photo provided by Alaska Events Association

It’s almost summertime, which means it’s almost wedding season.  As many young couples start their lives together, there are some that are marrying right into the military lifestyle.  If you’re coming from a civilian background, there are a few things you’ll need to adapt to. Everything from legal paperwork, training schedules, armed forces loans and discounts, flexibility – these are things you’ll have to learn about in your new role as a military spouse.

It can be a little nerve-wracking, but with the right guidance you can jump into a new marriage with more confidence. Here are 8 tips for the new military spouse that will help give you a great start in your marriage.

1.  Make it official: Your first order of business is to enroll in the Defense Enrollment Eligibility Reporting System (DEERS). Your spouse can walk you through this process. You will need a copy of your marriage license and other personal IDs, such as a driver’s license or social security card. This process will allow you to get your military dependent ID. That ID will get you everything you need on base; check with your spouse’s installation to determine where you get your ID card.
2.  Sign-up for benefits: You and your spouse have access to health and dental benefits through TRICARE. Be sure to review all your options. In some cases, coverage may differ for you and your spouse, so be aware of what you need.
3.  Protect yourself: Take time to review beneficiary information on life insurance policies, fill out contact forms, draw up a will, and get your Power of Attorney, which gives you the authority to act on behalf of your spouse if he or she is unreachable (such as deployment). The sooner you take care of this step, the sooner you can rest easier about your security.
4.  Discover your discounts: So many businesses offer military discounts, and that lists grows all the time. There are a few comprehensive lists of businesses online that offer a military discount, so do a quick search. Make a list of places you can frequent in order to save money. Also, if you already have children, check out websites like Blue Star Families, which highlights museums you can access for free, in addition to a ton of helpful information.
5.  Get connected on base. Make friends with other new spouses so you have a “partner in crime” when adjusting to life on base. Also, connect with someone who’s been a military spouse for a while so you have support when you are confused, stressed, or anxious.
6.  Be patient and flexible: Be unflappable! Check any number of blogs and support sites for military spouses, and this is one of the first pieces of advice you’ll get! If you and your spouse have been dating awhile, you may already know this to be true. However, marriage has a way of altering our perceptions; we may expect things to change just because our status as a couple is new. This is not always the case. Don’t be disappointed if you become frustrated with military life – every marriage (civilian or military) requires an adjustment period. Rely on friends and family to help you through this step. Learn all about military life from those who have been living it.
7.  Balance support of your spouse with your own interests: While you are immersed in military life, be engaged and supportive. But don’t forget to do the things you love to do as well, whether it’s a career, a hobby, or any number of projects. Make room for both worlds.
8.  Above all, show the love: Military life can be uncertain and stressful, not just for you but also your spouse. Be patient and caring. Be extra loving during deployment. Shower your spouse with romantic gestures to start off on the right foot!

Best of all, make each day as a newly married couple an adventure. Enjoy each other’s company and vow to work through the tough stuff.

What’s your best advice for a new military spouse? Who helped you the most when you were new to military life?

photo provided by Avinash Anand

In today’s economy, many people are living simpler, less expensive lifestyles. Yet the downsizing hasn’t deterred people from the American dream: a home, complete with a white picket fence. Despite these leaner times, homeownership is still an attainable goal, especially for members of the military and veterans who have access to benefits, such as affordable mortgage rates and military loans.

Buying a home is a lengthy process and it’s likely one of the biggest purchases you’ll ever make, so you need to be prepared. The following are some steps you can take to make finding, buying, and living in that dream a reality.

