Does Military Pay Off Spouse Student Loans
does military spouse
The short answer is no there are not any programs dedicated to student loan forgiveness for military spouses. However there are a variety of options you can pursue to help with your outstanding student loans.
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Today approximately 200000 Active Duty members owe a collective 29 billion in student loan debt.
Does military pay off spouse student loans. The short answer is that in many situations they do made possible in part by the Department of Veteran Affairs. Unfortunately there is no military student loan forgiveness for the spouses of service members. As mentioned before applicants can get a maximum of 17500 forgiveness from this Military Spouse Student Loan Forgiveness program.
In more detail the benefit is either this amount or 5000. If you and your spouse co-sign on student loans together either before or after marriage youre both considered equally responsible for the resulting debt. But like most things there is a little bit more to it than simply paying off your student loan no questions asked.
You and your spouse may look into the loans available to active members and refinancing your student loans through this. Those who serve in the military can use SCRA Servicemembers Civil Relief Act to cap the interest rates on student loan payments to 6 however since the military spouse isnt on their spouses student loan it will not apply to them. So you may be wondering if there are any student loan forgiveness programs for military spouses.
There isnt a designated military spouse student loan forgiveness program or a military spouse school loan repayment plan. After your first year of service the Army will pay 3333 of your outstanding principal student loan balance or 1500 whichever is greater. If it is a private loan it will not be repaid nor if it is a loan for the spouse.
There are ways to lower student loan debt facing service members and military families. Get a Public Service Job and. Where student loans are concerned military people have more than one avenue to pay off or pay down their student loans thanks to being in the Army Navy Air Force Marine Corps or Coast Guard.
And that doesnt even take into account the student loan debt accrued by military spouses and children. No they will not they will only pay Federal student loans of the person who is enlistedcommissioned. How does student loan repayment work for service members.
Each year 15 of the loan balance or 500 whichever is greater will be repaid by SLRP. Notice that the military doesnt actually pay off those loans for you the military qualifies you for programs that can reduce your payments and forgive the remaining balance. And the transferability option of the Post-911 GI Bill allows service members to assign all or some of their unused benefits to a spouse or dependent children.
But there are a couple loopholes you should know about. Your best bet is to utilize the militarys spouse employment help to get a. It will also pay you one of these two amounts for each.
Those benefits dont cover past college debt however. That includes new loans used to pay for. IBR and PSLF can save you tens of thousands of dollars on your student loans.
The Army offers two military spouse tuition assistance programs with the Overseas Spouse Education Assistance Program OSEAP providing up to 50 of tuition costs capped at 500 per term or 2500 per academic year and the Stateside Spouse Education Assistance Program SSEAP offering similar benefits to those who live stateside. The good news is that there are programs that can help even if they are not directly for military spouses. More to the point do the armed forces pay off student loans regardless of the branches of the military you serve in including the National Guard.
Under the Student Loan Repayment Program when you enlist the Army will pay back up to 65000 in qualified education loans up to 20000 for Reservists the Navy up to 65000 and the Air Force up to 10000. But theres good news. Because no Virginia theres no special way out of your student loans just because youre a military spouse.
Recipients of National Direct Student Loans and Perkins Loans are eligible to receive partial cancellation of their loans debt forgiveness for serving in the Armed Forces if and only if their military service included at least one full year in a hostile fire or imminent danger pay area. The previously mentioned enlistment bonuses can help there though they are not directly associated with student loans. Yes but not for spouses.
The exact rate depends on which subject the applicant is teaching. Student loan forgiveness for military spouses may be non-existent but the key is in finding the right jobs and taking advantage of the available discounts. By Andrew Josuweit CEO of Student Loan Hero When it comes to student loans Im usually an advocate for paying Military Spouse Simplify Your Crazy Wonderful Military Life Military Spouse is your premiere online milspouse community with resources on all things military life marriage military spouse jobs and education pcs moves military discounts and more.
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