College Loan Help

[julietfoxtrot]

Hi - Anyone know of available $ from the Navy for loan repayment? I've got a lot of college loans left and am hopefully going through OCS to become a naval pilot. Any suggestions on how to get $ for school loans? As an enlisted incentive, the navy pays for up to $65,000 of school loans... is there something similar for going the OCS route?!

Any help is greatly appreciated...

 

[BigIron]

In the USMC there is. I don't think the Navy repays college debts.

 

[julietfoxtrot]

I would think if they pay up to $65,000 for enlisted ... there would be some for those going the officer route?

I'm going to be pretty bummed if there isn't any money, I really thought I heard there was....it was a pretty big plus as to why I joined.

 

[DSL1990]

I would think if they pay up to $65,000 for enlisted ... there would be some for those going the officer route?

I'm going to be pretty bummed if there isn't any money, I really thought I heard there was....it was a pretty big plus as to why I joined.

you can be a "naval aviator" in the marines and get your school loans paid. wouldnt that be like having your cake and eating it?

 

[BigIron]

http://www.airwarriors.com/forum/showthread.php?t=140288&highlight=USMC+loan

Talk to recruiter to make sure, but I really don't think there is. Also, use the search function to find similar threads.

 

[BACONATOR]

I would think if they pay up to $65,000 for enlisted ... there would be some for those going the officer route?

I'm going to be pretty bummed if there isn't any money, I really thought I heard there was....it was a pretty big plus as to why I joined.

Then you would be wrong. If if there is, please share it because I've never heard of that and would happily get rid of my debt tomorrow if I could.

The idea is that, as an Officer in the US Navy (read: a LEADER of sailors), you are responsible enough to manage your finances. The Navy pays you reasonably well as an officer, so you should be able to pay your finances without any help.

Just a hint: having financial issues is a question on the security clearance application and a hit against you.

 

[julietfoxtrot]

I don't have any financial issues, just alot of school loans. I went to private boarding school that cost just as much as college. But since I had two older siblings that went to private school and college as well, my parents just couldnt afford embry riddle. My loan payment is practically a mortgage payment! It just limits my fun activities...but I've never been late with a payment, so the security application is fine. Plus, Ive have two clearances prior, and I've got a secret clearance now.

I will look into it and see what my recruiter says. Thats funny, why on earth would anyone with a college degree enlist instead of becoming an officer right off the bat....

 

[brownshoe]

Then you would be wrong. If if there is, please share it because I've never heard of that and would happily get rid of my debt tomorrow if I could.

The idea is that, as an Officer in the US Navy (read: a LEADER of sailors), you are responsible enough to manage your finances. The Navy pays you reasonably well as an officer, so you should be able to pay your finances without any help.

Just a hint: having financial issues is a question on the security clearance application and a hit against you.

Whoa! Check out the "salt." (Just kidding Josh.)

Steve

 

[jt71582]

To the OP -

The Navy won't retroactively pay your student loans. I'm in your boat, so to speak. However, you can refinance a buttload of that through USAA at VERY low rates. I just opened up all of my accounts with them and they're awesome.

 

[rugby mike]

There are no programs in the Navy for officers to repay their college debt. It was talked about letting $6000/year for 4 years be paid back as part of the new GI bill but unfortunately that never passed. As others have said, the USMC does payback officer loans.
If you have federal loans the unsubsidezed portion can be deferred for 3 years that is a way some people go to start paying loans back when they have more money.

 

[BACONATOR]

I don't have any financial issues, just alot of school loans. I went to private boarding school that cost just as much as college. But since I had two older siblings that went to private school and college as well, my parents just couldnt afford embry riddle. My loan payment is practically a mortgage payment! It just limits my fun activities...but I've never been late with a payment, so the security application is fine. Plus, Ive have two clearances prior, and I've got a secret clearance now.

I will look into it and see what my recruiter says. Thats funny, why on earth would anyone with a college degree enlist instead of becoming an officer right off the bat....

I went to private school until 11th grade, and then I went to Embry-Riddle too, so you won't get much sympathy from me. My parents could only afford so much, and I wanted to fly. Well tough shit. I did aerospace engineering instead of the pilot degree. We all have choices and you made yours. I only owed 35K in student loans out of college. You (I'm guessing a pilot major) probably owe over 100K. That was YOUR choice. You don't get to do all the "fun things" you want to do? Navy aside, that's called being a GROWN UP. If you wanted to have no (or at least far less) debt out of college, you should have picked a different path. Like I said, I went the same route as you (albeit with slightly different choices). No sympathy...


But then again, I'm just an asshole.

 

[awolfinwater]

Getting school loans

On the Navy side, there is nothing to pay back your student loans for Officers. Someone mentioned this above, but the Navy feels that we pay you enough as an officer (true). As an officer, you are expected to have fiscal responsibility to manage the loans and live within your means.

It is hard to game the system on this one. If you tried to enlist and then pick up officer, you won't get your first loan repayment until you have one-year active duty serve. Payments are continually given for the next two subsequent years (33.3% a payment). If you pick up officer, you are automatically booted from Loan Repayment Program.

Marines or Army are your best bet.

 

[MasterBates]

I joined with $106K in debt upon graduation. BDCP made it so it wasn't $115K.

It is do-able. I was paying $1100/mo in student loans, but you can survive. No new BMW for you, but you can drive a decent used car and live well if you be reasonable about it.

I'm still paying $700+ a month 7 years after graduation. It is not impossible. You got into the debt, you get yourself out.

 

[julietfoxtrot]

I went to private school until 11th grade, and then I went to Embry-Riddle too, so you won't get much sympathy from me. My parents could only afford so much, and I wanted to fly. Well tough shit. I did aerospace engineering instead of the pilot degree. We all have choices and you made yours. I only owed 35K in student loans out of college. You (I'm guessing a pilot major) probably owe over 100K. That was YOUR choice. You don't get to do all the "fun things" you want to do? Navy aside, that's called being a GROWN UP. If you wanted to have no (or at least far less) debt out of college, you should have picked a different path. Like I said, I went the same route as you (albeit with slightly different choices). No sympathy...


But then again, I'm just an asshole.

I'm not asking for sympathy- I made my choices and I'm happy with them, I wouldnt be where I'm at today without the choices I made. I was simply asking if theres anything out there for loans. Can't hurt.

Thanks to everyone else for your inputs. Refinancing through a lower interest rate lender is a great idea.

 

[Max_Power]

The interest rate on the USAA commissioning loan is around 2% right? If your loans hover around the 25k-30k mark, it seems like a smart bet to take that loan and pay off your student debt. Most federal loans, sub and unsub are 6.8%, that difference will make a huge difference if you plan on doing a 10 year repayment.

But as Otto said, your loans are probably well in excess of 100k, and paying off two loans at once might be hard.