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Student Loan Repayment

Julie Said:

Can someone enlisting in the army receive both an education bonus AND student loan repayment?

We Answered:

I don't know how helpful this is, but when I joined several years ago it was one or the other.

Keep in mind that the loan repayment and bonus are both taxed. So, for example, if you get $50,000 loan repayment over 5 years ($10,000 a year paid off) they will tax it, which means you will have to pay the taxes on the $10,000 out of your own money. It sucks, but is still WAY less than paying off the whole $50,000.

Something to keep in mind. I had several friends that weren't aware of this and didn't save properly. When tax time came around they were in a tight spot.

Margaret Said:

why is the Military student loan repayment considered income?

We Answered:

Loan repayment is a benefit program, because the Army has given you a gift of money to pay down a debt that you owe.

You have received this gift in exchange for a service that you have provided (military service), and therefore the IRS considers it a form of taxable income.

The IRS treats other forms of benefits similarly. For example, stipends earned by graduate students in exchange for teaching classes or assisting a professor with research are treated as taxable income. The IRS also treats money earned in the federal work-study program as taxable income.

Basically, if you're given something in exchange for providing a service, you are being "compensated" for that service, and the compensation is taxable.

I hope that information helped. Good luck.

Mike Said:

Does student loan repayment still begin if you are enrolled in a graduate program?

We Answered:

As long as you are in school you won't have to pay. However, some loans will accumulate interest, so you should be paying something each month. Otherwise when you graduate you will be working for the bank the next 10 years.

Lucy Said:

Can i transfer my student loan repayment to my husband?

We Answered:

No, but if you could im sure he would be thrilled

Theresa Said:

how do I check how much of my army student loan repayment I still have left to use?

We Answered:

No, student loan repayment, is for student loand held, before you enlisted.

Not student loand taken out, After you enlisted.

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