General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWe don't need a draft and won't need one soon. Why? Well I'll tell you
Source at link: https://studentaid.ed.gov/sites/default/files/military-student-loan-benefits.pdf
(and I went over the 5 para limit, as this is a government publication, and is free of copyright)
Thank you for your service
As Americas servicemen and servicewomen, youve always been there for us when we needed you. The Department of Education and your student loan servicers appreciate the sacrifices you make for our country and we want to be there for you, too. Our teams of dedicated customer care representatives can help you access benefits available on your loans, review repayment options, and help you create a plan to manage your student loans while you are far from home.
Benefits for members of the armed forces
In acknowledgement of your service to our country, there are special benefits and repayment options for your student loans available from the U.S. Department of Education and the U.S. Department of Defense. Contact your student loan servicer for additional information on these options, including eligibility information and what documentation you should provide to receive the benefit.
Servicemembers Civil Relief Act (SCRA) Interest Rate Cap
Interest on federal student loans obtained prior to your military service is limited to 6% during periods of active duty. The interest rate limitation also applies to any private education loans you may have.
Military Service Deferment
You can postpone federal student loan repayment during certain periods of active duty, such as during war, other military operation, or national emergency, and immediately following active duty.
Public Service Loan Forgiveness
You may qualify for forgiveness of the remaining balance of your Direct Loans when youve made 120 qualifying payments after October 1, 2007, while employed in public service, including military service.
Deferments After Active Duty
You can postpone repayment while you prepare to return to school following your active duty.
0% Interest
While you are serving in a hostile area that qualifies you for special
pay, you do not have to pay interest on Direct Loans made on or after
October 1, 2008, for up to 60 months.
Repayment Based on Income
Repayment plans that base your monthly payment on your income are available. Under these plans, you may qualify for a low or zero payment amount with the possibility of forgiveness of the remaining balance in the future.
HEROES Act Waiver
While you are on active duty, the Department of Education waives many of the documentation requirements attached to program benefits. For example, if you are on a payment plan based on your income and military service prevents you from providing updated information on your family size and income, you can request to have your monthly payment amount maintained.
Department of Defense (DOD) Repayment of Your Loans
In certain circumstances, as determined by the DOD, all or a portion of your loans may be repaid by the DOD.
Veterans Total and Permanent Disability Discharge
If you have a service-connected disability, you may qualify for discharge of your federal student loans.
Tierra_y_Libertad
(50,414 posts)The pay was the princely sum of $79 per month.
If I had to do it again, would I?
Oh, hell no.
Algernon Moncrieff
(5,794 posts)And I've known many who wouldn't do it again. Growing up, adults actively discouraged me from joining the service, and those who offered the strongest discouragement were those who'd been in.
As I indicated in my response below, I'm not condemning the military or those who join. My real aim is at the crushing burden of student loan debt.
rickford66
(5,530 posts)I joined when I was getting drafted in 1969. I was opposed to the draft of course, but after debating it with rational lifers, I changed my mind. The country needs average Joes and Janes, to serve their country and get back to the private sector. We shouldn't be breeding "mercenaries". Parents of draft eligible kids would be more involved in politics. The choice could be getting drafted for two years active or four years National Guard. 4Fs would have to do some domestic service. It would also be nice to make voting a requirement during those years, but I'm dreaming.
Algernon Moncrieff
(5,794 posts)Second, my comment was less a condemnation of the American military than it was of the exorbitant cost of higher education and the crushing debt load it is placing on a generation of young Americans. When I went to school, students who borrowed left school ownign what a car might cost; today, they often leave owing the cost of a single family home -- and that's as an undergrad with shaky job prospects. So I can see where the Service looks like a kill-two-birds-with-one-stone option. A job and a pathway out of debt rolled into one.
rickford66
(5,530 posts)But having to depend on military service for an education, puts the burden on those with the least resources. I took advantage of the GI bill to finish my BS degree and later to get an AAS so I'm not opposed to using those benefits. I want the burden of "defending freedom" spread across the full spectrum of our society. It takes very little thought or foresight to send mercenaries into battle for us.
Algernon Moncrieff
(5,794 posts)And I agree that spreading that burden across socio-economic strata will make the US think harder before committing troops to anything.