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  • student loan repayment program

    I am wondering if they pay loan back monthly or lump sum repayment?

  • #2
    Student loan repayment is monthly

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    • #3
      Ohio Student Loan Repayment

      I don't know if this is different in other states, but in Ohio the Student Loan Repayment is annual. They pay 15% each year. However, you have to submit a form each year (do it about 90 days before your anniversary date) so they will pay the money.

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      • #4
        Srp

        how do u go about signing up for the repayment program?

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        • #5
          You have to contract for it by signing a 6 year contract. If you have never contracted for it, you have to extend. HERE'S THE IMPORTANT PART. You don't have to do a 6 year extension...if you still have 5 years remaining, you only have to do a 1 year extension and you can do it right now. If people are telling you that you can't do it until you are within 1 year of your ETS, they are wrong. That is a common misconception. To determine how long you have to extend for, just figure out how long you have until your current ETS and subtract it from 6 years. You extend for that period of time and sign the contract for the SLRP (student loan repayment program). You then will have to send in a form in about 9 months (3 months before your anniversary date) and 15% of your loans will be repaid directly to the loan company (payments are limited to the range of $500 to $3,000 so you'll get a maximum of $18,000 repaid for $20,000 in loans). Another aside...you CAN NOT let your loans go into default at any time after you contract for SLRP. Make sure you continue making your minimum payments!

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          • #6
            SLRP payments are Paid yearly on your anniversary date, and the SLRP has to be in your contract.

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            • #7
              College Debt

              Thanks for the answers on loan repayment. It helped a lot with my [URL="http://www.nextstudent.com"]http://www.nextstudent.com[/URL] student loan which I need to get paid off eventually.

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              • #8
                Are officers currently in the National Guard eligible for the Student Loan Repayment Program?

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                • #9
                  [QUOTE=mustanggt50conv]Are officers currently in the National Guard eligible for the Student Loan Repayment Program?[/QUOTE]

                  In a word, no.

                  For some special branch officers (chaplain, and some medical specialties) there are special incentives, to include loan repayment. Basic branch officers don't have this incentive.

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                  • #10
                    Thanks Sir!

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                    • #11
                      If i have SLRP in my contract, and i decide to do SMP will i be able to keep the slrp through smp, or would it stop when i signed up for rotc?

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                      • #12
                        The SLRP would stop (without them taking any money back that they already paid) when you "Participate in SMP/ROTC advanced course or receive an ROTC scholarship"

                        This is a direct quote from the student loan addendum. However, it may be different than what your contract states if it was a while ago. I advise that you refer to your actual contract for verification. You should be able to find it on iPerms.

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                        • #13
                          When you state that the ARNG pays 15% of one's loan annually. Is that 15% of the balance at that time or 15% of balance at time of enlistment?

                          Also, my recruiter seems to think I can enlist with an OCS option and get a $10k bonus ans student loan repayment. I assume that is a different bonus from the $20k enlistment bonus (I'm non-prior service). I understand that the bonus will be paid when I finish branch training. Is he correct?

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                          • #14
                            In most cases, the ARNG will pay 15% of the loan (maximum of $3,000 per year and minimum of $500 payment) on the amount that you had at the time you contracted for it. The difference is if you happened to contract for it since August 2007 and were in a critical UIC or a critical MOS. You'd have to check your ACTUAL contract to see if you are able to tack more loans on after you contracted for it. It would be in section III 3 f which states
                            "Loans acquired after my reenlistment will not be eligible for repayment unless I am reenlisting into a Critical UIC or Skill in which case I will be able to acquire new loans during the contracted period."

                            All of this is contingent on what your ACTUAL contract says because it changes every 6 months or so.

                            I'll also caution you that many recruiters are under the impression that you'll get to keep your SLRP if you commission. I direct your attention to the termination section of your SLRP contract. Look at what it says in regards to commissioning. In the current contract, it's section V number 10.
                            "Accept a commission as an officer or an appointment as a warrant officer."

                            This means that you are terminated from the program. They will not take back any previous payments that they made, but they will not make any new payments. If they say you can commission and keep the SLRP, make sure to get it in writing by getting a new contact. Also read that contract carefully to ensure that it doesn't state "I have not previously received the Student Loan Repayment Program" because if it does, then you are committing perjury and the contract can be voided.

                            This of course only applies if you've ALREADY contracted for the SLRP previously. If you never have done so, then yes, you could get the $10,000 officer accession bonus as well as the SLRP. One more word of caution...if you are currently on a contract which you got a bonus for, you may or may not be eligible for the officer accession bonus. And if you are on a bonus contract, read it as well because it will spell out what happens if you commission before or after serving 1 year of the enlisted contract. Generally, if you've already served a year of the contract and then commission, you get to keep the bonus...but you may or may not be eligible for the officer accession bonus.

                            All I can say is Get it in writing and READ what you are signing. Make sure you understand what EVERY statement is saying and don't just go off of what they are SAYING it means...follow your gut feeling. Often, the people administering these bonus contracts don't even understand them themselves.

                            As for the $20,000 bonus you already contracted for. It is likely that you'll get that once you are Duty MOS qualified. I can't tell you whether you'll get it all at once or in a few payments years apart. It will be in your bonus addendum.

                            All of this should be able to be found on iPerms through AKO.

                            If you're in the Ohio ARNG, then let me know and I can help you more directly! If not, get with your Battalion Retention NCO or State incentives office.

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                            • #15
                              In order for the ARNG to repay your loans they cannot be in default is that correct???

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