To qualify for CLRP, a loan must be entered into before joining the military. the subsequent loans qualify for the school Loan Repayment Program:
Auxiliary Loan Assistance for college kids (ALAS)
Stafford Student Loan, formerly referred to as the Guaranteed Student Loan (GSL)
Parents Loans for Undergraduate Students (PLUS). Must be incurred for the utilization of the individual contracting for the program (not others like relatives)
Consolidated Loan Program. Only covers the member’s education expenses
Federally Insured Student Loans (FISL)
Perkins Loan, formerly referred to as the National Direct Student Loan (NDSL)
Supplemental Loans for college kids (SLS)
These criteria will vary supported the individual branch of the military. except for active-duty personnel, they need to haven’t any prior military experience to qualify. within the Air Force and Navy active duty, personnel must be enlisted for a minimum of 4 years; within the Army active duty, the minimum enlistment is three years.
The enlistment requirements to receive CLRP are somewhat longer for the Reserve units. For the military and Navy Reserves, and military and Air National Guard , a minimum enlistment of six years is required.
For the military , soldiers must have a highschool diploma and an overall score of fifty or higher on the soldiers Vocational Aptitude Battery (ASVAB). For Army active duty, Army Reserves, Army National Guard , and Air National Guard must enlist during a specific MOS that qualifies for the program. These are subject to vary supported need, so it is best to ascertain with an area recruiter to see which jobs are eligible for CLRP.
For the military Reserves, Army National Guard , and therefore the Air National Guard , the utmost amount repayable (up to $20,000) varies by MOS also .
Simple answer, yes. The CLRP is an effective way to get rid of your loan debt. The program provides a maximum of $65,000 to help repay any student loan you contracted prior to joining the military. You can qualify for the program if you’ve not enlisted for military service before. However, you are eligible if you join the Navy and Army reserves after you’ve served in active service. Another way to qualify is if you reenlist in the military. But you must state in the enlistment contract that you’ve rejoined the Army; otherwise, you’ll not receive your CLRP benefits.
Remember everyone does not qualify for the college loan repayment program, and also not every loan is eligible for the military CLRP benefit. So, go through the entire guide to help you decide which CLRP works for you.
Every military branch offers different CLRP benefits. So in deciding where to enlist in military service, it is essential to know which military branch will give you what you need to pay off your student loans. Don’t assume that all the military benefits are the same. What you’ll receive in the Coast Guard is different from the Army Reserve or National Guard.
For example, if you’re planning to enlist in the Marines to pay off your student loans, you may need to rethink your decision because the Marines don’t offer any CLRP benefits. Take the time to go through the following branches in the military before choosing. The reason is simple: if you select the wrong militarily, you could end up losing a lot of money in military college loan repayment.
The army student loan repayment gives up to $65,000 in overall loans in the benefits program. Active duty service members must accept to enlist in the Army for a minimum of three years. If you complete your first year of active service, you’ll get a 33.33% in your remaining principal loan balance. In other words, you get $1,500 in your first year of active service to clear off your loan debt. You will get your payment for each of the next two years until you reach the amount limit.