness (PSLF) program. Additionally, the Veterans Total and Permanent Disability Discharge can clear all student loan debt if an individual suffers a disability during their active-duty service.
| Characteristics | Values |
|---|---|
| Marine Corps repayment of loans | No |
| Other military repayment programs | Yes |
| Student Loan Repayment Program (SLRP) | Active duty members who agree to serve in specific roles or occupations |
| Public Service Loan Forgiveness (PSLF) | Service members in qualifying public service positions |
| Veterans Total and Permanent Disability Discharge | For those with a service-related disability |
| SCRA | Reduced interest rate of 6% for loans taken out before active service |
| College Loan Repayment Program | Maximum loan assistance of $30,000 |
| Air Force Judge Advocate General's Corps Loan Repayment Program | Worth $65,000 |
| Army and Navy repayment | Up to $65,000 |
| Coast Guard repayment | Up to $30,000 |
| National Guard repayment | Up to $50,000 |
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What You'll Learn
Marines don't repay loans, but other military branches do
The Marine Corps does not offer loan repayment of any kind. However, if you make consistent payments from your pay for 10 years within the Marine Corps, the remainder of your loan can be forgiven. While the Marine Corps does not offer loan repayment, other military branches do.
The US military offers several programs to help service members pay off their student loans. These include the Student Loan Repayment Program (SLRP) and the Public Service Loan Forgiveness (PSLF) program. The SLRP is for active-duty members who agree to serve in specific roles or occupations. The Public Service Loan Forgiveness program is for service members who work in qualifying public service positions. The Army, Navy, Coast Guard, and National Guard also offer their own loan repayment programs or incentives, with varying maximum repayment amounts.
Additionally, the Veterans Total and Permanent Disability Discharge can clear all of your student loan debt if you suffered a disability during your active-duty service. The Servicemembers Civil Relief Act (SCRA) also makes it easier for active-duty members to manage their outstanding debt by reducing the interest rate to 6% for loans taken out before active service.
It is important to note that most of these programs apply to federal student loans, and private student loans typically do not qualify. Requirements must be met to qualify for student loan forgiveness or repayment, and not all military members are eligible for these programs.
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Student Loan Repayment Program (SLRP)
The Student Loan Repayment Program (SLRP) is a program offered by the military to help active-duty members pay off their student loans. The program is available to those who agree to serve in specific roles or occupations and is also offered by some individual branches of the military.
To be eligible for SLRP, individuals must sign up for an original (first) active-duty enlistment of at least three years with a qualifying specialty or contract as an officer candidate. If enlisting in the National Guard, a minimum of six years of service is required. Additionally, individuals must have a qualifying ASVAB score and a student loan that is not in default. The loan must have been taken out prior to entering active duty, and only certain loans qualify for the program.
The Army, Navy, Coast Guard, and National Guard are currently offering student loan repayment through SLRP, with varying maximum repayment amounts. The Army and Navy will repay up to $65,000, the Coast Guard will repay up to $30,000, and the National Guard offers a general repayment amount of up to $50,000. It is important to note that these amounts may be limited to specific military specialties.
It is worth mentioning that SLRP is different from the Public Service Loan Forgiveness (PSLF) program, which is available to service members working in qualifying public service positions. Additionally, individuals cannot receive benefits from both the SLRP and the GI Bill simultaneously. If one signs up for SLRP with a three-year contract, they must reenlist for at least three more years to become eligible for the GI Bill.
Outside of the military, there are also state-specific SLRP programs, such as the California State Loan Repayment Program, which aims to increase the number of healthcare providers in federally designated Health Professional Shortage Areas. This program provides financial support to clinicians practicing in these areas to help them repay their student loans.
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Public Service Loan Forgiveness (PSLF)
The Marine Corps does not offer loan repayment of any kind. However, the military offers several programs to help service members pay off their student loans, including the Public Service Loan Forgiveness (PSLF) program. PSLF is a forgiveness program for US federal student loans for service members who work in qualifying public service positions.
Under PSLF, loans may be forgiven after 10 years of consistent payments. However, it is important to note that graduate school loans typically do not qualify for PSLF. If you have graduate school loans, you can make them eligible by consolidating them with your undergraduate loans. Additionally, if you are married and filing taxes jointly, your income may be too high to qualify for PSLF.
