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  • #31
    Re: student loan repayment program

    [QUOTE=matthew.ritchie]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.[/QUOTE]

    Sir,

    Here's a question that is creating a BUNCH of confusion between my recruiter's office, MEPS, and state incentives office.

    Let me first mention that I have 4 years prior service and a degree.

    I am wanting to enlist in the Guard under the O9S option for OCS. Some say that I can receive the SLRP because I am technically enlisting (for 6 years). Others say that I am cannot receive the SLRP because I want to become an officer.

    To my understanding, I am NOT commissioned just because I WANT to go to OCS and if I am dropped from OCS (for any reason), then I would be placed in an enlisted MOS within a unit. Since I am ENLISTING with O9S, then I should not be considered ineligible for the SLRP. Am I (and some others) correct in stating this? If there is some regulation that specifies this OR specifies that an OCS candidate is an enlisted person, then could you please pass along that information/reg# and I can inform my recruiter?

    I'm just trying to help things along....thanks in advance.

    Comment


    • #32
      Re: student loan repayment program

      [QUOTE=FormerUSMC0331]Sir,

      Here's a question that is creating a BUNCH of confusion between my recruiter's office, MEPS, and state incentives office.

      Let me first mention that I have 4 years prior service and a degree.

      I am wanting to enlist in the Guard under the O9S option for OCS. Some say that I can receive the SLRP because I am technically enlisting (for 6 years). Others say that I am cannot receive the SLRP because I want to become an officer.

      To my understanding, I am NOT commissioned just because I WANT to go to OCS and if I am dropped from OCS (for any reason), then I would be placed in an enlisted MOS within a unit. Since I am ENLISTING with O9S, then I should not be considered ineligible for the SLRP. Am I (and some others) correct in stating this? If there is some regulation that specifies this OR specifies that an OCS candidate is an enlisted person, then could you please pass along that information/reg# and I can inform my recruiter?

      I'm just trying to help things along....thanks in advance.[/QUOTE]


      Those people "some say " that you are enlisting are wrong.

      It states in pure black and white that OCS enlistment option is not eligible for SLRP.

      So no you are not correct. You are enlisting in a option, option being you do this you get that.

      You are not goin to be MOSqd you are going to go to OCS.

      You are not eligible for SLRP with the 09S contract. Or any other benifit.

      Comment


      • #33
        Re: student loan repayment program

        [QUOTE=FormerUSMC0331]Sir,

        Here's a question that is creating a BUNCH of confusion between my recruiter's office, MEPS, and state incentives office.

        Let me first mention that I have 4 years prior service and a degree.

        I am wanting to enlist in the Guard under the O9S option for OCS. Some say that I can receive the SLRP because I am technically enlisting (for 6 years). Others say that I am cannot receive the SLRP because I want to become an officer.

        To my understanding, I am NOT commissioned just because I WANT to go to OCS and if I am dropped from OCS (for any reason), then I would be placed in an enlisted MOS within a unit. Since I am ENLISTING with O9S, then I should not be considered ineligible for the SLRP. Am I (and some others) correct in stating this? If there is some regulation that specifies this OR specifies that an OCS candidate is an enlisted person, then could you please pass along that information/reg# and I can inform my recruiter?

        I'm just trying to help things along....thanks in advance.[/QUOTE]


        And even though i think there was no confusion between your recruiter and incentives office and I think its really just you trying to get it when you cannot.

        Here is the refrence even though there is no way to google it

        SRIP Policy Number 10-01, 20 Janyary 2010


        Page 2 Paragraph 5 line f.

        f. Applicants enlisting under the Officer candidate School (OCS) enlistment option or who are contracted in the Simultaneous Membership Program (SMP)/Reserve Officer Training Crops (ROTC) are not authorized any incentives other than the Officer Accession Bonus as long as they meet all qualifications for that incentive upon their commissioning date.

        Comment


        • #34
          Re: student loan repayment program

          [QUOTE=VTguard]Student loan repayment is monthly[/QUOTE]

          Incorrect. But thanks for playing :D

          Comment


          • #35
            Re: student loan repayment program

            So, whats the answer. This isn't hide and seek.