• STEP 1: Start saving. Buying a home isn’t cheap, and while Just Military Loans offers military loans that can help you finance your dream, it’s good to have some cash stashed away for a down payment. Down payments typically range from 10 to 20% of the cost of the house depending on the lender. This probably sounds like an overwhelming savings goal. However, by putting a little money away each month and using some creative savings tactics, it’s one you can achieve.
• STEP 2: Choose a home within your budget. When you’re ready to buy a home, the first thing you need to do is decide how much you can afford to spend. Review your budget and figure out how much of a mortgage payment you can handle each month. On average, most lenders recommend that your mortgage payment doesn’t exceed 28% of your gross monthly income. If you currently have no other debt, you can go as high as 36%. You should also factor in the down payment amount that you’ll need to pay up front.
• STEP 3: Take advantage of military mortgage and loans. A mortgage is a long-term loan between you and the lender that’s used to pay for a home. And you can also look towards the U.S. Department of Veteran’s Affairs for special mortgage offers for current and former members of the military.  And if you’re in the market for a fixer-upper or need some extra cash to do some remodeling on your home, Just Military Loans provides military loans for home repairs.
• STEP 4: Select a mortgage term and payment schedule that works for you. There are two key factors that determine your monthly mortgage payment: the amount and term of your loan. The term is the amount of time you have to repay the loan and the longer the term, the lower your monthly mortgage payment. (A 30-year mortgage is the most popular term amongst homeowners.) Once you and your mortgage lender have decided on a term, the interest rate of your mortgage, taxes and insurance will also be factored in to ultimately determine your payment. Make sure you’re up front with your lender about how much of a payment you can afford each month and never inflate your budget. Overestimating how much you can pay can cause serious problems if and when you experience a financial hardship.
• STEP 5: Pay your mortgage on time. Once you’ve signed on the dotted line and your new home is yours, make sure you’re diligent about paying your mortgage on time each and every month. Making payments on time will not only get you closer to paying off your home, it also helps improve your credit score. If you ever have trouble making your payments, contact your lender immediately. The company may be able to adjust your repayment terms or find a solution to keep you above water with your mortgage.

The road to homeownership isn’t always easy, but if you save, budget, and plan accordingly, it definitely one worth traveling — especially when the journey leads you to your own front door!

How did you get the keys to your dream house? Do you have a in interesting story behind becoming a homeowners? We’d love to hear your thoughts!

photo provided by Joint Base McChord-Ft. Lewis

It appears the military isn’t immune to one of our national problems – obesity. In our role of helping military families secure armed forces loans, we’re concerned with physical health as well as financial health. Obesity can cost you your job, your health, and affect your happiness.

Last month, military officials announced a new initiative to educate service members on weight loss and nutrition. Surveys show that 1 in 4 adults between 17-24 aren’t eligible to serve because of their weight. In 2010, Science Daily reported that, “In the past half-century, the number of women of military age who exceed the U.S. Army’s enlistment standards for weight-for-height and body fat percentage has more than tripled. For military-age men, the figure has more than doubled.”

It’s also projected that the military spends more than $1 billion annually on obesity-related issues. On the heels of the First Lady’s campaign to eliminate childhood obesity nationwide, the military is following suit by improving its own meal offerings.

So where does that leave you? Are you concerned with being overweight? Here are 10 practical tips to help you stay healthy.

1.  Eat smaller portions. Many of us aren’t aware of what a healthy portion size actually looks like. This easily leads to high calorie consumption. Know what you should be eating for your height. If you want to lose weight, shave a couple hundred calories off that total. Consult your physician for help in determining a reasonable amount.
2.  Eat a colorful meal.  Are you eating your fruits and vegetables? Be adventurous and try something new. Kale, for example, is considered a super-food that both fights fat and provides a large amount of protein for a vegetable. Experiment with new recipes. Make sure your meal includes a variety of colors, providing different nutrients.
3.  Nibble small amounts of sweets. Studies show that denying your sweet tooth may have adverse effects. Instead, allow yourself a few nibbles. Bypass baked goods for dark chocolate or 1 piece of candy. And remember, if you are the type to go overboard, tread lightly.
4.  Cut out soda. Substitute with tea or low-calories juices. Also avoid high-calorie coffee drinks.
5.  Stay moving.  Walk everywhere. Bike to work. Run a race. Plan a family hike. It’s not always easy to get moving, but preparation is key. You can do more than you think!
6.  Save eating out for special occasions. Restaurant food portions are much larger than you need. You often overeat, as well as spend more money. Save these outings for celebrations or special dates – and save loads of cash, too.
7.  Keep protein in your diet.  So make sure you build high-protein foods – such as beef, chicken, fish, beans, nuts, seeds, and cheese – into your diet. It will help you feel full. Careful not to overindulge by knowing the appropriate portion size!
8.  Snack between meals. This is the best way to avoid overeating during regular mealtime. Choose yogurt, apples, pretzels, a handful of nuts, string cheese, as examples.
9.  Stay balanced. Avoid the dangers of eating too much as well as eating too little! You can also work out too much, leading to injury. When you can, live in the balance to achieve the best results. Get professional advice if you need it.
10.  Do something active daily. Move everyday – walking, taking the stairs, vacuuming, gardening – your options are endless! Be sure to get your heart rate up for at least 20 minutes so you can reap the most rewards from your workout.

