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School loans
- Thread starter Kevincjr1
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Navynurse2be
Registered User
This is from the web site--student loans are not included in the 6% interest rate.
Qualifying debts are debts that were incurred prior to the service member coming on active duty. The service member must be on active duty at the time of the request, and the service member’s military career must have materially affected the service member’s ability to pay on the debt. This provision does not apply to federally guaranteed student loans.
TM
Qualifying debts are debts that were incurred prior to the service member coming on active duty. The service member must be on active duty at the time of the request, and the service member’s military career must have materially affected the service member’s ability to pay on the debt. This provision does not apply to federally guaranteed student loans.
TM
No, not federally guaranteed student loans, but why would you want 6% on them...they can be refinanced at 4%. Private loans, like one I have, that I had prior to joining the service (I went to two expensive schools and had fraternity expenses) that screw students over on the interest rate can and should be bumped down with the relief act. Also, when I leave for OCS my career will materially affect my ability to pay on the debt because I will no longer be receiving my tax free food and housing allowances (while there) so my taxable pay increases, but my overall pay takes a huge hit.
JR
JR
Navynurse2be
Registered User
Sorry, jaerose, I made the assumption that these were federal loans like Stafford.
Looks like the relief act would work for you then, if you couldn't get a private reconsolidation loan at a better rate.
Best of luck to you!
TM
Looks like the relief act would work for you then, if you couldn't get a private reconsolidation loan at a better rate.
Best of luck to you!
TM
Jaerose,
I know exactly where you are coming from. I have a private loan as well and I owe a crap load of money, but what is really going to hurt me is the fact that when I go to OCS I wont get that extra money from BAH and BAS, and I have other bills as well like car, insurance, etc. and not to mention at OCS we have to come out of pocket a little over $1,000 for uniforms. So what I am doing now is trying to find some anwere and options. Like the website that WFU2USN has told us to go to. By the way when are you due to report to OCS.
Kevin
I know exactly where you are coming from. I have a private loan as well and I owe a crap load of money, but what is really going to hurt me is the fact that when I go to OCS I wont get that extra money from BAH and BAS, and I have other bills as well like car, insurance, etc. and not to mention at OCS we have to come out of pocket a little over $1,000 for uniforms. So what I am doing now is trying to find some anwere and options. Like the website that WFU2USN has told us to go to. By the way when are you due to report to OCS.
Kevin
jaerose,
I don't report until September 6, But the one of the things that I'm concerned with is the fact that i have been hearing that API has a wait time of about 3-4 months, so I will still just be getting that taxable income considering if I just stay in the pensacola area and stay in base housing waiting for API or go back to my district where I was recruited and help out there. But before all of that I need to get through OCS first. I see that your a baseball player, I played 5 years while i was in college.
Kevin
I don't report until September 6, But the one of the things that I'm concerned with is the fact that i have been hearing that API has a wait time of about 3-4 months, so I will still just be getting that taxable income considering if I just stay in the pensacola area and stay in base housing waiting for API or go back to my district where I was recruited and help out there. But before all of that I need to get through OCS first. I see that your a baseball player, I played 5 years while i was in college.
Kevin
Cool. I plan on getting a house in p-cola during stash duty and fixing it up, then getting a roomie to help lower my costs of living. This way we both (or three...if the house is large enough) get the tax-free income, but don't have to spend it all. Plus, when you start flight training you'll get flight pay. Then I should be able to sell it for a profit when I leave p-cola b/c of the increased value from fixing it (nothing major...just cosmetics). You're going to be one of my class' heat shield classes.
JR
JR
Hey I was just looking through the loan repayment site posted above and noticed that one of the major requirements is that the "position" to be filled by the recruit needs to be "difficult to fill" and the officer in charge has to state why. I think this is the reason that nuclear, sub, & medical officers are typically the ones receiving the repayments and it is not offered to aviation, intel, etc.
Hey jaerose,
That sounds tight, I know you will be graduating from OCS about 4 wks ahead of me considering your going in august. But maybe if we keep in touch and you don't have any roommates to ease some of that living expense...I could help you out as a roommate
Kevin
That sounds tight, I know you will be graduating from OCS about 4 wks ahead of me considering your going in august. But maybe if we keep in touch and you don't have any roommates to ease some of that living expense...I could help you out as a roommate
Kevin
Hey, that would be great. Send me an email with your name and such and I'll reply with the same. It would be cool to have that lined up before getting out of OCS 'cause then I could check out properties while on liberty and as a candi-o. Are you a handy person at all...you know...good with your hands and fixing stuff. I'm somewhere in the middle, so that's why I wanted to get a cosmetic fixer (no elec. or plumbing problems etc) for a steep discount, then fix it and live in a nice place cheaply until time to go...then rent it out, or sell it outright.
JR
JR
jaerose said: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
Does anyone know if this is still true and if it is just for the Navy, or USMC too?
Grandmaster235
World's Greatest Pilot
It applies to all branches but you have to demonstrate that you earn less money on active duty then you did before active duty in order to qualify. In other words, that your military service is causing you financial hardship, and so your debt interest rates should be lower.
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