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SLRP Amount? And Parent PLUS Loan eligibility

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  • SLRP Amount? And Parent PLUS Loan eligibility

    On the main website under Education, the SLRP is stated to cover up to $50,000 in student loans, but elsewhere I've read it is $20,000. Which is it? Or does the amount depend on the MOS?

    Also, I want to make sure I have this clear before moving on. The majority of my student loans are co-signed with my father under the Parent PLUS loan. Is this loan eligible for the SLRP if I am the one enlisting, or would it only be eligible if he enlisted?

  • #2
    Re: SLRP Amount? And Parent PLUS Loan eligibility

    The SLRP was increased from $20,000 to $50,000 a couple of years ago. CONGRATS!

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    • #3
      Re: SLRP Amount? And Parent PLUS Loan eligibility

      Cool. Another thing I thought of: Is the 15% of student loans that are repaid annually based on the amount of student loans eligible upon the enlistment date, or can that amount be added to? If I enlist in the next 6 months, I will still have student loans to be dispersed that are not eligible because they won't be over 12 months old. But if I enlist a year from now, about $15,000-$20,000 in loans will be added to the eligible amount. This would be the difference between getting 15% per year on $80,000 of loans, versus 15% of $100,000, if I understand correctly. My total loan amount will grow after I enlist and I need to know how that plays a part in how much I will be receiving to repay my loans. This question is a little confusing, but I hope I explained enough.

      I also would like to know, is the loan interest included in the amount the 15% annual repayment is based on? Probably not, but I have to ask.

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      • #4
        Re: SLRP Amount? And Parent PLUS Loan eligibility

        Originally posted by SSG_CONLEY View Post
        The SLRP was increased from $20,000 to $50,000 a couple of years ago. CONGRATS!
        Is it true that not all states are offering the SLRP to enlisted any longer? The CT and MA recruiters I talked to said their states no longer offer it to enlisted and they expected all states to follow suit. I am already enlisted in the CTANG but it might be useful for others to know...

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        • #5
          Re: SLRP Amount? And Parent PLUS Loan eligibility

          From the SLRP stick on this forum:

          "13. Anniversary SLRP payments will not exceed 15% or $500 (whichever is greater) of the initial disbursed amounts that were approved upon the date of enlistment, affiliation, or reenlistment/extension, to include accrued interest. Loans with zero balances will not be eligible for payment. See regulation for more details."
          Last edited by RyCass; January 22nd, 2013, 07:35 AM.

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          • #6
            Re: SLRP Amount? And Parent PLUS Loan eligibility

            Originally posted by robinpugs06 View Post
            Is it true that not all states are offering the SLRP to enlisted any longer? The CT and MA recruiters I talked to said their states no longer offer it to enlisted and they expected all states to follow suit. I am already enlisted in the CTANG but it might be useful for others to know...
            That wouldn't be impossible. SLRP is based on a state's available funds.

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            • #7
              Re: SLRP Amount? And Parent PLUS Loan eligibility

              Originally posted by RyCass View Post
              From the SLRP stick on this forum:

              "13. Anniversary SLRP payments will not exceed 15% or $500 (whichever is greater) of the initial disbursed amounts that were approved upon the date of enlistment, affiliation, or reenlistment/extension, to include accrued interest. Loans with zero balances will not be eligible for payment. See regulation for more details.
              Thanks. I read that page, but I guess it definitely needs more than one read-through.

              And this is what is mentioned about the Parent PLUS loan, but it isn't really clear whether or not it's eligible if I enlist (versus if my father enlists, since the loan is technically not under my name). I am asking this because I know government programs, such as the Peace Corps, will include benefits for most federal direct loans, but the PLUS loan would only receive benefits if my father is the one serving.

              "Federal Parent Loans for Undergraduate Students (PLUS loans) incurred for individual use only are eligible for repayment."

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              • #8
                Re: SLRP Amount? And Parent PLUS Loan eligibility

                Originally posted by mspratt View Post
                Thanks. I read that page, but I guess it definitely needs more than one read-through.

                And this is what is mentioned about the Parent PLUS loan, but it isn't really clear whether or not it's eligible if I enlist (versus if my father enlists, since the loan is technically not under my name). I am asking this because I know government programs, such as the Peace Corps, will include benefits for most federal direct loans, but the PLUS loan would only receive benefits if my father is the one serving.

                "Federal Parent Loans for Undergraduate Students (PLUS loans) incurred for individual use only are eligible for repayment."
                Great question and I see your concern. I interpret this to mean that a qualifying loan is one that is taken out by you and used for your own support. But, knowing that parents can also take out PLUS loans for their students, I'm not sure if your father took out a loan for you that it would qualify. This is something you'll need to get some clarification on.

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                • #9
                  Re: SLRP Amount? And Parent PLUS Loan eligibility

                  The loans have to be in your (the applicant/enlistees) name. The National Guad can't help repay your parents loans, even if they were for you. Sorry. Hope this helps.
                  Originally posted by RyCass View Post
                  Great question and I see your concern. I interpret this to mean that a qualifying loan is one that is taken out by you and used for your own support. But, knowing that parents can also take out PLUS loans for their students, I'm not sure if your father took out a loan for you that it would qualify. This is something you'll need to get some clarification on.

                  Comment


                  • #10
                    Re: SLRP Amount? And Parent PLUS Loan eligibility

                    Originally posted by SSG_CONLEY View Post
                    The loans have to be in your (the applicant/enlistees) name. The National Guad can't help repay your parents loans, even if they were for you. Sorry. Hope this helps.

                    Good to know! Thanks for clarifying this.

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                    • #11
                      Re: SLRP Amount? And Parent PLUS Loan eligibility

                      I met with a financial aid advisor recently, who read that line (although he commented that it was pretty ambiguous) to mean that the PLUS loans WOULD be eligible, since they are co-signed with me and used for my "individual use." I'll try to get several more people to look at this, but honestly, someone needs to rewrite that line to be a little clearer.

                      Comment


                      • #12
                        Re: SLRP Amount? And Parent PLUS Loan eligibility

                        Probably the only way to make that any clearer, if co-signing is allowed, is that the primary borrower listed on the load would have to be you.

                        Best you can do is just submit your loan documents to your recruiter when joining and have them assessed for eligibility, and hope it is accepted. Only YOUR recruiter and your state are going to be able to give you the "definitive" answers here.

                        Comment


                        • #13
                          Re: SLRP Amount? And Parent PLUS Loan eligibility

                          Originally posted by mspratt View Post
                          I met with a financial aid advisor recently, who read that line (although he commented that it was pretty ambiguous) to mean that the PLUS loans WOULD be eligible, since they are co-signed with me and used for my "individual use." I'll try to get several more people to look at this, but honestly, someone needs to rewrite that line to be a little clearer.
                          Ambiguous, indeed. It's still best to refer to your recruiter as the military will have the final say on what is eligible for SLRP and what is not.

                          Also, I'll double check the precise wording in the reg, but those stickies are nearly verbatim on topics like this. I'll post anything different if I find something.

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