Making small changes to your daily routine can make all the difference in achieving a healthy weight. Commit to trying at least 3 of these tips this week, and see how you feel!

If you’ve recently lost a lot of weight, what was the secret to your success? How does your energy level change with exercise?

photo provided by 401K

Whether you’ve been diligent in saving over time, are getting an influx of cash from reenlistment bonuses or tax refunds, or getting a low-interest military loan you may be wondering how best to invest your money.  Everyone wants the most bang for their buck, but which options out there are the best?

Selecting the right investment vehicle can be confusing if you don’t have a degree in finance. That’s why we put together this simple guide to break down each investment listing what they are, their risk levels and involvement ratings (on a scale of one to five with one being low), and what you need to know before choosing each one.

1. CDs. With a certificate of deposit (CD), you deposit your money into a bank or credit union for a fixed term (from one month to five years) and the bank or credit union agrees to pay you a fixed interest rate. When the CD reaches maturity, you get your money and the accrued interest back. CDs are insured, so they’re risk free. Risk rating: 1 / Involvement rating: 1

2. Bonds. With a bond, you loan the bond issuer money and it promises to pay you back with interest after a certain amount of time (usually 10 years or more). The safest bonds are issued by the U.S. government and are virtually risk-free. There are also bonds issued by companies or cities. These bonds are riskier since there’s less of a guarantee that the issuer will make its payments, but they usually pay higher interest rates. Risk rating: 1 / Involvement rating: 1

3. Mutual funds. Mutual funds are an investment vehicle that pools money from several investors so that it can be invested in securities, such as stocks, bonds, and money market assets. Mutual funds are operated by money mangers who invest the fund’s capital in order to produce capital gains and income, so there’s little involvement on your part. The risk factor for mutual funds is relatively low, but some funds have higher risk levels than others. Risk rating: 2 / Involvement rating: 2

4. Stocks. Investing in a stock means you own a piece (also known as a share) of a company. As a shareholder, you’re entitled to a part of the company’s assets and earnings, and the more shares you own, the bigger your portion of the earnings. Stocks require a lot of involvement since you have to select the right one and continue monitoring the company to determine whether it’s a worthwhile investment. The risk level for stocks ranges from medium to high based on the company and the time you’re willing to invest in the stock. Risk rating: 3 / Involvement rating: 3

5. Personal business. This is one of the highest risk investments and it requires the most time and involvement. However, opening a business can create a lot of new opportunities. Are your cupcakes to die for? Maybe a bakery is your key to sweet success. Like to fix things? A handyman service could bring in some serious cash. If you’re considering this investment option, Just Military Loans provides loans for military business owners and can help you finance your new company! With the right planning, drive and business savvy, this investment has the potential for a very high return. Risk rating: 5 / Involvement rating: 5

When it comes to investing, there’s something out there for everyone. Just remember to do you research, consult a financial advisor if you have questions, and contact Just Military Loans if you need any assistance funding your investments!

