DO YOU KNOW ABOUT THE MILITARY LOAN FORGIVENESS PROGRAM?
There are varieties of programs listed under the Federal Student Loan Forgiveness Programs. These programs are implemented by the government in order to assist the borrowers of the federal student loan with repaying the loan easily and to decrease the burden of repaying by granting forgiveness to them. These options are available in all the Student Loan Forgiveness programs, but the details vary with each program. This includes the repaying amount, the time period to repay, the forgiveness time limit, etc. Most of these differences are related to the course applied and as per the job of the borrower. The workstream of the borrower will alter the student loan forgiveness benefits to a great extent.
For example, in this case, if a student or a borrower is availing a federal student loan for education related to the military or of the employment is related to the military then the specific benefits and rules of the Military Loan Forgiveness Program will apply here. Among the different federal student loan forgiveness programs available the military loan forgiveness programs are one the most benefited program for students with excessive debts.
- The Air Force College Loan Repayment Program: Under this program, the airmen tend to get CLRP benefits also. They, however, get short-changed in comparison to the sailors and soldiers. They get to have $10000 in accordance with lifetime total loan forgiveness when comparing to the similar service requirements.
- The Navy College Loan Repayment Program: In this program, the sailors will get the benefits similar to the soldiers. They tend to be eligible for up to $65000 in regards to the lifetime student loan forgiveness benefits. They get qualified for the benefits after finishing the first year in service.
- The Army College Loan Repayment Program: This program is considered to be one of the best military programs available. They get benefits up for $65000 considering forgiveness benefits. This money gets distributed on an annual basis. It starts getting delivered after the first year of service is completed.
- The National Guard College Loan Repayment Program: The Enlisted Guardsmen and officers are applicable to this program. This is actually the National Guard’s version of CLRP. They get to have benefits of $50000 in connection with forgiveness benefits. This program, however, includes complications in terms of eligibility.
- The Coast Guard College Loan Repayment Program: The coast guards also stand eligible for the benefits of the student forgiveness program. They get to qualify up to a limit of $30000 in accordance with the loan forgiveness program. These benefits are given as $10000 per year once the service is completed.
- The Army Reserves College Loan Repayment Program: The Army Reservists get benefits under the federal student loan forgiveness program. This is similar to the Army personnel benefits. Here is the difference where the army personnel gets 33.3% forgiven for 1-year service, but in this case, only half of that is given. The benefits stand to be applicable after the first year of service.