I have college loans about 50,000 dollars worth- Navy tuition reimbursement. How long does it take?

Question

I would prefer people who have been in this situation to give me answers. This program does exist. Any information would be greatly appreciated, and no I do not care to get into a detailed conversation about how Bush is an idiot etc...

On the Navys website it said 33.3 percent a year. If that is true, I want to know about it.

I would gladly serve my country with that incentive.

Answer 1

the limit is 30K in eligible federal loans(private loans and loans in your parent's name do NOT qualify).

Depends on how the contract is worded is the payout schedule. if it says you must complete A school, then you will not get the first payment until you report to your first Command and submit the paperwork. If the contract says you won't get the loans paid off until your first enlistment, then you are waiting 4-6 years before the first payment. Payment is in three equal installments, with the second and third in yearly increments.

Keep in mind that by entering Active Duty you can defer your Loans a minimum of four years up to the time you actually get out of the Navy.