Joining the Navy with student loans?
I am currently attending SUNY Maritime College, a state Merchant Marine academy in NY. I am a currently a 4th class(freshman) cadet, but I am thinking about joining the Navy instead. In order to attend this college I needed to take out student loans which came to about $20,000 so far. I was wondering if anyone would be able to give me information on what would happen with my student loans if I were to enlist.
Is there a way to defer the payments or possibly not pay interest? Its partially federal, but a majority private loans through citibank
Also, I plan on coming back to this college following my enlistment
two options: you may qualify for the Student Loan repayment program for the federal loans. The other option is: Military service does indeed put a hold on payments( but NOT accruing interest) while you serve. My SL paperwork says the as long as you are AD you don’t have to pay, but I have heard that some say that only for the first four years you are in. you may want to consider paying on them anyway while you are in, even if it is just the accrued interest, because once you get out they WILL come due and if you don’t have a job lined up….
also, GET the GI Bill should you enlist, and the kicker if it is offered to you, that will give you up to $36K for college after you leave the Navy.
oh, and FTR, I have Citibank Private loans as well.
