School loans

[Kevincjr1]

I was wondering if anyone knew if the navy helps in paying back school loans. Any answers would be very beneficial...I am desperate! Thanks in advance.
Kevin

 

[jaerose]

There are loan repayment programs for when you sign up for the Navy...are you in the Navy yet, or not? If you're not yet in, then you could also do the Soldier's and Sailor's Relief Act if you do join, which requires any debts you have prior to joining the service be reduced to like 6% interest, so that's great for stu-loans, credit cards, cars etc. Look into that.

JR

 

[Jolly Roger]

Originally posted by jaerose
There are loan repayment programs for when you sign up for the Navy...are you in the Navy yet, or not? If you're not yet in, then you could also do the Soldier's and Sailor's Relief Act if you do join, which requires any debts you have prior to joining the service be reduced to like 6% interest, so that's great for stu-loans, credit cards, cars etc. Look into that.

JR

Do you get the debt reduction if you are accepted to BDCP?

 

[jaerose]

If the debts occurred prior to your being put on 'active' duty. If you have credit card debt, mortgages, car loans, or school loans that you had before you were sworn in, then yes they can be reduced.

JR

 

[WFU2USN]

Hi All,

I'm pretty sure that loan repayment is specifically an enlisted program.

IS2(SCW)

http://www.geocities.com/califchick1175/USN/navy.html

 

[jaerose]

Yeah, let me clarify...I was just talking about the relief act in the previous post. Look into it, though, because you can get GI bill and stuff when in BDCP, so you might be able to get it (you're enlisted while in BDCP).

JR

 

[WFU2USN]

JR,

Getting loan repayment is only those persons enlisting in the "traditional" sense, not BDCP. Those who go to enlisted bootcamp, A School, etc.

As far as the Relief Act...it really should only be used in an emergency, not to alleviate past debts bc one is a servicemember...just my opinion.

IS2(SCW)

http://www.geocities.com/califchick1175/USN/navy.html

 

[JKD]

I think the Relief Act was intended for mobilized reserves. Some of them take a major pay cut when they go active duty.

 

[jaerose]

Although I respect your opinions, we had a meeting with our OPO in May where they told us (the collegiates) about the relief act and suggested that we go ahead and use it. It doesn't alleviate your debt...it reduces the interest rate to 6% in order to help you pay it off more quickly. And it is for people to use just because they're servicemembers...that's why they created it, so that people who take lower pay to serve their country can actually afford to do so. That's why it can only be used for debts you incurred PRIOR to joining a service and not after...to avoid people getting into major debt and using it to bail themselves out.

JR

 

[JKD]

I agree with you. I was going to add to my post that it mattered how the Act was worded as to who qualified. No one gets included/excluded from these things by accident. If you qualify - take it.

 

[WFU2USN]

dsweeney,

I think you're right - I know in December when our RIA was getting ansy for mobilization the legal guys went into detail on it.

IS2

http://www.geocities.com/califchick1175/USN/navy.html

 

[WFU2USN]

JR, et al...

http://usmilitary.about.com/library/weekly/aa111201a.htm is a good summary of the benefits offered and what you can use it for.

If you've got student loans, though, look into consolidation, since rates are much less than 6% right now!!!!

IS2(SCW)

http://www.geocities.com/califchick1175/USN/navy.html

 

[JKD]

Back to the topic of student loans, I found this while looking for something else. BUPERS INSTRUCTION 12300.3 - Subj: STUDENT LOAN REPAYMENT PROGRAM
https://buperscd.technology.navy.mil/bup_updt/508/INSTRUCTIONS/123003.htm

 

[WFU2USN]

dsweeney,

That's an interesting read....considering my officer rec. said OCS types are not eligible for loan repayment....I'm now wondering what the deal with that is.

....

IS2(SCW)

http://www.geocities.com/califchick1175/USN/navy.html

 

[Kevincjr1]

Do you all think that this is legit, because I'm going to call my recruiter today and see if this would apply to me since I will soon be an officer and since I have a private loan.

Kevin