Question: I have a guy on my boat asking if there are any programs our there to help payoff a student loan that he had before he joined. I told him I didn't think the MGIB could apply, and he already has a mutual loan for something else pending.

Thanks for the help

no, not previously held loans

One would think that if they are willing to pay off school expenses to earn a degree, they might as well pay off expenses to an existing degree.

A. the CG doesn't have the funds to do that.
B. the other services that do...beware as that amount they paid off is subtracted from future SRB's.

now you know the "rest" of the story.

smlBoats,

There isn't a program, in the CG, that I am aware of, but he could try to consolidate the loans to lower interest rates. My sister had 100k of school loans at 7 or 8% and got them lowered below 5%. Tell him to search google for school consolidation loans. It would probably help out.

Hobab

Ok, i was just about to join the Coast Guard, but after reading this i'm a bit discouraged because i just completed college and needed assistance in paying off my student loans, so you're saying that the Coast Guard will not assist me with that?

That is pretty much it. I'm not sure what your degree is in, maybe you could look into something like the Public Health Service if your degree was in healthcare or one of the sciences. Otherwise, I think you're stuck with the other services for loan payoff.

Considering that the Coast Guard will pay for your food and housing over the next four years, as long as you don't try to live like a rock star you should be able to devote a large part of your income towards student loans.

Not too many civilian employers out there that will foot the bill either.