Student Loans

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Will the Military Pay Off Student Loan Debt?...

Will the Military Pay Off Student Loans?
You're sitting on a lot of school debt. Is joining the military a good option for getting rid of it? Will the military pay off student loans?

Dear Q&B,

My wife is thinking about joining the military. We both have a lot of school debt. Will the military pay off student loans for me and my wife?

-- Former student

Dear Student,

Wouldn't it be nice if all we had to do was join the military or marry someone who is joining or has joined and -- poof! -- all of our student loans would be gone? Sadly, that's not how it works. Will the military pay off student loans? Yes, but not for spouses. Unfortunately, there is no military student loan forgiveness for the spouses of troops. Your best bet is to utilize the military's spouse employment help to get a job and start paying off the debt the old-fashioned way.

But military members themselves do have some student loan forgiveness options. The best-known is the military college loan repayment program (CLRP). That student loan repayment program is used as an enlistment incentive for those joining the military and is not available for commissioning officers. It has some pretty stringent requirements, and whether you qualify also depends on the type of loans you have. Eligibility for another pair of programs depends on how long you have served and if you have deployed. Those military student loan forgiveness and discharge programs also have very specific qualification requirements.

-- Team Q&B

Will the Military Pay Off Student Loans? | Military.com | Military.com

See also:

Three Biggest Advantages of a VA Loan
Since its inception in 1944, the VA loan program has helped over 18 million veterans and their families become homeowners.

Since its inception in 1944, the Veterans Administration loan program has helped over 18 million veterans and their families become homeowners. Last year alone, the Department of Veterans Affairs guaranteed nearly 630,000 loans -- an all-time high. Yet a surprising number of military members (20%) have never heard of a VA loan, and even more are unaware of its advantages. Here are three of the biggest.

1. Zero down

Getting a loan with no down payment is practically unheard of these days -- unless you’re taking out a VA loan. That’s because Veterans Affairs guarantees purchases for qualified veterans. This enables banks and mortgage lenders to offer loans with little or no down payment.

Buying a house.​

2. No private mortgage insurance

People who take out conventional loans are generally required to pay private monthly mortgage insurance unless they’re able to pay down at least 20% of the home’s value. However, the federal government backs all VA loans and assumes the risk on behalf of the borrower, eliminating the need for this type of insurance.

3. Better interest rates

Because the government backs the loan, lenders carry less risk and can offer competitive interest rates -- typically between .5 and 1% lower than a conventional loan. Best of all, the interest rates are fixed, which means they’re not subject to fluctuations in the housing market. It‘s also important to note that there’s a one-time funding fee applied by Veterans Affairs for a VA loan. The fee varies, depending on the type of military service and amount of down payment. Even with this fee, a VA loan is almost always a smarter financial move than a conventional loan.

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