Air Force College Loan Repayment Program

Air Force College Loan Repayment Program

Before you enlist in the Air Force, you can sign up for the Air Force College Loan Repayment Program which could forgive up to $10,000 of your current student loan balance. Speak to an Air Force Recruiter for more information.

Note: You may have to give up eligibility for your post-911 GI Bill benefits to take advantage of this program.Big Boss vote

Active Duty Health Professions Loan Repayment Program

Active Duty Health Professions Loan Repayment Program

You are only eligible for this program if you are a fully qualified health professional that is also in active duty. You can receive $40,000 per year (for a total of $120,000 over three years) to help pay off your student loans if you serve on active duty on one of the following corps:

• Dental
• Medical
• Allied Health
• Nurse
• Veterinary

If you serve on one of the previous corps while in the reserves, you can qualify to receive $50,000 over three years in loan forgiveness.

Note: One of the benefits of this program is that it’s not just limited to federal student loans – private student loans may be eligible as well. Visit GoArmy.com for more details.

Military Service Loan Forgiveness

Military Service Loan Forgiveness

Most of us are familiar with the GI Bill and the idea that you can get a good portion of your college education paid for by joining the armed forces. But what if you already have student loans? That’s where the military’s various student loan forgiveness programs come into play.

While those who serve in the military qualify for the Public Service Loan Forgiveness program (if they meet the other requirements), there are additional programs offered by each branch of the military.

Qualifying Payments

Qualifying Payments

In order for your payment to count as a “qualifying payment,” it must meet the following requirements:

• Made after October 1, 2007
• Wasn’t received more than 15 days after the due date
• Covered the full amount due that month
• Paid under a qualifying repayment plan
• Made while you were a full-time employee of a qualifying company

Note: Your payments do not have to be consecutive. Also, if your required payments are “$0” under an Income-Driven Repayment Plan, you do not have to make a payment and it will still be counted as a qualifying payment for that month.

To count toward your necessary 120 payment

To count toward your necessary 120 payments, a payment must be paid under a qualifying repayment plan which includes any income-driven plan, the standard 10-year plan, or any other plan with payments that are at least equal to what you would have paid under the standard 10-year plan.

Note: Since you have to make 10 years of qualifying payments to be eligible for the PSLF program, the standard 10-year plan wouldn’t usually result in any actual loan forgiveness. However, if you made several payments using the 10-year plan, and then switched to an income-driven plan, the payments made under the 10-year plan would count toward your required 120 payments. Because of this fact, Income-Driven Repayment Plans make the most sense if you are seeking to take advantage of the PSLF program., a payment must be paid under a qualifying repayment plan which includes any income-driven plan, the standard 10-year plan, or any other plan with payments that are at least equal to what you would have paid under the standard 10-year plan.

Note: Since you have to make 10 years of qualifying payments to be eligible for the PSLF program, the standard 10-year plan wouldn’t usually result in any actual loan forgiveness. However, if you made several payments using the 10-year plan, and then switched to an income-driven plan, the payments made under the 10-year plan would count toward your required 120 payments. Because of this fact, Income-Driven Repayment Plans make the most sense if you are seeking to take advantage of the PSLF program.