Military student loans
As a thankful gesture shown to the brave people who put their own life in line to protect the freedom and well being of the fellow citizens and the country as a whole, among a number of other benefits offered, there are schemes developed by the U.S military, intending to help the military personnel in their pursuit to education by providing financial assistance. A few of such programs are being briefly discussed here.
Military College Repayment Program (CLRP) : CLRP is an enlistment incentive, under which the military will account for a part of the eligible college loan taken. This program is for non-prior members of the military and therefore personnel under officer rank are not eligible for the same. The maximum amount that would be repaid under the program as per the federal law is $65,000. The following are some of the loans that qualify under the program.
Auxiliary loan assistance for students (ALAS)
Stafford Student Loan
Parents Loans for Undergraduate students (PLUS)
Consolidated Loan program.
Federally Insured Loans (FISL)
Montgomery normal GI bill (MGIB) & Army College Fund (ACF):
The MGIB and ACF pay for the college education for military personnel. The amount approvable depends on the duration for which you enlist with the army, with a maximum allowable amount being $73,836. You should pay $100 a month during your first year in service.
Army reserve benefits:
For qualified persons in the military who are willing to accept a critical skill position in the Army Reserve, an additional MGIB amount of up to $11,412 may be offered.
Reserve officers training corps (ROTC) scholarship:
On the basis of students past performance and merit, Army ROTC scholarships are offered for the student. It provides 100% tuition scholarships and offers options of 2 year, 3 year and 4 year durations depending up on the time that remains for the completion of graduation. In addition to the above, monthly allowances are also provided under the scholarship which could be used for the living expenses.
Naval Reserve Officers Training Corps (NROTC):
If you are approved of a scholarship under this program, you will be free to choose your college among those which participate in the scheme, and select a course of your liking. After graduation, you would be commissioned as a U.S navy officer.
The Navy College Fund: This fund is open to those who are part of the MGIB. If youve graduated from high school and have a score of 50 or more on the ASVAB, and are eligible for Navy jobs and apprenticeships, you could get in excess of $15,000 for your education, in addition to the MGIB loan.
Baccalaureate Degree Completion Program (BDCP): Those students who are interested in a job in navy after their graduation may apply under this scheme and get up to $152,000 as loan through BDCP. For technically qualified majors receive regular monthly earnings in the range of $2,315 and $4,229 for up to 3 years earlier to the completion of graduation. For those who are not technically qualified, this will be available for up to 2 years earlier to their graduation.
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