I toyed with the same dilemma for about 8 years. In Oct 01' I finally decided to do it.
Like you, I have no prior service but I know I made the right choice.
Entry rank is dependant upon college education or prior service.
I do not have my bachelors degree but had enough college to go in as an E3 (Private First Class). That means more rank, more monthly salary and probably more headache but that is cool with me.
Us older guys (I am 35) will have it harder in some ways and better in others. Pysically, I am as healthy as an 18 year old kid according to MEPS but a 35 year old body is not the same as an 18 yr. old one. Where "we" would have the advantage would be in the areas of discipline, respect and experience.
As you get out of basic and AIT you earn the equivalent of college credit hours........thereby adding to your educational record and serving as a stepping stone to higher rank.
Sorry that I can not quote you any of the loan payback issues etc etc but I do know that the military offers excellent benefits in obtaining your associates, bachelors, masters or whatever degree you seek. You can choose from many schools and do the college time while you are in the guard. Very nicely defined system with very definite parameters and feedback systems in place. My recruiter is an E5 and is steadily approaching his bachelors all through the Guard. The cost to him is negligible when compared to other colleges/universities.
OCS (Officer Candidate School) is a wonderful opportunity.........hard as hell but worth it if you can make it.
I am going in as an MP but plan on possibly going to OCS and at a minimum completing my Bachelors in criminal psychology/justice and possibly on pursuing a full time career in the Guard while I complete that degree.
Yes.......these things will be hard for an older guy but I am single, strong, healthy and determined.
I would say go for it and you will never regret it.
Hang with it once you go in and see it through.
Good Luck!