Military student loan

If you are working for the armed forces and wish to return back to college then there are a number of options open for you. As a token of thanks a number of lenders that provide military student loan that helps such candidates who wish to continue their education. These student loans are also made available directly by the school that you wish to attend.


Applying for military student loan

Before applying for the military student loan you should research the Montgomery G.I. Bill. This provides you with a definite amount very month that is withdrawn from your salary for the coming 12 months. If you are a full-time student then the MGIB will pay for you for 36 months.


Another military student loan is the Army College Fund.Before you can get benefit from this fund you should be enrolled with the MGIB program. When you enroll the recruiter would inform you with the right funds. This program is available for new recruits who are in their enlistment process. Officer level military personnel are not eligible for these ACF funds.


Eligibility for these student loans

To be eligible for the military student loan you are required to have a high school diploma.Apart from this you should have a minimum score for the Armed Forces Qualification Test. Apart from this for you can also apply directly through the Veterans Administration to get benefit from the Active Duty Montgomery G.I. Bill.


Paying back the military student loan

With the help of the repayment option for military students you can pay off the military student loan easily.In case you have taken a federal student loan before enrolling in the armed services then you are required to be enlisted for three years in military on active duty or in the army reserve for six years. Moreover your student loan should be paid on time and you should not have defaulted on it. For soldiers who are in active duty you can get up to $65,000 to repay the military student loan. If you are in the army reserve soldiers then you can get up to $20,000 to repay the student loans.

Some of the loans that qualify for this type of payment include :

  • Auxiliary Loan Assistance for Students (ALAS)

  • Stafford Student Loan, formerly know as the Guaranteed Student Loan (GSL)

  • Parents Loans for Undergraduate Students (PLUS).Must be incurred for the use of the individual contracting for the program (not others such as relatives)

  • Consolidated Loan Program. Only covers Soldier's education expenses

  • Federally Insured Student Loans (FISL)

  • Perkins Loan, formerly known as the National Direct Student Loan (NDSL)

  • Supplemental Loans for Students (SLS)
  • There are a number of loans and grant options for military student loan.Hence you should first list out the options and then apply for the loan that you think is the best for you.


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