/Biden’s Loan Forgiveness May Impact Army Student Loan Incentives

Biden’s Loan Forgiveness May Impact Army Student Loan Incentives

After President Biden announced a student loan forgiveness program that forgives up to $10K in federal student loans for Americans making less than $125K annual salary, the Army got to work to decide how this would impact incentives for having soldiers join. Army funded loan programs are deemed as taxable income, and those who opt-in for repayment will not accrue eligibility for the Post-9/11 GI Bill.

Here are the Army programs affected by Biden’s Student Loan Forgiveness Program.

All of the service’s loan repayment options could be impacted by forgiveness, according to Army spokesperson Hank Minitrez:

– Regular Army Loan Repayment Program, an enlisted recruiting incentive also available for non-prior service applicants who direct commission as cyber officers. This incentive maxes out at $65,000 paid over a three-year period.
– Student Loan Repayment Program-Reserve Component, available to both Army Reserve and National Guard enlisted soldiers and officers as a recruiting or retention incentive.
– Chaplain Loan Repayment Program-Reserve Component
– Health Professionals Loan Repayment Program, for Reserve and Guard medical providers.
– Judge Advocate Student Loan Repayment Program, for uniformed attorneys.

Learn more about this by visiting Military Times.