The process of applying for PSLF can be challenging, with many people reporting difficulties in meeting the qualifying payments and receiving inconsistent information from PSLF representatives. Furthermore, the current political administration may impact the future of the PSLF program.
It is worth noting that there are other options available for repaying student loans in the military, such as the Student Loan Repayment Program (SLRP) for active-duty members who agree to serve in specific roles or occupations. Some branches of the military, such as the Army, Navy, Coast Guard, and National Guard, offer their own loan repayment programs or incentives with varying benefits and eligibility requirements.
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Veterans Total and Permanent Disability Discharge
The Marine Corps does not offer loan repayment of any kind. However, if you make consistent payments from your pay for 10 years within the Marine Corps, the remainder of your loan can be forgiven.
If you are specifically looking for loan repayment or forgiveness, other military services such as the Army, Air Force, and Navy offer student loan repayment incentives for new enlistees. For instance, the Army and Navy will repay up to $65,000 of student loans, while the Coast Guard will repay up to $30,000 with yearly limits. The National Guard has a general repayment amount of up to $50,000.
Additionally, the military offers several programs to help service members pay off their student loans. Two of the most well-known options include the Student Loan Repayment Program (SLRP) and the Public Service Loan Forgiveness (PSLF) program.
The Student Loan Repayment Program (SLRP) is for active-duty members who agree to serve in specific roles or occupations. To qualify, you must sign up for an initial active-duty enlistment of at least three years with a qualifying specialty or contract as an officer candidate. The loan must be made prior to entry on active duty, and only certain loans qualify. If you signed up for a three-year contract to qualify for SLRP, you will have to reenlist for at least three more years to be eligible for the GI Bill.
The Public Service Loan Forgiveness (PSLF) program is for service members who work in qualifying public service positions.
It is important to carefully consider your options and understand the specific requirements and limitations of each program before making any decisions.
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College Loan Repayment Program
The Marine Corps does not offer loan repayment of any kind. However, if you make consistent payments from your pay for 10 years within the Marine Corps, the remainder of your loan can be forgiven.
The military offers several programs to help service members pay off their student loans. The two most well-known options are the Student Loan Repayment Program (SLRP) and the Public Service Loan Forgiveness (PSLF) program.
The Student Loan Repayment Program (SLRP) is for active-duty members who agree to serve in specific roles or occupations. To be eligible, you must sign up for an original active-duty enlistment of at least three years with a qualifying specialty or contract as an officer candidate. The loan must have been made before entry on active duty, and only certain loans qualify. After each completed year of active duty, your service branch will make a payment of 1/3 or $1,500 (whichever is greater) on the total remaining original unpaid principal balance. They make the payment directly to the loan servicer. Payments are subject to taxes in the year they are paid.
The Public Service Loan Forgiveness (PSLF) program is for service members who work in qualifying public service positions.
Additionally, some branches of the military offer their own loan repayment programs or incentives to help recruit and retain personnel. These programs may vary depending on the needs of the branch and the specific job roles. For example, the Army and Navy will repay up to $65,000 of your student loans, and the Coast Guard will repay up to $30,000 with yearly limits. The National Guard's general repayment amount is up to $50,000, but benefits can fluctuate based on funding issues.
Federal Student Aid assists students in meeting the cost of tuition, books, fees, and living expenses while going to school. Completing the FAFSA is the first step in accessing the more than $150 billion available in federal student aid.
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Frequently asked questions
No, the Marine Corps does not offer loan repayment of any kind. However, the Army, Air Force, Navy, and National Guard offer student loan repayment incentives for new enlistees.
The military offers several programs to help service members pay off their student loans. The Student Loan Repayment Program (SLRP) is for active-duty members who agree to serve in specific roles or occupations. The Public Service Loan Forgiveness (PSLF) program is for service members who work in qualifying public service positions.
The Army and Navy will repay up to $65,000 of your student loans.
The Veterans Total and Permanent Disability Discharge can clear all of your student loan debt if you suffered a disability during your active-duty service. To qualify, the Department of Veterans Affairs must document a service-related medical issue and officially deem you permanently disabled.
Yes, the Air Force Judge Advocate General's Corps Loan Repayment Program offers $65,000 in assistance, and individuals can receive monetary help for up to three years.