Do you have another brilliant investment idea? How did your investment pay off? Share your stories with us!

photos provided by each website listed below

Life is complicated especially if you’re a parent. With everything demanding so much out of you – from work to household chores, from spouses to your children – you may feel like you and your budget is being stretched too thin. But it doesn’t have to be that way. Don’t let the stress overwhelm you! Learn from the pros who have been there.

The great thing about blogs is that you can easily learn from other people who know what you’re going through. That is why we rounded up the best five resources we could find that will help you simplify your life, give you great tips on money and military loans, provide creative and affordable ways to entertain your children, and help you find a great community of likewise military mothers who can encourage you.

1.  MilitaryWivesSaving.com

Michelle is a busy mommy of two young ones and currently stationed with her husband in Fort Briggs, NC.  The great thing about her blog is that in the midst of taking care of her children, cooking meals, and cleaning the house she is also blogging about smart savings.  Which is great since her passion is helping others save money. You’ll find great tips to deals, coupons, and frugal living all with a great southern charm!

2.  MommySavers.com

If you’re looking for ways to cut your spending in half, look no further!  MommySavers.com is a great resource for discounts, deals, freebies, and coupons.  This one-stop-shop for frugal living has tips for every aspect of being a mom (family fun, fashion and beauty, decorations, family finance, recipes, and shopping tips).

3.  MoneySavingMom.com

Crystal Paine founded MoneySavingMom.com after inquiries flooded in on how she was able to feed her family on such a small budget. During the years her husband was attending law school, Crystal planned their meals around a very frugal budget that sparked a life of extreme couponing. Since then she has been sharing what she knows about Supermarket Savings, coupons, becoming a better home economist, and adventuring of her little family all in the hopes that her readers will save more and give more.

4.  TheCrazyNutsMom.com

Regina is a second generation couponer and 3rd generation frugalnista. To say that she has the chops to know what she’s talking about is a understatement.  Since her mother was so great at saving money, they were able to do more with those savings to have a fun-filled life.  But the Crazy Nuts Mom Blog covers more than just deals and coupon tips, it covers baking, cooking, giving back to the community, genealogy, scrapbooking, and gardening. It pretty much covers everything that she loves, including her family and the crazy things they put her through. But that’s what makes her blog so entertaining!

5.  Parenthacks.com

When Asha Dornfest became a mother she realized that a lot of what she read in the parenting magazines didn’t really match what she was actually going through.  So when she started writing around that central theme, she found that a lot of other parents felt the same way.  That’s when Parenthacks.com came into play.  The “hacker” ethic was something to experiment with, a tinkerer’s approach to parenting.  This blog was a way  to come up with clever solutions to the things parents come up against.  You’ll find advice, resources, and simple ways to approach life’s problems all the while having fun.

So whenever life gets a little hectic, just take the time to breath a little.  You’ll realize you’re not alone.  Be sure to check out each of these Mommy Saver Blogs to find ways to live a fun-filled and frugal life.

What other Mommy Saver Blogs do you consider a lifesaver? What would you do if you had an extra hour at the end of the day to yourself?

photo provided by MeddyGarnet

You know your credit score defines who you are as a borrower and has a significant impact on your creditworthiness, but understanding how this magic number is calculated and what it means is another story. Your score directly impacts whether you qualify for mortgages, credit cards, military loans, and can even determine whether you get a civilian job once you’re done serving in the military. This number is your golden ticket to financial success, so it’s crucial that you understand how to build and protect it. Want to know how? Here are some answers to your biggest credit score questions.

Q: How is my credit score calculated?

A: There are a variety of companies and methods for determining how your score is calculated, but the most widely known is FICO (which stand for Fair Isaac & Company). FICO determines your credit score based on a variety of different data in your credit report, including payment history, amounts owed, type of credit, length of credit history, and the number of new credit inquires on file. While all of these factors contribute to your score, each one is weighted differently. For instance, your payment history has the biggest impact on your score and accounts for 35% of your score. Meanwhile, the type of credit and the number of inquiries on your account only account for 10% each. However, this doesn’t mean you can make all your payments on time, and apply for numerous credit cards and loans without repercussions.

