FINANCIAL AID - TUITION SUPPORT PROGRAMS

TUITION SUPPORT PROGRAMS

Contributed by todaysmilitary.com

Tuition Support is one of the many ways that the military can help with the rising cost of further education. There are four main initiatives that make up Tuition Support Programs: Tuition Assistance, Montgomery G.I. Bill, College Fund programs and Loan Repayment programs.

Tuition Assistance

The rising cost of tuition can be hard to manage, but the military’s Tuition Assistance Program pays for up to 100 percent of the cost of tuition or expenses, up to a maximum of $250 per semester credit hour and a personal maximum of $4,500 per fiscal year, per student. This program is the same for full-time duty members in each military service. Selected military reserve and National Guard units also offer a Tuition Assistance Program, although the benefits may vary from the full-time duty program.

Montgomery G.I. Bill

The Montgomery G.I. Bill offers up to $37,224 in tuition as a benefit for a three-year commitment on full-time duty. Service members contribute $100 a month for a year. In return, they get $1,034 a month for three years—a very handsome return on investment.

The G.I. Bill can be used not only for college degree programs but also for certificate programs, flight training, apprenticeship/on-the-job training and correspondence courses, among others. Members of the Reserves and National Guard are also eligible for the G.I. Bill, although at reduced rates.

College Fund Programs
(Also known as the Montgomery G.I. Bill “kicker”)

Here’s another little-known secret with a large payoff: Enlistees in the Armed Services who become eligible for their College Fund programs receive up to $70,000 toward college tuition when combined with the Montgomery G.I. Bill and upon honorable discharge. Enlistees who are awarded the College Fund by the Marine Corps or Coast Guard receive additional dollars that can make up a significant part—or all—of the funds needed to complete a college education.

Loan Repayment Programs

• Army: For many college students, debt becomes a very big concern following graduation. But in the full-time-duty Army, soldiers can qualify to have their loan repaid by the military at the rate of one-third of the loan for each year of full-time duty served (maximum loan repayment is $70,000). The Army even helps soldiers pay off student loans they’ve taken out, provided they attended school on an approved Perkins, Stafford or other Department of Education Guaranteed Student Loan.

• Navy: In the full-time-duty Navy, a $65,000 Loan Repayment Program is available. Qualifications include no prior military service, a high school diploma and a loan guaranteed under the Higher Education Act of 1965. A candidate must qualify for Navy Nuclear Field or other designated critical rating as defined by the U.S. Navy, and other restrictions apply. If an individual does qualify, though, either of these programs is a great way to get out of debt!

• Air Force: The College Loan Repayment Program (CLRP) is a program created for all non-prior servicepersons considering enlistment in the Air Force. For young people who have taken some college courses and have accumulated debt, this could very well be the perfect opportunity. Participants must sign up for this program when signing the enlistment contract. Under CLRP, repayment maximum is $10,000 per recruit.