Military Loans for Spouses
Do you want to go to school? There are many different military loans for spouses programs available for those people that want to attend school. However, you have to know where to find them.
While almost everyone knows about the Pell Grant and Stafford Loans, sometimes it’s just not enough to cover expenses when you’re raising a family. There are other ways to get the money a military spouse needs to further their education.
GI Bill Transferability
After the military member has been in the service for six years and re-enlists for another four, the member’s GI Bill benefits may be transferred to their spouse.
After a member has been in for ten years, the service member can transfer the benefits to their spouse or their children.
Spouse and Dependants Education Assistance Program
What once was only reserved for the survivor’s of military members is now available to dependents of active duty members who have service connected disabilities or injuries that will require frequent medical care.
There are several guidelines for this monthly benefit, but for those who qualify, it’s a great option when returning to school. If they qualify, spouses and children are eligible for up to 45 months worth of benefits. In some cases, it even covers correspondence courses and refresher courses.
Each branch of the military offers specific programs for spouses to further their education and most offer additional benefits for children. These programs are geared towards the military lifestyle and many can be completed online.
This makes it much easier to finish a degree when the family is transferred frequently.
Other Loans for Education
There are also loans available for military members that may be used for educational purposes. Some are personnel loans and require no collateral. Use caution to be sure the lender is reputable.
If credit is an issue, there are few lenders that can help, but the choices are more limited.
A Word of Caution about Pay Day Loans
Any military town is full of pay day loan companies. While many of the state governments have tried to limit the damage done by these types of loans, there are still hundreds of pay day loan companies that have found away around the new laws.
If you’re considering a pay day loan – stop and think it over. These loans can quickly lead to more problems in the long run.
A pay day loan works like this: a loan is given for a small amount of money.
Most lenders will require a checking account and a job, but there is no credit check. The loan seeker writes a postdated check for the loan amount and what may seem like a small amount of interest.
However, the due date on the loan is usually two weeks later and it usually corresponds to your payday. When the loan comes due, you have the option of paying it in full or just paying the interest and rolling it over into another loan with a new interest payment.
If you miss the due date, the check is deposited as soon as your paycheck arrives. Fees can add up to a small fortune. It’s a vicious cycle that you should avoid. See the page on this site about these loans for further information. Be careful.
If you’re ready to get back to school, there are several programs available to help you. Make sure you read all the qualifications carefully and understand if repayment is required. Best of luck!