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  • SLRP "How to"

    I wanted to post this because I had a few issues crop up with my SLRP en route to enlistment (09S, enlisted just last week). Take everything here with a big grain of salt. Between actually gathering the forms and enlisting, some stuff changed on me, and it required a redirection from MEPS to Sallie Mae to the state Education office then back to MEPS to finish enlisting. There could also be some state-to-state differences (I am in IN). Basically don't sign anything until you're happy with it!

    I'm going to assume everybody knows what loans they have, where the are, and if they are qualified for the SLRP (09S became eligible as of Oct 2010, before they were not). The website that shows what federal loans you have is nslds.ed.gov. You can go there and get a printout for all your loans. Hopefully you remember your PIN. I didn't. Go to pin.ed.gov if you don't remember it and jack around there until you can change it.

    Next you need promissary notes. You can either call your provider and wait for them (50-50 odds you even get them in the mail) or you/your recruiter can go get them. Your recruiter can have you sign a release so he can go pick them up...but I would do it yourself. There is a Sallie Mae office right near Indianapolis, and I just walked in the door, flashed my ID, and took off. The notes need dates of disbursment and your signature on them (that's what screwed me up). Basically, have them print off everything they have on you.

    A note on consolidations (another thing that screwed me up). There is some confusion going on right now when people submit consolidated loans. The nslds info is kind of strange in this regard - it shows all your old loans and their information, but just has one line for your consolidation. There's no formal "disbursment" letter for the consolidation loan (according to Sallie Mae here), but they can give you a form that shows they used the new consolidated loan to pay off all the old ones (again make sure it is signed and dated. The date you sign and the date the money is disbursed will be a couple months apart - processing time). That's the form my state education office needed to see to sign off on it. Get all your old prom notes anyway, you just never know. If you consolidated someone else's loans into your new, huge loan, they will probably not pay that portion. But if they don't bring it up I would not point it out.

    Here's another good point - get some face time with the SFC/MSG who runs your state education office, and make sure they know your name, and that you are interested and engaged in getting these loans paid off. They will be alot more willing to help you if you are not just a voice on the phone. They are probably right next door to the state OSM anyway (09S candidates), so I'd pop my head in the door whenever you go up there.

    Make sure your enlistment contract has the annex for the SLRP (I think the designator is "L"). The forms that come with it must have a master control number. Make sure the enlistment personnel can point to that number, and show you that it is live and kicking via the education office. Then sign your life away.

    Repayment works like this (for now): for the first 364 days it's business as usual, so keep making your payments. About 60 days before your 1-year in date, contact the ed office (whose personnel you are now on good terms with, right?) and have them give you the DD2175 form, which they need to fill out the top portion of. Then you are faced with a choice - you can have them put it in the mail, or you can take it to your loan provider yourself. It's your money.....but I'd spend the time and do it yourself. People are busy, and if you miss the deadline, it's a mess. Sallie Mae or whoever will take the form and do their thing with it, and submit it (they don't get their money if they don't submit, so they will sure as heck do it). You could take it back to the ed office, but sometimes it takes a couple days for the provider to process it. You will have to repeat this exercise every year.

    At day 365+1, your SLRP money should flow to the loan provider for the next calendar year. The amount they pay is your total loan divided by your contract length. You are ALWAYS responsible for the intrest that accrues on your loan. Sallie Mae will take either a lump sum for this, or you can pay it monthly. They will be happy to help you figure it out, because they're making money (see a trend here?). Just talk to them while they are working with you on the DD2175.

    DISCLAIMER: stuff changes. Don't take any of this as gospel, and do your research. I hope this helps somebody out, because for me, this was a real ordeal.

  • #2
    Re: SLRP "How to"

    One big thing to understand with an 09S: They won't make a payment if you are not MOSQ and for an officer that means you must have completed BOLC. This means the first payment will definitely not be on your first anniversary and maybe not your second.

    Comment


    • #3
      Re: SLRP "How to"

      Hmm. I asked that question specifically, and that wasn't the answer I got. I will double check and post back, now you've got me worried. I guess it's not the end of the world either way.