Q: What’s a good credit score?

A: An average credit score is 620 to 679, a good score is between 680 and 699, and an excellent score falls in the 700 to 850 range (850 is perfect!). Different lenders may have different ranges for grading credit scores, but a score that’s below 619 may lead to high interest rates, lower credit limits, and/or difficulty obtaining credit. If you fall into this category, be sure to to checkout Boot Camp for Your Credit (our guide to improving your credit worthiness).

Q: How do I keep my credit score high?

A: Maintaining a good credit score doesn’t take a lot of work provided that you’re responsible and vigilant with your credit. One of the best ways to keep your score high is to make your payments on time and pay off your credit card balance each month if possible. If you carry outstanding credit card and/or loan balances, pay as much as possible each month to reduce the balances. (The amount you owe accounts for 30% of your credit score!) It’s also important to monitor your credit report for fraudulent and incorrect information by regularly reviewing your credit report. Everyone is allowed one free credit report per year, so there’s no reason not to check for errors! If you do find inaccuracies on your report be sure to dispute them with the credit reporting agencies.  If you don’t have a credit card or loan, you may want to consider taking out a small military loan to start building your credit!

Building and maintaining your credit score takes some work, but your diligence and dedication can keep your creditworthiness intact, save you thousands in interest payments, and ensure your long-term financial success! 

Do you have another credit score question? Want to share how you improved your score? We’re all ears!

photo provided by Jenks75

Entertainment and kids go hand-in-hand. Parents are often looking for ways to avoid the infamous “I’m bored” response that comes with summer break. At Just Military Loans, our armed forces loans have helped families cover necessary expenses so they also have the resources to have a little boredom-fighting fun. We know that making that dollar stretch is important.

Best choices for your family

It’s a fine line between keeping kids too busy in sports and social activities and not busy enough to avoid boredom. And if your spouse is deployed or mobilized, the bulk of the effort falls you as a temporarily single parent. But whether you have kids who like to be busy all the time or ones that take activities in doses, expenses are always a concern.

Organized sports can be pricey. A trip to the amusement park for a family of 6 may be out of the question. Both could be tough to handle with busy schedules.

With that in mind, here are some creative – and inexpensive – ways to have fun with your kids this summer!

1.  Discover free music. With warmer weather come free concerts in the parks and local festivals that offer easy family entertainment. Watch for events on community websites, tourism websites, and local newspapers, and start a list of options.

2.  Create a park scavenger hunt. Make a list of fun things to find in a park: Locate something green. Look for a purple flower. Play your own version of “I Spy.” Treat your kids to ice cream when you’ve found everything.

3.  Check daily deals for local sports teams. Community libraries often offer discounted or free tickets to local sports events (such as farm-league baseball games). Score a good deal so you can spend money on cotton candy when you get there!

4.  Visit a state building. If you live near your state’s capitol, visit the capitol building and other government sites. Older kids often find the experience and the architecture interesting.

5.  Take nature hikes. Some areas of the country offer excellent wildlife trails or arboretums ripe for kids who like to explore. Spring and fall are great times to take those adventures.

6.  Create wildlife art. If you do take a hike, collect pine cones, acorns, leaves, and other goodies from the forest floor to use in a craft project. This helps kids document the event. Look up your findings online and teach kids more about nature.

7.  Get sudsy. Another fun project that takes the tension out of a long, hot day is to bring on the bubbles. Place a sudsy pail outside with a few sponges and let kids go wild. You can even color the bubbles (have them wear old clothing).

8.  Host a sleepover. Create fun glow-in-the-dark games with your kids and their friends by using glow necklaces (get lots at a dollar store). Pitch a tent in the basement. Play flashlight tag.

