Joining the military with student loans

[osiris]

I just graduated from UT and plan on going to the military. The problem is that I don't plan on going for atleast a year and my loan repayment begins in 5 months. Is there any way to defer the loans until I join so that I can have the Govt reimburse part of my money? Should I just pay as little as possible until then?

[Cheech]

osiris - congrats on your degree and many good wishes on your military career. With student loans, you can ask for either a deferment or a forbearance. Here is a link that explains both - http://studentaid.ed.gov/PORTALSWebApp/stu...sp?tab=repaying

 

The main thing with student loans is that if you are unable to pay, set up a deferment or forbearance. Never ever just stop paying or they'll go into default. Talk to your lender and see what is available to you. You could also set up an income-sensitive or graduated repayment plan that would lower your initial monthly payments. Good luck with whatever you decide.

[fla-tan]

I just graduated from UT and plan on going to the military. The problem is that I don't plan on going for atleast a year and my loan repayment begins in 5 months. Is there any way to defer the loans until I join so that I can have the Govt reimburse part of my money? Should I just pay as little as possible until then?

 

osiris

 

Let me also congratulate you on your graduation and your career choice. You may want to speak with your recruiting officer and see whether or not you can get the reimbursement if you consolidate. If so, then you should consolidate your loans while you are in your grace period. If you are not working while waiting to enter the military, you may well be able to qualify for an unemployment deferment which would allow you to not have to pay anything. If you can't qualify for either a deferment or a forbearance, then ask to go into a graduated repayment program. The graduated program should start as an interest only payment for the first 2 yrs and then increase from there.

 

 

fla-tan