There are a host of educational benefits tied to military service, including various student loan repayment programs. Enlisting in the Navy orMembers of the military are also eligible for, a federal program to entice college graduates to go into teaching, law enforcement and other public sector jobs. To qualify, people must make 120 on-time monthly payments for 10 years to have the remaining balance canceled.
, ask your employer if the job offers tuition reimbursement or tuition benefits to cover some of the cost. If you need to borrow and already have debt from your undergrad, you can defer your payments while you are in school.Your student loans may be the last thing you’re thinking about as you pack up your life and high-tail it to another state, but state-based loan forgiveness programs could lift some of the burdens of your education debt.
One of these plans, Revised Pay As You Earn, will calculate your monthly loan payment based on your combined adjusted gross income and loan debt, regardless of how you file taxes. But that plan is being replaced by the new, commonly known as SAVE, which excludes spousal income for people who file separately. Keep in mind that if you file jointly the Education Department could reduce your payments to account for your spouse’s education debt.
Some borrowers also are able to deduct a portion of their student loan interest when filing their taxes. But you could lose eligibility for the deductionStill, combining households can also free up some cash to help pay off your loans faster, said Isabel Barrow, a certified financial planner with Edelman Financial Engines.
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