Navy Student Loan Repayment Programs

[Sullivan8545]

My son is graduating from the University of Kansas with a degree in Aerospace Engineering and will be entering OCS next month in Newport, RI and then onto NFO training. Does the Navy offer any student load repayment programs for officers?

Trying to find ways to efficiently pay off his debt after 5 years of schooling.

 

[Capt MJ]

My son is graduating from the University of Kansas with a degree in Aerospace Engineering and will be entering OCS next month in Newport, RI and then onto NFO training. Does the Navy offer any student load repayment programs for officers?

Trying to find ways to efficiently pay off his debt after 5 years of schooling.

Your son can ask his OCS recruiter about his college debt and any Navy repayment benefit. If that is a benefit, rest assured the recruiter probably would have mentioned it.

Your son can review the fine print on his loan paperwork to check for any deferment available for active duty military, which will start for him at OCS. He should research how the interest works. He might be able to defer the expected payments and set up an allotment from his pay once commissioned, to start paying down the loan in a small monthly amount, increasing the amount with each promotion, just to get a headstart on it.

The Navy Student Loan Repayment Program exists, but I believe it apples only to enlisted personnel. There are all kinds of military loan repayment programs, varying by service. Some are applicable to only certain types of student loans or occupational specialties. Again, the OCS recruiter should be able to answer that for an OCS candidate.

 

[Capt MJ]

And welcome new member of 27 minutes!