Military Student Loan Forgiveness: A Guide

Those serving in the military may be eligible for military student loan forgiveness. Military forgiveness programs come with conditions and aren't available to everyone, but they can be quite generous for those who qualify. And for military members who aren't eligible, there are still a variety of benefits that may be available, such as interest waivers and repayment postponement.

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Military couple holding their child. — Image source: Getty Images.

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Five military student loan forgiveness programs

There are a wide variety of student loan forgiveness programs available to members of the armed forces. Each branch of the military offers its own set of programs, and those serving may be eligible for broader programs that aren't military-specific. In addition to forgiveness, military members may be eligible for a variety of benefits that make paying back student loans less burdensome.

While there are many distinct military student loan forgiveness programs, here are five notable programs available to borrowers.

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Many military student loan forgiveness options

Depending on the branch, those joining or already serving in the military have a wide variety of options to reduce their student loan balances, cut or postpone monthly payments, and have their outstanding principal forgiven. Those who don’t qualify for these programs may still qualify for the Public Service Loan Forgiveness program, which is open to those outside the military as well.

Military student loan forgiveness programs are a win-win for the military and those serving. For the military, the programs are a potent recruitment and retention tool. For members of the armed forces, the financial weight of student loans can be entirely eliminated in some cases, and in other cases, the burden of repayment can be reduced. The money saved could be put into a savings account or even invested.

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About the Author

Tim Green is a contributing Motley Fool technology and consumer goods analyst covering companies in AI, cloud computing, retail, and other market sectors. Before The Motley Fool, Tim was in a doctoral program for computational physics. He holds a bachelor’s degree in physics from Rochester Institute of Technology.

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