Pay Off Your Student Loans With The Army College Loan Repayment Program
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If you’re worried about paying off your student loans, you’re not alone. The cost of college tuition is high, and loan payments can be tough to manage, especially for people who are not that long out of school. However, defaulting on a student loan can be horrible for one’s credit, so it’s very important that you find a way to pay. If you are ready to become a soldier in the U.S. Army, help can come in the form of the Army Loan Repayment Program.
How Does The Army College Loan Repayment Program Work?When you enlist in the Army, let your recruiter know that you are interested in the Army Loan Repayment Program. Through this program, the Army will pay for up to $65,000 worth of your qualifying student loans.
Who Is Eligible For The Army Loan Repayment Program?Any enlisting soldier can sign up for the program providing they have not been in the service before. To get into the program, the solider must decline enrollment in the Montgomery GI Bill and make sure that the Loan Repayment Program is guaranteed in writing as part of the enlistment contract. Qualifying soldiers will have a high school diploma, have passed the Armed Services Vocational Aptitude Battery (ASVAB) with an Armed Forces Qualification Test score of 50 or higher and enlist in a critical military occupational specialty. Qualifying loans must be guaranteed, made or insured under Title IV, Part B, D or E of the Higher Education Act of 1965.
Why Participate In The Army Loan Repayment Program?The ALRP gives students the chance to clear their debts while serving their country. When the soldier leaves the Army, he will leave with both a top-notch military education and a college degree, along with the peace of mind of knowing that his loans are paid and the way is paved for him to enjoy a great credit future.
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