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Current and prospective students who have served in the military are no different from traditional college students in their need for financial assistance. We have compiled this list to help guide military students in finding the best financing options and loans available for their education.
With the costs of attending a two- or four-year college continuing to rise, the benefts offered by scholarships and the revamped GI Bill are often still not enough. Please browse military student loan options compiled by our VA Loan scholarship panel below and best of luck in your education!
FastWeb - FastWeb is one of the most comprehesive student loan search engines in existence. Special student loan offers for military students are included.
Private Student Loans - Private organizations like SallieMae, Chase, and others offer student loans to military individuals. These loans are easy to qualify for no matter your financial situation and must be applied to the costs of higher education.
Stafford Loans - Stafford Loans are the most common student loan option currently available. These loans are offered to military individuals in the same way they are offered to traditional students. With reasonable interest rates and easy qualification standards, military students can finance a large portion of their education using these loans.
VEAP - The Veteran's Education Assistance Program is a unique offer for those who have served in the military to get financial aid for college. In it, the government offers to pay $2 for every $1 contributed by the student towards their tuition.
DEA - Similar to VEAP, the DEA program exists for dependents of disabled or deceased military members to fund their education. Both the DEA and VEAP programs are flexible and can be used to fund a wide variety of educational programs that extend beyond the traditional 4-year university.
Military individuals who are deployed are not required to make payments on their student loan debt. This applies to members of the National Guard and the Reserves. If you are remaining in the service while pursuing your education, this benefit is in place to assure that you will not fall into default should you have student loan debt and be absent.
Keep in mind while getting your student loans that individuals that enlist in the military after graduation could qualify for the Student Loan Repayment Program. Through this unique military program, students can qualify to have up to $65,000 of the student's qualified loan debt repaid.
Do know that requirements to qualify for the LRP vary by military branch of service. The Army and Navy both pay up to $65,000 while the Air Force's program, the College Loan Repayment Program, pays a maximum of $10,000 per recruit. You must be a new member and each year of service, the program will pay 33 and 1/3 or $1,500, the greater of the two will be applied, on the remaining principle.
Generally considered "good debt", student loans are an accepted route to helping pay for an education. As a military member, you are eligible for some benefits in both obtaining and re-paying your student loans that average citizens are not. Add in the traditionally-low interest rates that student loans carry, and it's safe to say that student loans are one of the best options for helping cover your costs.
Always remember to exhaust your options. This includes researching scholarships and other military benefits that can be applied towards the cost of education. Combining these with a student loan to help complete your financing is a recipe for success well beyond your years in school. Best of luck.
If you have other questions or know of military-specific student loan offers we should display here, please Contact Us.