9.  Christmas in July/July at Christmas. Switch up the holidays! Tell your kids you’re going to have a Christmas dinner one night in July. Plan a traditional meal, watch a Christmas movie, wear cozy PJS, give each other a small gift. (You can do the opposite at Christmas time – host a luau!)

With a little creativity you can transform a routine day into a memorable one. And remember that your kids don’t need to be busy all the time! Sometimes downtime can create moments for spontaneous family fun.

What are your go-to activities to fight boredom at your home? What’s your solution for a fun family activity without breaking the bank?

photo provided by Joint Base Lewis-McChord

Joining the armed forces is an exciting and educational career path that offers many experiences and challenges for any new recruit. Yet with this new role comes greater responsibility — especially when it comes to managing your money. Between bootcamp and your first deployment, there’s not a lot of time to get your finances in order. It’s nice to know military lenders can help if you ever get stuck in a financial jam, but sorting your money matters out before you leave will give you a solid financial foundation to build on while you’re serving our country.

The following are some money management tips that will keep new recruits on solid financial ground before, during, and after deployment.

1.  Spend less, save more! Don’t get in the habit of living paycheck to paycheck. To avoid this scenario, it’s important to evaluate your spending habits. The best way to do this is to keep track of everything you spend for an entire month. Then create a budget that allocates money for necessary expenses, savings, and other miscellaneous costs, such as shopping, entertainment, etc. Stick to your budget and your savings account will grow!

2.  Build a good credit score. Credit cards, mortgages, and other loans can be helpful in building your credit score … if you use them properly. To ensure a solid score, pay all your bills on time each and every month and don’t take out more credit than you need. Having different types of credit, such as a credit card and a student loan, instead of just one, also helps to build your score.

3.  Be smart with credit cards. Credit cards, especially those offering introductory low interest rates, can be tempting if you’re in a cash crunch. However, you should only open a credit card and use it if you can pay off the balance in full each month. Carrying a balance isn’t necessarily a bad thing, but you will pay interest charges, which can vary from 1% to more than 30%, depending on your card. This is money you could be saving, instead of handing it over to the credit card company!

4.  Build an emergency fund. Life is full of twists and turns, so it’s important to have an emergency fund just in case the unexpected happens. Your fund should include enough money to cover three months of living expenses. Remember that budget? Multiply it by three and that’s how much you need to stash away.

5.  Save for the future. Set your sights on a long-term savings goal — whether it’s a new house, car, college education, or retirement. You’re always going to have every day expenses, but having a savings goal (and working toward it!) will keep you motivated to live and spend within your budget.

Being a new member of the military can be a chaotic time, but that doesn’t mean your finances have to follow suit! Get your finances in order now, and you’ll be marching towards a successful professional and financial future.

Do you have another money management tips for new recruits? Want to share your story about making sense of your military finances? Please tell us your thoughts!

photo provided by C.C. Chapman

Before you know it summer will be here. Because we’re in the military lending business, we’ve been helping families manage their finances for years. We know summer can be expensive for many people. After all, there’s a ton of fun to be had during those longer days!

But fun doesn’t have to be pricey. In fact, you have more options than ever for vacations under $1,000! Many travel companies and top destinations have reduced prices as they continue to recover in this slow economy. Now is the time to research options.

Here are a few tips to help you find a great summer vacation for your family for under $1,000.

Start by saving

First, plan the budget. Sometimes this is easier said than done. Your best bet is to put off instant gratification to save for a great experience.

Did you get a tax refund? Put the money aside in savings. Apply a little from each paycheck – even $50 will add up quickly. Can you forgo a dinner out once a month to apply to your vacation fund?

If you have trouble finding extra money at the end of the month, set it aside at the beginning. Have a portion of your check directly deposited to a savings account.

Pick up part-time work if needed. (Babysitting or lawn care jobs are good examples.) Hold a garage sale to fund your trip. If needed, apply for a military loan to cover the amount that you can quickly pay back.

