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Military loan forgiveness programs

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Military service offers several loan forgiveness and repayment programs to help service members manage their student loan debt. Here are some of the key programs and options available:

  • Public Service Loan Forgiveness (PSLF): Members of the U.S. Armed Forces serving in hostile areas are eligible for PSLF. Under this program, the remaining balance on your Direct Loans is forgiven after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
  • Servicemembers Civil Relief Act (SCRA) Interest Rate Cap: The SCRA limits the interest on federal student loans taken out prior to military service to 6% during periods of active duty.
  • Military Service Deferment: This allows active duty military personnel to postpone student loan repayments during certain periods of active duty and immediately following active duty.
  • National Defense Student Loan Discharge (NDSLD): If you served in a location that qualifies for hostile-fire or imminent-danger pay, you might be eligible for a partial discharge of your Federal Perkins Loan.
  • Army Student Loan Repayment: The Army offers several student loan repayment programs for eligible soldiers. Depending on the length of the contract and the type of service, the Army may repay a portion of your education loans.
  • Navy Student Loan Repayment Program: This program is available to eligible Navy enlistees and can provide up to a certain amount toward the repayment of qualifying student loans.
  • Air Force College Loan Repayment Program: Similar to other branches, the Air Force may offer loan repayment assistance for eligible members as an enlistment incentive.
  • Health Professions Loan Repayment Program (HPLRP): If you are a healthcare professional in the military, you might qualify for this program, which can help pay off your health profession education loans.
  • Coast Guard Student Loan Repayment Program: The U.S. Coast Guard offers a loan repayment program for eligible members.

Each branch of the military has specific requirements and benefits for its loan repayment and forgiveness programs. The amount of assistance and the terms of eligibility can vary based on several factors, including the length of service, military occupation specialty, and the type of loan.

It’s crucial for military service members to contact their respective military finance offices and speak with their student loan servicer to understand the details of these programs and how to apply. Additionally, it’s recommended to consult with a legal or financial advisor familiar with military benefits to make the most informed decisions about managing student loan debt.

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