Loan Repayment Program??

WannaGonnaC130

WannaGonnaC130

Well-Known Member
I figured I would ask regular people and get regular answers and get past all of the recruiters bla.

I'm looking to attend an out of state college, but is aware of the "out of state tuition." I'm also aware of enlisting now and having school paid for, or most of it anyway, I'm just not completely sold on that idea right now. So to the main question: If I attend a university on my own expense, the join the AFR or ANG after school as an officer, are there ways of loan reimbursement or loan help?
I tried asking recruiters the same question but kept getting all sorts of answers.:insane: So I would appreciate any help possible. Thanks guys.
 
The way I understand it is that the ANG will re-pay $20,000 of you student loans but, not all at once; they just make payments.

There is a down side to the college loan repayment program. If you ever want to use the GI Bill for a type rating or a graduate degree, then the service period for which you are collecting CLRP payments will not count towards the GI Bill's eligibility requirements. It's one or the other.

You should consider going enlisted first to take advantage of the education benefits for reservists and guardsman. You may be eligible for the GI Bill and tuition reimbursement and some career fields have bonuses too. Reserve and Guard units like to hire from within so you would then have a leg up on the competition and have opportunities for networking within the unit. My advice to you is to go enlisted first and come out debt free.
 
A few years ago when I was commissioned, USAA was offering a 20K loan at 2% for new officers. That's pretty hard to beat and could fit your needs if it's still available.
 
akmountaineer said:
A few years ago when I was commissioned, USAA was offering a 20K loan at 2% for new officers. That's pretty hard to beat and could fit your needs if it's still available.
Click to expand...

USAA still offers the loan, but unfortunately the interest rate isn't quite as good anymore. You're looking at 4.99% for the new loan. It also has to be upplied for within 18 months of being commissioned. Pretty sweet deal though. A friend of mine filled out the application online and had $20k in his account the next morning.
 
The Fez said:
USAA still offers the loan, but unfortunately the interest rate isn't quite as good anymore. You're looking at 4.99% for the new loan. It also has to be upplied for within 18 months of being commissioned. Pretty sweet deal though. A friend of mine filled out the application online and had $20k in his account the next morning.
Click to expand...
I am a huge fan of USAA but I think these "starter loans" they offer are terrible. Welcome to your first real and decent paying job and poof! You are in 20k of debt just like that.

Usually they're geared towards new car loans, however, if they offer personal loans at 5% AND you just happen to have student loans or credit card debt at a higher rate, sure, consolidate them. Makes sense. But please, Soon-To-Be-Lieutenants out there, DO NOT saddle yourself with 20k of new debt just because the rate is good. Use some of that MDMP they taught you and enjoy a debt-free life.

To the OP: Yes, there are student loan repayment options out there for enlisting - and unfortunately, the recruiters are going to have the most up-to-date info on them. The key is not to sign your contract until you get those details in writing.
 
Have you thought of doing ROTC? That seems like a great option with the scenario you listed.

The CLRP isnt that great. The wording on it is UP TO 20,000. The way it works is they make a payment once a year for the six years you are in. And each payment is the lesser of 3500 or 15% of you outstanding loan balance. I only owe about 20K is college loans. It will not wipe out the loan. I have done the math yet, but it I will probably still owe about 5k after its all said and done.

What state are you in and what state do you plan on going to? why do you wnat to go out an out of state school? Is it just to get away, or is it for specific program at that school?
 
blee256 said:
Have you thought of doing ROTC? That seems like a great option with the scenario you listed.

The CLRP isnt that great. The wording on it is UP TO 20,000. The way it works is they make a payment once a year for the six years you are in. And each payment is the lesser of 3500 or 15% of you outstanding loan balance. I only owe about 20K is college loans. It will not wipe out the loan. I have done the math yet, but it I will probably still owe about 5k after its all said and done.

What state are you in and what state do you plan on going to? why do you wnat to go out an out of state school? Is it just to get away, or is it for specific program at that school?
Click to expand...

Thanks to everyone with their responses.

Blee,

I have thought about ROTC, and actually went and talked to a couple of schools and the ROTC guys. I'm just not sold on it.....completely. I'm currently in FL, and I'm looking to go to Liberty University in VA. They do have an aviation program, but I'm not going to major in it.....minor, maybe. I did some community college here in FL, I just want to get away and enjoy college. I was just wondering if there were any programs for post college students.
 
You must log in or register to reply here.
Back
Top