      Comment


      • #4
        Re: SLRP "How to"

        Originally posted by mgherter View Post
        I wanted to post this because I had a few issues crop up with my SLRP en route to enlistment (09S, enlisted just last week). Take everything here with a big grain of salt. Between actually gathering the forms and enlisting, some stuff changed on me, and it required a redirection from MEPS to Sallie Mae to the state Education office then back to MEPS to finish enlisting. There could also be some state-to-state differences (I am in IN). Basically don't sign anything until you're happy with it!

        I'm going to assume everybody knows what loans they have, where the are, and if they are qualified for the SLRP (09S became eligible as of Oct 2010, before they were not). The website that shows what federal loans you have is nslds.ed.gov. You can go there and get a printout for all your loans. Hopefully you remember your PIN. I didn't. Go to pin.ed.gov if you don't remember it and jack around there until you can change it.

        Next you need promissary notes. You can either call your provider and wait for them (50-50 odds you even get them in the mail) or you/your recruiter can go get them. Your recruiter can have you sign a release so he can go pick them up...but I would do it yourself. There is a Sallie Mae office right near Indianapolis, and I just walked in the door, flashed my ID, and took off. The notes need dates of disbursment and your signature on them (that's what screwed me up). Basically, have them print off everything they have on you.

        A note on consolidations (another thing that screwed me up). There is some confusion going on right now when people submit consolidated loans. The nslds info is kind of strange in this regard - it shows all your old loans and their information, but just has one line for your consolidation. There's no formal "disbursment" letter for the consolidation loan (according to Sallie Mae here), but they can give you a form that shows they used the new consolidated loan to pay off all the old ones (again make sure it is signed and dated. The date you sign and the date the money is disbursed will be a couple months apart - processing time). That's the form my state education office needed to see to sign off on it. Get all your old prom notes anyway, you just never know. If you consolidated someone else's loans into your new, huge loan, they will probably not pay that portion. But if they don't bring it up I would not point it out.

        Here's another good point - get some face time with the SFC/MSG who runs your state education office, and make sure they know your name, and that you are interested and engaged in getting these loans paid off. They will be alot more willing to help you if you are not just a voice on the phone. They are probably right next door to the state OSM anyway (09S candidates), so I'd pop my head in the door whenever you go up there.

        Make sure your enlistment contract has the annex for the SLRP (I think the designator is "L"). The forms that come with it must have a master control number. Make sure the enlistment personnel can point to that number, and show you that it is live and kicking via the education office. Then sign your life away.

        Repayment works like this (for now): for the first 364 days it's business as usual, so keep making your payments. About 60 days before your 1-year in date, contact the ed office (whose personnel you are now on good terms with, right?) and have them give you the DD2175 form, which they need to fill out the top portion of. Then you are faced with a choice - you can have them put it in the mail, or you can take it to your loan provider yourself. It's your money.....but I'd spend the time and do it yourself. People are busy, and if you miss the deadline, it's a mess. Sallie Mae or whoever will take the form and do their thing with it, and submit it (they don't get their money if they don't submit, so they will sure as heck do it). You could take it back to the ed office, but sometimes it takes a couple days for the provider to process it. You will have to repeat this exercise every year.

        At day 365+1, your SLRP money should flow to the loan provider for the next calendar year. The amount they pay is your total loan divided by your contract length. You are ALWAYS responsible for the intrest that accrues on your loan. Sallie Mae will take either a lump sum for this, or you can pay it monthly. They will be happy to help you figure it out, because they're making money (see a trend here?). Just talk to them while they are working with you on the DD2175.

        DISCLAIMER: stuff changes. Don't take any of this as gospel, and do your research. I hope this helps somebody out, because for me, this was a real ordeal.
        Any student can print off promisary notes from nslds or the schools finacial web bage.

        Advising people to contact the state education office is probably not a bright idea.

        There is no issues with consolidated loans. It shows it on there just fine. And you only need 1 promisary note to prove you have loans and it will still get paid.

        Comment

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