Student Loans are History...for USMC

[Zilch]

Unless you qualify on the short list of circumstances that allows you to claim financial independence.

One of which is Veteran status.

True enough. Now if they could just make a military exception for the drinking age, I think we'd be on the right track.

 

[Whalebite]

Whats also really cool, is not being able to get a tax deduction for college loans not paid in the year you were in school.

 

[Carno]

This only applies to federal subsidized student loans, of which I have none, so I'm not bummed out at all for being ineligible.

 

[eliz33]

I understand why loans can be a good thing. My parents are not low income, but not upper middle class. They make just enough to not qualify for significant aid and just little enough to not pay for school. (oh and they didnt save, but A. thats not my fault and B. I still love them.) I'm going to a prestigious school for over $33,000 a year that is on of the top in the nation for my degree in mechanical engineering. I get financial aid, i get some from my parents, i work, and i have an honors GPA so i also get significant academic scholarships. That being said i will graduate with over $70,000 in student loans.

You can say this is not wise, not worth it, or a bad decision but i disagree. Yes I could have gone to my local state school for the same major, with a full scholarship. But many graduates of that school have had trouble finding good jobs and companies that want them. I'm expected to make $20,000 more a year graduating from my school than typical graduates from the state school. Multiply that by 30-40 years, subtract the student loans, and it still was a better investment!!

So if you look in the grand scheme it can be a wise investment! Oh and I also have a 401K started and roth IRA, so I'm not doing so bad!

I hope to save for my children's education so they do not have to go through this to the degree that I have.

That's just my take. It doesn't mean I'm not jealous of the instate kids, the wealthy parents kids, or the "i have no idea what this costs because i dont have to" kids (i hate those)... but i have a better sense of money management, personal responsibilty, and the monetary worth of each class i take than any of my peers.

 

[Ken_gone_flying]

Wow thats awesome for those of you it applies to. I can't complain though, I used my military T.A and G.I. Bill while I was on active duty to pay for my degree.

 

[usmarinemike]

I understand why loans can be a good thing. My parents are not low income, but not upper middle class. They make just enough to not qualify for significant aid and just little enough to not pay for school. (oh and they didnt save, but A. thats not my fault and B. I still love them.) I'm going to a prestigious school for over $33,000 a year that is on of the top in the nation for my degree in mechanical engineering. I get financial aid, i get some from my parents, i work, and i have an honors GPA so i also get significant academic scholarships. That being said i will graduate with over $70,000 in student loans.

You can say this is not wise, not worth it, or a bad decision but i disagree. Yes I could have gone to my local state school for the same major, with a full scholarship. But many graduates of that school have had trouble finding good jobs and companies that want them. I'm expected to make $20,000 more a year graduating from my school than typical graduates from the state school. Multiply that by 30-40 years, subtract the student loans, and it still was a better investment!!

So if you look in the grand scheme it can be a wise investment! Oh and I also have a 401K started and roth IRA, so I'm not doing so bad!

I hope to save for my children's education so they do not have to go through this to the degree that I have.

That's just my take. It doesn't mean I'm not jealous of the instate kids, the wealthy parents kids, or the "i have no idea what this costs because i dont have to" kids (i hate those)... but i have a better sense of money management, personal responsibilty, and the monetary worth of each class i take than any of my peers.

Good...Just don't get wramblin wreck engineer-itis and buy a Jag as soon as you get your first real job that has good zeros on the end. Pay that stuff off first otherwise you're going to get cars and a house and you'll have student loan debt forever.

 

[loadtoad]

Thats awesome they are doing this program. I was the sucker and did the reserves to get my college money.

 

[Steve Wilkins]

I should have been more irresponsible and lived like a rockstar while I could.

FUCK STUDENT LOANS AND THE DEBT HORSE THEY RODE IN ON. ALL THIS DOES IS REINFORCE BAD HABITS FOR OFFICERS LATER ON WHEN THEY'RE ABLE TO BORROW EVEN LARGER SUMS OF MONEY. IT TREATS THE SYMPTOMS, BUT NOT THE CAUSE.

I agree in concept with what you're saying, but I think you might be missing the big picture on this one.

 

[eurotrash]

In case anyone was hearing otherwise, an email was just sent out to all OSO's clarifying that this does in fact include 2008 PLC acquisitions, not just OCC grads. Need to swear in prior to September 1 I believe.

 

[Cookie!]

I have heard that you have to commission prior to September also. I have also heard to different versions of the Maradmin:
1. Only Subsidized Federal Loans are to be repaid in 1/3 installments every year.
2. Any Government loan that was used for education can be used, again at the 1/3 a year repayment.

Now, Ive read the maradmin and I have seen the sentence that says Federal Subsidized Loans. However, underneath that there are a couple more categories for qualified loans.
Anyone else have something on this one?

Also, for those commissioning in FY08, a $4k bonus for "uniform reimbursement" once you finish TBS.

could life get any better? I submit that it cannot.

 

[usmarinemike]

Also, for those commissioning in FY08, a $4k bonus for "uniform reimbursement" once you finish TBS.

WOAH WOAH WOAH...For realsies?

 

[eurotrash]

I have heard that you have to commission prior to September also. I have also heard to different versions of the Maradmin:
1. Only Subsidized Federal Loans are to be repaid in 1/3 installments every year.
2. Any Government loan that was used for education can be used, again at the 1/3 a year repayment.

Now, Ive read the maradmin and I have seen the sentence that says Federal Subsidized Loans. However, underneath that there are a couple more categories for qualified loans.
Anyone else have something on this one?

Also, for those commissioning in FY08, a $4k bonus for "uniform reimbursement" once you finish TBS.

could life get any better? I submit that it cannot.

I've also heard about the 4K, but have seen nothing official. Have you seen something on this?

In regards to the loans being subsidized, I noticed that as well in the MARADMIN. It's still great that if even that portion is going to be paid off, however I'm pretty sure that FAFSA has dealt out a mix of unsubsidized and subsidized to all of you...myself included. I'm sure this will all be clarified in zero week.

 

[mmx1]

I'm sure this will all be clarified in zero week.

Hah. If so, that'll be a first.

 

[eurotrash]

....well, at least per the MARADMIN it's "supposed" to be taken care of zero week.

 

[KSUFLY]

Don't give up hope guys-check this link out...

http://www.nasfaa.org/Publications/2007/G2669summary091007.html

The Navy won't be paying for your costs directly, but the government might be...direct yourself specifically to the "loan forgiveness" part. If I'm not mistaken, everyone should be able to make their loans disappear...not just jarheads

Unless my minimum-payment-due goes up drastically and my loans are paid off within the next ten years, then in October 2017 my DOED loans should be forgiven if all I do is pay the minimum?