Plan each piece

Next, plan your location. Be original – think outside the box. Disneyworld may be a hot spot for families, but if it doesn’t work for under $1,000, get creative. Here are a few ideas:

• Free is good. Washington DC’s Smithsonian offers a number of free museums your kids will love – even a zoo.
• Off-season stays are cheaper. Head to a resort in Colorado that is usually pricey during ski season. Mexico may be sticky in the summer, but that’s nothing an ocean breeze can’t cure!
• Visit a National Park. You have about 60 to choose from, all with low admission fees and many with great camping options.
• Farm for the week! If you’re a city dweller, introduce your kids to farm life. Amish Country, for example, offers getaways on the farm that will keep kids occupied (or make a quiet excursion for a couple).  Browse around on Farm Stay U.S. to see if any of these spots interest you.
• Attempt a home exchange. If you want to travel cheaply, you might score a deal on a home exchange with another family. A week’s stay could very reasonable, and you can cook your own meals. Airbnb.com and HomeExchange.com are both great options!
• Don’t forget the stay-cation. List all the amazing things you’ve never done in a 2-hour radius from your home and make them happen. Plan well to make good use of time and money.

Make it memorable

There are many ways to make your vacations memorable. With any new experience – whether it is a unique meal on train rides to biking adventures during camping tips – you’ll be able to make a lasting impression on your kids.  You can even teach them a few things along the way:  how to capture moments with a camera, how to keep track of expenses (think of all the souvenirs they’ll want to buy), and how to have fun on a budget.

With creativity and careful planning, a $1,000 vacation is truly possible. Don’t forget to set aside a little for the unexpected – after all you can’t control all the circumstances during travel. Have fun making memories!

What’s the most memorable inexpensive vacation you’ve taken? What hotspots do you recommend?

photo provided by Corpsman.com

People enlist in the military for all sorts of reasons — everything from a desire to serve their country to seeing it as a worthwhile career path. But one of the biggest perks is the education benefits the military provides to those who serve. While there are a variety of student loans for military members, taking advantage of the G.I. Bill is one of the best ways to fund your education. There are actually a few different options when it comes to paying for college, and we wanted to go through a few details so that everyone can chose what works best for them.

Here are some of the questions that came to mind and the answers and resources available to you as a military member:

1. What exactly is the G.I. Bill?

The G.I. Bill was passed into law in 1944 to provide benefits, including low-interest mortgages, business loans, and money for higher education, to World War II veterans (a.k.a G.I.s). With today’s G.I. Bill, service members and veterans (in some cases, their family members!) may be eligible to have their full tuition and fees paid at a public, in-state school. Tuition and fees are capped at $17,500 per academic year for private or foreign schools, but if you’re attending one of these institutions, you may qualify for the Yellow Ribbon Program to offset the higher cost. There’s even a monthly housing allowance for military students and their dependents for some applicants, and an annual $1,000 allowance for books and supplies is provided to all who qualify for the G.I. Bill.

2. What if I had student loans before I joined the military?

For those of you who had student loans prior to your enlistment, you may be eligible for a military loan repayment programs (LRP), but they vary among branches. Make sure to research each one to know the exact qualifications you’ll need to meet (ie. having your loan be in good standing).

Search by military branch: Army’s Student LRP; Navy LRP; Marines LRP; or Air Force LRP

3. What other student loan forgiveness or repayment programs are out there?

In addition to the G.I. Bill and loan repayment program, active duty military members may also receive up to $4,500 for tuition and fees through the tuition assistance program. You can also enroll in the Veterans Educational Assistance Program, which allows military members to make contributions from their military pay that can be used for higher education, apprenticeships, job training, and more. The military’s Work-Study Program is another option for full-time or 3/4-time students who want to earn extra money while enrolled in school.

Decoding your military education incentives and how to use them can be intimidating. However, taking the time to research and understand them could mean the difference between paying thousands of dollars for your college education and paying nothing!

How did you use your military education benefits? How much did you save on tuition? Tell us your stories and thoughts — we’re always happy to hear from you!