Sunday, April 12, 2009

The Military May be the Best Way to Pay Off your Student Loans

In today's financially unstable economy, student loans can weigh heavily on college graduates who may be facing a mountain of recently incurred debt. In place of careful financial planning and years worth of paying off college debts, there is another way to pay off a large chunk of debt without actually paying it: Join the Military and apply for a Loan Repayment Program, (LRP). If accepted, the Navy will pay for up to $65,000 of your student loans, which can be a huge help for the financially unstable. Both the Army, Navy, and Air Force take part in this LRP program, and allow qualifying soldiers to chip away at their mountain of debt. However, the Air Force puts a $10,000 dollar limit on their contributions to soldiers student loans. The way the Arm and Navy LRP's work is the following. Both organizations will pay either 33% or $1,500, (whichever is higher) towards the student loans after each completed year in the Army or Navy.

Posted by: Matt Smith

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