The US Armed Forces offer financial aid for college students interested in becoming officers, as well as education financial aid for veterans and their families. The Montgomery GI Bill provides educational benefits to veterans, and the Military Student Loan Repayment Program helps with student loan balances. The Reserve Officers Training Corp and the Student Pre-Commissioning Initiative offer full scholarships in exchange for a commitment to a military career. The military also provides economic assistance to military families in need through various service organizations and societies.
There is military financial aid available for those who are interested in a military career. All branches of the US Armed Forces provide substantial financial assistance to college students with an interest in becoming officers in the US Army, Navy, Air Force, Marines or Coast Guard. Military veterans are also eligible for education financial aid when their term ends. Student aid is available to veterans’ spouses and dependents. In addition to financial aid for school, military service organizations provide monetary assistance to military families in need when a soldier is deployed in a foreign country.
The Montgomery GI Bill, a federal law, provides 36 months of educational benefits to veterans of the US Armed Services. The GI Bill also applies to the National Guard and Reservists. It offers all the benefits for colleges and technical and business schools. Benefit amounts are adjusted to track the US Consumer Price Index. Current enlisted members enrolled in accredited colleges and professional schools receive 100% of tuition fees.
Another form of military financial aid is the Military Student Loan Repayment Program (SLRP). If participation in an SLRP is requested at the time of enlistment, military personnel will pay 15% of any student loan balance for each year of service. The maximum refund amount varies between different branches of service. Federal Perkins, Stafford, PLUS and Consolidation loans are all eligible for repayment assistance under the SLRP.
The Reserve Officers Training Corp (ROTC) offers full scholarships to college students in exchange for a commitment to a career in the military service as an officer. Military financial aid pays all tuition, books, and fees. The program requires the student to complete at least one course in military science. Upon graduation, the student enters their chosen branch of the military as an officer. The US Coast Guard has a similar program called the Student Pre-Commissioning Initiative (SPI). Upon graduation, SPI participants enter directly into the US Coast Guard Officer Candidate School.
Each branch of the military has its own four-year service academy, a recognized institution of higher learning. All students receive a full scholarship and a modest monthly stipend. Graduates are commissioned as second lieutenants or as ensigns if they serve in the Navy or Coast Guard. Acceptance into one of the service academies is highly competitive. Enrollment is usually based on the nomination of a US Representative, two Senators, and the Vice President or President.
In addition to military financial aid for education, the military, through its various service organizations and societies, provides economic assistance to military families in financial difficulty. The Army Emergency Relief Society and the Navy and Marine Corps Relief Society provide financial assistance to military families for food, temporary housing, and to avoid evictions or shutdown of public services. Veterans of Foreign Wars (VFW) provides free phone time and other financial assistance to families who have a service member deployed overseas.
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