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  • #16
    [QUOTE=Nicsok123]In order for the ARNG to repay your loans they cannot be in default is that correct???[/QUOTE]


    Correct. Once you contract for SLRP...they can't go into default or you will be terminated from the SLRP program. However, it is difficult for your incentives office to know that they are in default unless you send them a 2475 which your loan company has marked that they are in default. If you get them out of default, send the 2475 to the loan company with your HOR in block 1A and once you get them back forward them to your State Incentives office...you may still get a payment. The question on the 2475 is actually
    "4. a. LOAN IN DEFAULT?"
    To me, this is just asking if it's currently in default. I would think that the loan company would only mark yes if it is CURRENTLY in default.

    However, per the bonus addendum which you sign when contracting for the SLRP, "Loans that fall into default at any time after my enlistment/reenlistment/extension will not be eligible for repayment."

    Comment


    • #17
      I am almost ready to enlist in the Colorado National Guard in about two-three weeks and while researching what is being offered I stumbled upon a possible glitch in that I have an defaulted student loan. It is for apprx. 12K principal and about an additional 8K in penalties and interest. I have an immediate remedy 45-60 days using the William D. Ford program. This will consolidate and take the loan out of default but if I default again the penalties are exceptionally brutal. The remedy would be to be a good soldier and complete the six year commitment but the cost is 20% on top of the 21K which is about another 4,200. This means taking on a new loan at 25K plus the rate is fixed over the 10 year life of the loan at 8.25%. New federal remedies (relief) for student loan borrows are set to go into effect starting today that would eventually reduce the interest from 6% to around 3-4% regardless of current market rate of interest on loans through 2011. I could make the 12 consecutive payments to get out of default which would allow me to take advantage of the new remedial rates.



      Therefore it is critical that I know how this is going to work before I make the move….



      Scenario One - In order to be eligible at time of contract (looking to enlist in 2-3 weeks) does loan have to be officially out of default which would mean delaying plans for 45-60 Days + response time because I won’t go through with this until I get a definitive answer. I will just wait out for another 45 – 60 days.



      Scenario Two – Is that I can contract under the SLRP Program and I am reading that the monies are disbursed yearly so that after 9 months. I fill out the form and if the loans are not defaulted then they will disburse the money to William D. Ford. Which is plenty of time and it will not slow me down in terms of enlisting in the very near future.



      Scenario Three – Wait for some form of processing on the William Ford end and at time enlistment present this paperwork as my lender even though the processing is will not be completed for another 1-3 weeks,

      Comment


      • #18
        so if i get a student loan, does it have to be used for tuition in order to be reimbursed by the guard?

        Comment


        • #19
          No, they won't know (nor care) what it was used for...as long as it is a Federally Guarenteed student loan such as:
          Stafford Loans (subsidized)
          Stafford Loans (unsubsidized)
          Federally Insured Student Loans
          Perkins Loans
          Auxiliary Loans to Assist Students (ALAS)
          Supplemental Loans for Students (SLS)
          SMART
          William D. Ford Federal Direct Loan Program


          (State Student Loans and those through personal banks are not eligible for the Student Loan Repayment Program).

          Comment


          • #20
            Re: student loan repayment program

            I've been in for almost 2 years and i don't think the NG has paid any of their contracted SLRP. I'm contracted for just under 15k. i'm located in michigan. doess anyone have a contact number that i can call? i got an email in my ako email saying that it had been procesed but i didn't notice any change on my loan. i'm deploying in almot exactly 1 month and would like to get this taken care of so if anyone knows a contact name and number that'd be a lot of help!

            Comment


            • #21
              Re: student loan repayment program

              As a dumb-dumb, I didn't file the paperwork before my anniversary date last year, which is 05MARCH09, so my SLRP didn't get sent to the loan company. I have SLRP in my contract. Did missing last year nullify my SLRP or can I use it on this next anniversary enlistment date coming up?
              I am going to make some calls tomorrow but I thought I would see if I could get some quick answers tonight. Thank You, SPC Wilhelm

              Comment


              • #22
                Re: student loan repayment program

                [QUOTE=dindelus]Did missing last year nullify my SLRP or can I use it on this next anniversary enlistment date coming up?[/QUOTE]

                I know someone whose paperwork didn't get filed for almost a year after contracting. When she did, she got it 'back paid' for the first year, and then got her second year as well within a matter of weeks.

                I don't know the particulars, but I don't think you lost out by not filing the paperwork right on the anniversary date.

                Comment


                • #23
                  Re: student loan repayment program

                  Hi everyone... I spent 5 years in the Marines from 18 YOA to 23 YOA. I am now 33, have my degree, and have spent the last 9 years in federal law enforcement. Along the way I have acquired 28k in Student Loan Debt. The Student Loan Repayment Program looks very appealing to me and I would be happy to commit to 6 years if Uncle Sam would cover my loans. My question is, the majority of my loans are "Unconsolodated Stafford Loans." These unconsolodated are lumped in with consolodated (only 5k) in a Federal Consolodated Loan. [B][U]There has been some talk that maybe "unconsolodated stafford loans" do NOT qualify for the SLRP program. Any thoughts? [/U][/B]

                  Comment


                  • #24
                    Re: student loan repayment program

                    [QUOTE=dindelus]As a dumb-dumb, I didn't file the paperwork before my anniversary date last year, which is 05MARCH09, so my SLRP didn't get sent to the loan company. I have SLRP in my contract. Did missing last year nullify my SLRP or can I use it on this next anniversary enlistment date coming up?
                    I am going to make some calls tomorrow but I thought I would see if I could get some quick answers tonight. Thank You, SPC Wilhelm[/QUOTE]

                    UPDATE: So I called the state TA and she told me that I will still get the SLRP even though I missed the date. I just have to fill out the DD Form and send it in. Thanks for the helpful info.

                    Comment


                    • #25
                      Re: student loan repayment program

                      [QUOTE=career_counselor]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. [/QUOTE]

                      Is that maximum for Ohio, or for entire ARNG?

                      Comment


                      • #26
                        Re: student loan repayment program

                        [QUOTE=richierich]Is that maximum for Ohio, or for entire ARNG?[/QUOTE]

                        I got the word that Illinois does a max of $50000 for 6 yr enlistment, and other reqs.

                        Comment


                        • #27
                          Re: student loan repayment program

                          I'm having a sort of dilemma:

                          After I enlisted, I was told by my NG Liaison to contact my loan company (Sallie Mae) to let them know that the loans will be paid by the NG. I did that and Sallie Mae told me to have the NG call Sallie Mae to square the payment schedule away. Since then, it's pretty much back and forth... I can't seem to get a solid answer from either Sallie Mae or my recruiter.

                          Can anyone please enlighten me on the correct process? Feel free to PM me for more info and thanks in advance.

                          Comment


                          • #28
                            Re: student loan repayment program

                            if you've already enlisted I would not waste any time on a recruiter. Every state has an Education office. The office in Texas many years ago had one SFC full-time technician whose sole job was to get all of these things paid. I'm sure it's a lot more than one person these days. This is the guy you need to find in your state.

                            Comment


                            • #29
                              Re: student loan repayment program

                              It should be in your contract what your responsibilities are. Such as 90 days before your enlistment anniversary you must present a form to your S1 to initiate your annual payment for SLRP to sallie.

                              Comment


                              • #30
                                Re: student loan repayment program

                                Well I went ahead and just submitted a request for forbearance... I'm hoping that Sallie Mae will accept an annual payment in lieu of monthly for the length of my repayment.

                                Comment

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