12 ways military and veterans can reduce student loan debt



Student loan debt can become a financial burden to the point where you feel there is no way out other than defaulting on your loans. And if you want to work in national security, debt default is never the answer… Not only that, allowing any of your debt to default can have long-term consequences for your life, especially when there are better ways to manage that debt without default. There are different ways to pay off your student loan debt depending on whether you are in the military or a veteran.

While serving in the army

If you are currently have student loan debt, then joining the military can help you pay off this debt in several ways:

1. Army or National Guard

Recruits who have not completed military service are eligible for Student Loan Repayment Program… IN National Guard also has its own Student Loan Repayment Program.

2. Recruitment into the army reserve

Enrollment in the Army Reserve may qualify you for Military College Loan Repayment Program depends on the choice of one of the many essential military occupational specialties (MOS).

3. Medical officer of the army or navy

If you join the army or navy as a medical professional, you may qualify for Repayment program for medical workers 4.

4. Corporation of the Attorney General of the Air Force

If you join U.S. Air Force Attorney General’s Corps, up to $ 65,000 in student loans can be repaid over the course of your enrollment.

5. Navy

Joining to naval could result in a $ 65,000 reduction in credit.

6. Perkins Loan and Special Service

By having a Perkins loan and having served in a hostile fire or imminent danger zone for over a year, you can receive up to 50% loan forgiveness, provided your active service ends before Aug 14, 2008; ends August 14, 2008 or later and up to 100% of the loan amount can be forgiven.

After leaving the army

Depending on your income after leaving military service, you can qualify for one of four options income-driven repayment plan: REPAY, PAYE, IBR and ICR. Plus, there are other options you can take to get forgiven or pay off your loan faster.


Under the Revised Pay As You Go repayment plan, the amount paid is typically 10% of your discretionary income. If all of your loans were taken for an undergraduate degree, the loan will be repaid in 20 years; for loans taken while studying for a master’s degree or professional level, the term is increased to 25 years.


Under a Pay as You Go payment plan, the payment is usually 10% of your discretionary income. But it will never exceed the standard amount of a standard 10-year repayment plan. The payback period is 20 years.

3. IBR

Under an income-based repayment plan, the amount you pay depends on the date you received the loan and whether you were a new borrower at that time or not. For new borrowers taking out a loan on or after July 1, 2014, the payment amount is usually 10% of discretionary income, but does not exceed the amount of the 10-year standard repayment plan. The loan is considered disbursed after 20 years as a new borrower with a loan disbursement date of July 1, 2014 or later, and 25 years later for subsequent loans disbursed on or after that date.

4. ICR

For a contingent income repayment plan, the payback period is 25 years with a fixed payment amount equal to 20% of your discretionary income or what you would pay under a fixed payment repayment plan over a 12-year adjusted plan based on your income.

Note: Under the Standard Repayment Plan, you have a fixed payment of at least $ 50 per month for up to 10 years for all loan types except direct loans and FFEL consolidation loans. The payback period for these types of loans depends on the loan amount.

At the bottom of the scale, for amounts up to $ 7,500, the payback period is 10 years; with amounts of $ 60,000, the payback period increases to 30 years. Interim loan amounts range from payback periods of 12 to 25 years depending on the loan amount.

5. Government Service Loan Forgiveness Program

If you work in working in the public interest in a nonprofit, government, or civilian position for military personnel at least 30 hours per week, the loan can be forgiven after 120 monthly payments.

6. Forgiving teacher loans

One creative option, if you have the right degree and the heart to make a difference, is to teach full-time for five years at a low-income school. This choice can get up to $ 17,500 in student loans, can be forgiven, but it may not set you on the right path to work in national security. Please note that benefits both in the public service and Teacher loan forgiveness programs cannot be used at the same time.

There are many different programs available for both current members and veterans that can help reduce outstanding student loan debt. Find a suitable program.


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