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Federal loan forgiveness for serving?
Last Post 06 Sep 2012 10:25 AM by ebee. 13 Replies.
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bikesnotscottUser is Offline
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bikesnotscott

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23 Jan 2011 06:00 PM
    I heard this from a source and wanted to question the validity of the statement.

    I was told that the Government could forgive portions (or all) of federal student loans if you enlist in the military.

    chuklesUser is Offline
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    chukles

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    23 Jan 2011 06:12 PM
    Not that I have heard. There are specific instances during the recruiting phase with the DOD services where they may pay a portion as an enlistment incentive. The Coast Guard does not repay student loans.

    A Google search shows a lot of information concerning the question.
    I, for one, welcome our new insect overlords. I'd like to remind them that as a trusted Coastie, I can be helpful in rounding up others to toil in their underground sugar caves.
    Eoghan RoeUser is Offline
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    24 Jan 2011 05:47 AM
    I heard that they used to do it, but with the economy and such they've suspended this and most enlistment bonuses too.
    big_dumb_monkeyUser is Offline
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    big_dumb_monkey

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    29 Jun 2012 05:47 PM
    It is an old thread, but I thought I'd bump it.

    From - http://www.finaid.org/loans/forgiveness.phtml/

    Military

    Students who are in the Army National Guard may be eligible for their Student Loan Repayment Program, which offers up to $10,000. (Note, the military and veterans' associations provide many scholarships and tuition assistance programs. See the section on Military Aid for details.)
    gdeyarmondUser is Offline
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    gdeyarmond

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    02 Jul 2012 07:43 AM
    Not in the USCG. Some federal jobs will do it after so many years of being employed. I know the Navy was more than happy to have me sign over my GI bill to pay off my loans and the Army was just going to do it and then some. This was in late 2010 early 2011. Not sure what is available now. You can defer a lot of your loans until you rank up and start making more money.
    ebeeUser is Offline
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    ebee

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    14 Jul 2012 08:26 AM
    Anyone in the military or some other public service job should be taking advantage of the public service loan forgiveness program which includes in income-based repayment. Basically, as long as you work in a public service job (government or nonprofit) your monthly payments can be calculated based on your income. Once you make 120 straight payments (10 years), the remaining balance of your loan can be forgiven. Even if you don't care about forgiving the loan, the income-based repayments can be a HUGE help, especially for new graduates.

    Here is the link: http://studentaid.ed.gov/PORTALSWeb...PSF.jsp#Q1

    MasterGuns2077User is Offline
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    21 Jul 2012 10:15 PM
    definitely gonna be reading up on that, thanks for the link
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    BellsUser is Offline
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    Bells

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    21 Jul 2012 11:06 PM
    One of my friends just told me that her government students loans were just cut in half because of a new bill that was passed, and that it was based on her income... But it wasnt a 10 year thing it just was literally lowered and she has a year to pay it and then shes done.
    Take what you like and leave the rest behind.
    GearsUser is Offline
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    Gears

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    23 Jul 2012 11:41 AM
    Bells,

    Can you post a link?
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    MasterGuns2077User is Offline
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    MasterGuns2077

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    12 Aug 2012 07:21 AM
    whoa, if that's true then that's pretty awesome for me, over half my loans are federal... are there forms to fill out or something? Feel like our ESO should be up to date on this stuff
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    CoochUser is Offline
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    12 Aug 2012 01:54 PM
    It's not really an ESO issue. The ESO's job is to help you further your CG and non-CG education, not so much to help you pay for previously attained education.
    You can meet the standard, or you can set the standard. It's your choice.
    MasterGuns2077User is Offline
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    MasterGuns2077

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    15 Aug 2012 06:54 AM
    good point Cooch.
    I'm looking at getting my payments reduced but I really don't want to wind up paying more in the long run. If there is a forgiveness program available or in the pipeline, it'd be well worth taking advantage of for those of us who have over half their loans through the feds.
    Your passion for what you do will set you free.
    magmamUser is Offline
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    magmam

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    15 Aug 2012 07:44 AM
    did anyone ever find out if such a program exists? Maybe Bells?
    ebeeUser is Offline
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    ebee

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    06 Sep 2012 10:25 AM
    I linked to the public service loan forgiveness program: http://studentaid.ed.gov/repay-loan...service#Q1

    Everyone should also look in to the income-based repayment plans: http://studentaid.ed.gov/repay-loan...tand/plans

    If you have qualifying federal loans there is no longer an excuse to default on them.
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