Military Loan Repayment Program - CLRP
The military college loan repayment program, CLRP is an incentive designed to draw new enlistees into the military.
It helps to cover a portion of some of the student loans the enlistee received before joining the military.
How the Program Works
The CLRP has a huge draw for many college students. Student loan balances can quickly exceed 100,000 for a traditional degree.
While there are some programs available that may forgive some of these loans, such as for teaching in an inner city school or for nursing, most people will simply have to pay these loans back.
With a balance like that, it’s easy to see why many college students would jump at the opportunity to have some of this loan paid off.
The Federal Government has authorized this enlistment incentive.
The program will pay a portion of certain and specific student loans the enlistee accrued before joining the military as long as they serve out their enlistment.
What Loans Are Covered?
While every branch of the military does not offer this incentive, those that do are having a terrific response.
Each program will differ depending on which branch of the military you choose to enlist in.
The loans that can be covered include PLUS loans, Perkins loans, Stafford loans, and Supplemental Loans for Students (SLS.)
As you can see, most of the major sources for student loans are covered.
Are There Specific Requirements?
There are specific requirements. For example, you cannot have had any previous military service. You must also be active duty, in most cases.
The maximum amount of student loans that can be forgiven is $65,000.
This amount was set by Congress, but the Marines are testing a program that would give enlistees even more funds if they were to extend the enlistment up for another six months.
Are There Other Military Loan Repayment Programs?
Most everyone is familiar with the GI Bill. This money is used to pay for college either during or after an enlistment.
Many men and women will service an initial enlistment and then separate from the service. The GI Bill will provide money for college.
This is an excellent way for many to attend college and not have to rack up all the thousands of dollars in student loans.
Depending on when you enlisted, you may have different specifications and requirements when using the GI Bill.
Make sure you speak with someone who is qualified to answer all your questions about either the CLRP or the GI Bill programs.
Using The CLRP To Your Advantage
A college degree is often necessary today to find a good career. However, if you feel the service is more suited to you, then consider enlisting and getting much of your student loan balance paid off. With up to $65,000 worth of student loan repayment available, it only makes sense. For many people, the service will become their career and for others, it won’t be what they expected. However, at the end of the enlistment, the
student loan balance will be much lower whether they continue to stay active duty or go back to the civilian world
and is definitely worth looking into. |
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