You may be familiar with the issues that come with having a student loan. Students may find themselves saddled with debt that they may need to pay off for many years.
Thankfully, there are programs offering student loan forgiveness for veterans that can help you get out of your student loan repayment obligation. If you’re an applicable candidate, you may be able to have all or part of your debt canceled, putting you on a path towards financial freedom.
Student loan forgiveness is a program that allows you to avoid paying back some or even all of your student loans due to the circumstances of your job. A specific program, The Public Service Loan Forgiveness (PSLF) program, helps individuals get out of their student loans by working full-time in public and government service.
The basic requirements are similar for veterans and service members to apply for student loan forgiveness:
There are two general criteria for you to have your student loans fully forgiven:
Student loan forgiveness for service members is not the only resolution. If you didn’t meet the standard, there are still multiple options that can help you with your student loan.
As a veteran or service member, there are several programs that you can apply for that will provide student loan assistance:
This program will allow your student loan’s interest rates to be capped at 6% under this law. This applies to active service members, and your schooling must have begun before joining the military, according to The United States Department of Justice.
This program is designed for veterans or service members that were assigned to hostile and dangerous projects and locations, according to the official student aid website. You must be able to show proof and documentation if this was the case, and it only applies to Federal Direct Loans for up to five years.
This program will allow up to $50,000 in federal student loans to be forgiven. Those serving in the army reserves who have previously served in the military for at least one year in hostile areas are eligible.
If you serve in the Army for three years, you may be eligible to have up to $65,000 of your student loans forgiven. According to Credible, however, you must meet a number of requirements, including the following:
After graduating from college, student loans can be difficult to manage. Thankfully, there are plenty of programs out there to help veterans and servicemembers pay them off, either in full or in part.