Military School Loans

Special Loans and Repayment Programs for Military Students

Members of the U.S. Armed Forces receive priority consideration from the Federal Government, as they engage in higher education and seek advanced degrees.  To reward them for their service, long-standing financial assistance programs provide college tuition abatement and grants, which increase access to undergraduate degrees, for military staffers.

The Montgomery G.I. Bill, for example, provides tuition credits for veterans and active duty soldiers who enroll in college programs.  The initiative is administered in two parts:  The Montgomery GI Bill – Active Duty, and The Montgomery GI Bill – Selected Reserve.  An additional distinction is made between the original program, and the Post 9/11 GI Bill.  Service members who utilize the program earn free college education, in exchange for service.military school loans

ROTC – Reserve Officer Training Corps programs are active on campuses across the country, providing financial assistance for participants.  Naval ROTC and Army ROTC benefits include competitive scholarships that go to stand-out candidates who make commitments to the military.

Individual campus programs include those from iconic military universities like Virginia Military Institute, West Point and The Citadel.  Once male-only, many college-level academic programs offered by military colleges have opened enrollment to female applicants.  For students committed to the military way of life, and on-track academically, scholarships and incentives from these perennial institutions of military education provide foundations for educational success.

Save Your Money: Get Paid to Go to Military School

The largest and most respected military academies in the country, funded in part by the U.S. military, offer extensive financial aid packages for worthy candidates. West Point and U.S. Naval Academy education is facilitated by campus-programs that cover tuition, and pay stipends for those who attend. Sound appealing? Make no mistake, these competitive scholarships don’t come easily, and while these universities may not send you a bill,  you had better be prepping for a lifelong career in the military. West Point and the U.S. Naval Academy are two of the most competitive academic institutions in the country, so standards are high for the next generations of military leaders, who are educated at these prestigious schools.

Loans From Military Colleges

Military colleges generally participate in the federal Direct Student Loan program, and other large-scale Federal financial aid initiatives.  On the road to military education, you may also qualify for undergraduate student grants or graduate school loans. For example:

Private Loans Help Fund a Military Education

Where government-backed funding does not quite get the job done, private lenders step-in with products suitable for student borrowers – including those in pursuit of military credentials.

Private loans carry higher interest-rates than their public-sector counterparts, and repayment options may not include flexible plans offered by the Federal Government.  And while Department of Education financing is secured without formal credit requirements, private loans from banks and credit unions call for student-borrowers to illustrate worthy credit.  For applicants who cannot go it alone, credit-strong cosigners can be added to secure loans, and provide assurances for lenders.

Special Military Loan Programs

The Military College Loan Repayment Program is designed to stimulate recruitment into various branches of the service. The program repays certain percentages of outstanding student loans for new recruits who will engage in active duty or reserve duty. The Army and Navy are willing to repay up to $65,000 worth of outstanding student debt, provided student loans were spent on qualified educational pursuits.

Branches of the military that participate in the CLRP include:

How the Military CLRP works:

In order to be eligible for loan repayment, each participating branch requires a minimum number of years of enlistment - outlined above. Qualified applicants are first-time enlistees. Depending on current requirements and work force shortages, participants may be required to enlist for specific job roles or prove certain academic eligibility requirements. Ask a recruiter for the latest details about the CLRP that pertains to you.