Military School

It’s Full Steam Ahead For Your Military College Education

Because military colleges offer traditional degrees, they are fully eligible to be part of Federal, State and private student loan programs. The only possible difference is this: if you go to one of the five United States service academies, your education is completely paid for, in exchange for a multi-year military commitment.

Student at other military colleges are eligible for loans from these sources:

  • Federal government,
  • State government, and
  • Private sources, such as banks and student lending organizations.

Types of Federal Government Student Loans

The Federal government offers three types of student loans: The Stafford Loan, the PLUS Loan (for Parents) and the Perkins Loan. Graduating students can also take advantage of a Federal Consolidation Loan to combine all of their college loans into one manageable loan package.

Applying for Federal Loans Is a One-Step Process

To applying for any government loan you must complete the Free Application for Student Aid (FAFSA). The FAFSA is required for all forms of Federal aid programs, and it is also required for state programs and for financial aid from colleges and universities. Whether you are applying for a Federal loan, grant or scholarship the FAFSA is your first step and must be submitted early to meet any deadlines for your loan or grant applications. The application form and full information is at www.fafsa.ed.org.

State Student Loans

All states have an extensive program of student loans, grants and scholarships. To find out what your state offers, go to the website of the state higher education authority. The site will have the links to the information you need. A list of the state authorities, their websites and contact information can be found on the Department of Education website athttp://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_ID=SHE.

Private Loans for Military College Students

Private student loans are student loans you get from a bank or from a student loan lender, such as Sallie Mae. Used judiciously, private student loans are an excellent way of rounding out your funding picture. But that is precisely how they should be used – to round out the picture. Students should only consider private loans once they have exhausted their federal and state loan options. In general, private student loans carry higher interest rtes than government loans, they have stricter repayment terms than government loans, and they are likely to have much higher, and often hidden, fees than government loans.