One benefit of a college education is the ability to pursue many job opportunities. Recent graduates with unpaid student loans should consider opportunities that place them in the best position to pay off the debt and of course since the military helps pay for college, Is it worth it to join the military to help get rid of student loan debt?
Let’s look at the reasons, and the pros and cons.
Reasons to Consider Military Service:
There are many reasons for a recent college graduate to consider the military.
- The choice of enlisting or receiving a commission as an officer. Officers have greater responsibility, but also greater privilege and benefits.
- Join full time, or as a reserve or Guard member. Those who do not want to make the military a full-time career have the option to serve on a part-time basis. Benefits are limited, but they do receive many of the same as full-time service members.
- The military offers federal student loan forgiveness programs. There are conditions based on time served, the branch of service and the relationship between your degree and your job in the military.
- Even when purchasing a home; Student Loan Relief Programs can be useful to you! For example, They can help you reduce your debt to income ratio, possibly eliminate the need for a down payment altogether by using VA mortgage benefits or even receive an interest rate at a full two-percent less than what you could be expecting, According to Low VA Loans.
Pros and Cons:
For some people, It’s difficult to appreciate/understand the sacrifices made by the people in our military, but there are plenty of benefits to make up for that lack of appreciation. Here are some pros:
- A guaranteed paycheck, room, and board. You receive a regular paycheck and benefits that include medical for you and your family.
- A month of paid vacation every year and the opportunity to fly free, or at a significant discount.
- Free training. Your degree may not be in a marketable skill, so having a second career, paid for by the military, is highly desirable
But as with all things, there are some disadvantages to consider as well:
- Commitment. The military offers little flexibility on what you do with your time. Their needs always come first. It is best to accept this before you join.
- You will spend time away from your family. Sometimes you may not know when you will return. This can be very difficult.
- Working within the chain of command can be trying, but will be essential.
The military has a solid record in working with people who are paying off large student loans. If you are attracted to all of the benefits of serving, it may be worth it to join the military to help get rid of student loan debt. If military service doesn’t sound like it’s right for you, make sure to check out our other resources for more information about student debt relief options and your financial freedom.