Military School Loans
Special Loans and Repayment Programs for Military Students
You’ll face few challenges financing your military college education and incentives are everywhere. Student loans may originate with the federal government, colleges and private sources. In a few cases you may not even need a student loan to pay for your education.
The military college terrain has changed in recent years. Most military colleges-- once exclusively male institutions-- now support a coed environment that is split between a military-style program and a “civilian.” This means that in a lot of locales you have a choice: participate in the college programs without wearing the uniform or subscribe to the military student “code of conduct.”
Save Your Money: Get Paid to Go to Military School
Imagine a university that doesn’t cost you a penny.
A couple of the largest and most respected military academies are funded exclusively by the U.S. military. Forget about federal or private student loans at West Point or the U.S. Naval Academy, your education will be paid for, plus you’ll be paid a stipend to attend. Sound appealing? Make no mistake these universities may not send you a bill, but you better be prepping for a lifelong career in the military. West Point and the U.S. Naval Academy are two of the most competitive institutions in the country, besides exclusive bastions where next generation military leaders are molded.
- The United States Military Academy, a.k.a. West Point, only spends its resources on training the next highly educated, disciplined generation of Army officers. It is the premier proving ground for the best students wishing to pursue an Army career. And while this sounds very one-sided, the academy boasts an acutely balanced degree program designed to engage cadets in a heterogeneous learning environment.
- The United States Naval Academy trains midshipmen to serve as the next generation of Naval or Marine officers. Applicants are chosen from some of the most academically talented students in the nation.
Loans From Military Colleges
Military colleges generally participate in the federal Direct Student Loan program or the Federal Family Education Loan Program (FFELP). You may qualify for undergraduate student loans or graduate loans. Many also offer aggressive grant and scholarship programs based on both merit and need.
**Example:
- The Citadel, one of the most well known military colleges in the Southeast, provides student cadets with top-notch undergraduate and graduate programs of study. The same rules for federal loans apply. Students must apply each year for the Federal Family Education Loan Program and are considered for funding just like any other college student. Besides the typical federal loans the South Carolina Teachers Loan offers incentives for students who are pursuing a teaching position in a South Carolina public school after graduation.
If you are looking at military colleges apply for your federal loans first. Federal student loans are affordable and accessible. The federal Stafford Loans and Perkins Loans are no credit check loans. You may have the worst credit on the planet and it doesn’t matter, you can still qualify for student loans with bad credit.
**Apply for federal loans by completing the Free Application for Federal Student Aid (FAFSA). There is no other form that will get you government money.
Private Loans Help Fund a Military Education
When federal loans don’t cover all your military school costs then you can seek private loans. You’ll not find one labeled “military school loan.” Instead shop for private loans designed for students in full-time degree programs. Learn how to use private loans the right way.
Repaying Military School Loans
As a military school graduate, you have some repayment options available that are unique to your situation. Student loan forbearance and loan deferment programs make special concessions for military personnel.
If you are serving in the military on active duty, find out from your lender if you qualify to defer your student loans. When you defer loans your interest does not accrue.
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 in student loans if you qualify.
Branches of the military that participate in the CLRP include:
- Army (active duty and reserve) minimum 3 years and 6 years, respectively.
- Navy (active duty and reserve) minimum 4 years and 6 years, respectively.
- Air Force (active duty) minimum 4 years.
- Air National Guard (for high need jobs) minimum 6 years.
How the Military CLRP works:
You must not have served in the military prior to application for a CLRP. In order to be eligible for loan repayment each participating branch requires a minimum number of years for enlistment as outlined above. Depending on current requirements and shortages you may be required to enlist for a specific job role or prove a certain academic eligibility. Ask a recruiter for the latest details on the CLRP that pertains to you.
ROTC
You don’t necessarily have to attend a traditional military college to train for the military. The Reserve Officers Training Corps (ROTC) remains one of the most instrumental programs in training next gen officers. There are many ROTC programs available on traditional college and university campuses across the U.S. ROTC grads must be willing to commit to the military following graduation.
**Tip: The ROTC also dishes out hundreds of partial and full-tuition scholarships each year.
After Military School- To Serve or Not to Serve
Unless you attend a military academy that expects you to migrate into a service role, such as West Point, you are not necessarily obligated to join. While many grads do spend time in the military, many more simply utilize their military education to land them careers in areas related to their major. Military colleges generally offer a civilian program that delivers all the punch as that enjoyed by the military student corps.
