U.S. Army Loan Repayment Program
U.S Army Loan Repayment Program helps servicemen repay qualified student loans. Out of all the service branches, the Armyâs CLRP benefits package is typically regarded as the best, since it provides up to $65,000 in lifetime student loan forgiveness. The benefit is doled out on an annual basis, beginning as soon as a Soldier completes his first year of qualifying service, and provided at a rate of either 33.33% of his or her loanâs outstanding principle balance, or $1,500, whichever amount is greater.
Eligibility Criteria:To qualify for Army student loan repayment benefits, you must enlist for Active Duty service in the Army and:-Request to participate in the LRP program during your enlistment process-Get your participation annotated in writing on your enlistment contract-Decline participation in the Post 9/11 GI Bill in writing, using DD Form 2366 (see section below for details)-Hold a high school diploma (GED equivalents will not suffice) at the time of your enlistment-Score a 50 or higher on the Armed Forces Qualification Test (your main score from the ASVAB you took before enlisting)-Enlist in a Military Occupational Specialty (MOS) deemed eligible for participation in the CLRP at the time of your enlistment (check with your recruiter to make sure that your MOS applies at the time you join up, as eligible programs change by the day)-Be on a non-prior service accession (unless youâre using enlistment in the Reserves to qualify for LRP benefits)-Have a student loan that qualifies for participating in the Armyâs CLRP program (one insured or guaranteed by the Higher Education Act of 1965, Title IV, Part B, D, or E)http://www.hrc.army.mil
Award Amount: $1,500
Essay required: Yes