You might consider going back to school for many reasons, whether for a fresh start in a new career, to renew your license or to increase your earning potential no matter where you end up. But how do you pay for it all? There are funding options available exclusively for Military spouses, and student loans are just one option. Here’s what you need to know and how to choose the right option for you.
Military spouse student loans are money that military families borrow to pay for education, such as recertification, further training or new credentials. Loans may be federal student aid, bank loans or private lending and help offset the cost of tuition, tests, licensing fees and other expenses.
Holding debt is expensive and can be a financial risk. Shopping around for the best loan provider helps you find lower interest rates, flexible loan repayment and better access to financing. These factors make it easier to qualify for loans and pay them back.
Interest fees are the cost of borrowing money. The lower the rate, the less you have to pay on top of your loan. Banks and private lending organizations are typically reliable lenders but often have higher interest rates. On the other hand, federal loans are usually low-interest or no-interest, leading to cost savings in the long run.
It can take time to get a job fresh out of school. Flexibility in your loan repayment schedule can help you maintain your credit while giving you time to settle into a new role. Look for providers that offer early repayment, adjustable repayment schedules and reduced payments for easier loan management.
Qualifying for loans may be challenging for some, especially if you have a poor credit history or a lot of existing debt. A good loan provider will do its due diligence but make it easier for most people to access financing. These are often smaller loans that you can apply for over the phone or online. However, they usually have high interest rates.
One of the best ways to fund your education is to avoid student loans for military spouses altogether. Grants, bursaries and scholarship programs, like the MyCAA program, give you access to no-cost training.
The My Career Advancement Account (MyCAA) is a scholarship sponsored by the Department of Defense. It provides $4,000 in financial assistance to military spouses for an education in a portable career.
You must be married to an active duty service member on Title 10 orders.
The service member must be in E1 to E6, W1 to W2, or O1 to O3 ranks.
Your training must lead to a certification, associate’s degree or license.
Your program must be MyCAA-approved.
To apply, create your account with MyCAA and an education plan. Then, find an approved school and apply for funding. MedCerts is a leader in military spouse training, offering MyCAA-approved programs in high-value and in-demand portable careers.
While loans may be the easiest option to fund your education, no-cost training makes the most sense. You save the interest fees and earn a new credential without financial stress, getting a head start in your career.