new GI Bill or College Loan Repayment ?
Monday, July 6th, 2009 at
5:16 pm
zero asked:
I’m joining the military soon and probably taking the asvab next week. I’m trying to decide which option is best, the GI Bill since I have not finish my degree and have more than 60 credits or College Loan Repayment to pay $20k in loans I’ve taken. What do think is best? Also, I happen to read that while in active duty you can defer your loan payments for 3 or 4 years; is there any truth to this and how does it work?
I’m joining the military soon and probably taking the asvab next week. I’m trying to decide which option is best, the GI Bill since I have not finish my degree and have more than 60 credits or College Loan Repayment to pay $20k in loans I’ve taken. What do think is best? Also, I happen to read that while in active duty you can defer your loan payments for 3 or 4 years; is there any truth to this and how does it work?
Tagged with: Active Duty • Gi Bill • Loans
Filed under: Student Loans
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Yes you can defer your student loans. I got the form from ACS (the bank that owns my loan) and had my commander fill it out. Did it every year. Too easy!
I would use the new GI Bill, because you can only use it if your active duty. Pretty much, it is when the government pays for your college education, if you were in the military after 9/11. I would use it because you can’t pass it onto any loved ones. My father tried to use it for my college education, but found out that he can’t. So i would use it, because if you don’t use it on yourself, you can’t use it at all.
You know i went to defer my student loan and if it was a scholarship through the school it can not be done unless you are deployed. I don’t know about bank deferments. I would most definitely take the GI bill. Because you can pay off your student loans, Or if you decide you are going to be in the military for a long time after your first enlistment you can sign up for the gi bill. so you can get the best of both worlds. It’s up to you.
I have never personally went through this but some of my troops have and they are now on their second enlistment paying for the GI bill the first year just like you would if you asked for it when you first enlisted. which is 100.00 a month for 12 mths.
Well, you can get about $80k from the GI Bill and you would only benefit from $20k of loan repayment. The question is, how serious are you about finishing school? Given the uncertainty, I would opt for the loan repayment and like Tutu said, defer the payments.
Go for the loan re-payment! While on active duty service in the Army you get free Tuition Assistance meaning they will pay for your college while you are in at no expense to you, you will never have to pay it back unless you fail the class. As far as the G.I. Bill goes you have to pay for the course then they reimburse you after and it usually takes a month or so to get the money back and since you have 60 credit hours you should come in as a E-4/ Specialist and trust me as a SSG i couldn’t afford to pay that stuff back.