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Slrp

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  • Slrp

    OK.. I start basic in 3 weeks. So my mos is 09S, and I do have the SLRP in my contract. My contract is for 8 years, 6 years with a 2 year option. They are paying off $48,000 of my school debt, awesome! I do know how it works, they pay a percentage after every year. Im still good. Here is where I am lost.. I do not know what to do now, forbearance? Forbearances do not last that long. Deferment? they will not let me do a derferment because im not "active duty".. so how do I go about not having to pay another dime on these loans?

  • #2
    Re: Slrp

    You dont, you'll need to keep paying until the army starts picking up the bill. If you are not current and in good standing when the time comes for the army to pay then they wont pay.

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    • #3
      Re: Slrp

      Contact you rstudent loan company and explain your situation. Apply for a forbearance and each time it is about to expire apply for another one or an extension.

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      • #4
        Re: Slrp

        You are authorized to put your loans in forbearance up to 3 years total by law. Wait for the first payment to be processed and contact your lender once they have received the check from the government. Some lenders will allow that one payment to be good for the year if the amount is high enough. If you were approved for $48,000, you are looking at getting the max amount authorized by year at $7500. The reason the program is set up this way is because they are paying to a 3rd party so if you never fulfilled your 6 year obligation, they can't recoup it from the lender but rather through you.

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        • #5
          Re: Slrp

          As I've mentioned in other SLRP posts, and others will attest to, the SLRP program requires YOU to do something. It doesn't just "happen" automatically. As was mentioned, the military only pays the amount ONCE anually...you still are responsible for your MONTHLY payments. It's analogous to paying your regular car payment and once a year your rich uncle gives you $1,000 and puts it on your auto loan.

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