This is a sponsored post written by me on behalf of Navy Federal Credit Union. All opinions are 100% mine.
A common misconception about student loan debt and the military is that no one in the military has to worry about it. Over the years, John and I have had some weird conversations with people who don’t believe that military families sometimes borrow money for college education.
We know what we’re talking about. We paid off more than $100,000 in student loan debt over about a decade of marriage. Yes, John was in the military. No, his student loan debt didn’t miraculously disappear because he served.
Despite some popular beliefs, there’s more than meets the eye when it comes to “free” college for military families. Yes, there are fantastic opportunities, like the Post-9/11 GI Bill, which do make college free or extremely affordable. But depending on individual military families’ circumstances, those opportunities might not make the most sense, be available, or be able to completely cover college education costs.
That’s why it’s important for military families to carefully plan for college as early as possible— and that includes understanding the “civilian” side of college financing just as much as it means understanding the ins and outs of what the military has to offer college-bound family members.
Navy Federal Credit Union, for example, is one of those organizations that can help support, weigh, and manage your financial decisions (with perks included!).
Let’s talk a little bit about what this might look like and how Navy Federal can close the gap on college funding:
Navy Federal and Student Loans
Whatever your reason for needing a private student loan, Navy Federal offers options—whether you need to finance an entire full-time college experience or just cover a portion of it. Applications for Navy Federal Private Student Loans are now open for the 2024-25 academic year. It’s important to secure your funding as soon as possible because most colleges require payment before the semester begins.
What You Should Know About Navy Federal Private Student Loans
Here’s what you need to know about Navy Federal private student loans:
- Comprehensive Coverage: These loans are available for up to the school-certified cost of attendance for undergrad or grad school.
- Quick and Easy Application: Apply online in just five minutes for both college and grad school.
- Low Rates and Discounts: Because Navy Federal is a not-for-profit credit union, you could get a great interest rate and receive a 0.25% discount when you set up autopay for your loan.
- Zero Fees: Navy Federal student loans have no application or origination fees.
- Cosigner Advantage: Adding a cosigner to your Navy Federal loan can improve your approval chances or even possibly lower your loan’s interest rate.
- Free Career Assistance: Borrowers can access Navy Federal’s free career assistance resource, which offers job search tools, resume tips, and more.
- Variety of Repayment Options: Navy Federal offers a variety of loan repayment options, including loan repayment options while you’re still a student.
Securing Funding and Your Future
When it comes to financing your college experience, it’s important to be proactive. Spend time now securing funding—whether it comes from a private lender like Navy Federal, the military, or both. You’ll want to have time to fix any mistakes or deal with any issues that might arise as you apply for funding before the first day of school.
Here’s to Your Next Four Years!
Navigating higher education can be intimidating— not to mention really nerve-wracking when it comes to financial decisions. For some people—especially young people—taking on student loan debt might be the largest amount of money they’ve ever borrowed. That can be scary! That’s why it’s important to choose a plan that works for your situation with an organization you know and trust.
Whether you’re going back to school after a break, pursuing more education or upskilling through graduate school work, or heading off to school right after high school, you want to feel at ease with your decision.
Making solid financial decisions about your higher education will set you up for a brighter future with fewer regrets and frustrations.