            Comment


            • #36
              Re: student loan repayment program

              [QUOTE=ParalegalNCO1]Incorrect. But thanks for playing :D[/QUOTE]


              its on your yearly anniversary

              Comment


              • #37
                Re: student loan repayment program

                [QUOTE=andrew.tischner]its on your yearly anniversary[/QUOTE]

                Yes, I agree. I was throwing a little sarcasm out there. Considering I just realized that post I quoted was older than I hav been on these boards I would be surprised if it generated a response.

                Comment


                • #38
                  Re: student loan repayment program

                  [QUOTE=7011USMC]Duck duck goose here....:cool:[/QUOTE]

                  you guys can derail a thread in 2 minutes cant you

                  Comment


                  • #39
                    Re: student loan repayment program

                    [QUOTE=andrew.tischner]you guys can derail a thread in 2 minutes cant you[/QUOTE]

                    And we can totally put it back on track.

                    Comment


                    • #40
                      Re: student loan repayment program

                      [QUOTE=andrew.tischner]And even though i think there was no confusion between your recruiter and incentives office and I think its really just you trying to get it when you cannot.

                      .[/QUOTE]
                      Ssgt,

                      First, I want to thank you for the reference. No one has been able to find that in black and white yet. I have passed it along to the proper people.

                      With all respect, I have to disagree with your statement in part. I would obviously take the incentive IF it was available, but those various offices were indeed giving conflicting information.

                      Once again, thank you for the reference. Now, everyone is on the same page.

                      Comment


                      • #41
                        Re: student loan repayment program

                        [QUOTE=FormerUSMC0331]Ssgt,

                        First, I want to thank you for the reference. No one has been able to find that in black and white yet. I have passed it along to the proper people.

                        With all respect, I have to disagree with your statement in part. I would obviously take the incentive IF it was available, but those various offices were indeed giving conflicting information.

                        Once again, thank you for the reference. Now, everyone is on the same page.[/QUOTE]


                        Its just very hard to believe that A recruiter, a MEPS guidance counselor and the Incentive manager for your state cannot read to page 2 of the SRIP policy.

                        I mean litteraly Page 2. And its bolded.

                        Comment


                        • #42
                          Re: student loan repayment program

                          I have already put my paperwork in for the SLRP this year. If I were to take advantage of the consolidation the Federal Gov is offering would that have an effect on my SLRP?

                          Comment


                          • #43
                            Re: student loan repayment program

                            [QUOTE=SPC 1986;158005]I have already put my paperwork in for the SLRP this year. If I were to take advantage of the consolidation the Federal Gov is offering would that have an effect on my SLRP?[/QUOTE]

                            According to the AR 135-7, consolidated loans are eligible to be repaid. However, I would highly recommend speaking to your Unit Administrator before committing to changing your repayment plan; especially if you are a student and will have older and new loans consolidated. There are specific guidelines and documentation that needs to be filled out.

                            Here's the specific passage I found under the SLRP in AR 135-7 that refers to Disbursement of Consolidated Loans:

                            [I][B]5–1.9. Disbursement of consolidated loans[/B]
                            A lender or note holder may consolidate all previous loans into a new note each time a soldier obtains a new loan to cover the current year’s expenses, or when the note is sold to a new lender. (For example, loans authorized for repayment per paragraph 5.1–2b above, that may be consolidated in a SMART loan). However, in such a case when the soldier reaches the anniversary date, the loan is still not at least 12 months old. In such a case, disbursement will be made based on that portion of the consolidated loan (the original principle plus interest) which is 12 months old when the soldier reaches his or her anniversary date in Selected Reserve and the consolidated loan is not a full 12 months old. For example, on 1 June 1989, the soldier enlisted in the Selected Reserve. On 15 September 1989, the soldier enlisted in the Selected Reserve. On 15 September 1989, the soldier borrowed $2,000. On 31 May 1990, the first anniversary date in the Selected Reserve, the loan is not outstanding 12 full months and no disbursement is made. On 15 September 1990, the soldier borrows an additional $2,000. The note holder consolidates the original loan and issues a new note on 15 September 1990 for $4,000. On 31 May 1991, the second anniversary date in Selected Reserve, the note is still not outstanding 12 full months. [/I]


                            Hope this helps!

                            Comment


                            • #44
                              Re: student loan repayment program

                              Thank you for your response and it does help. There will be no new loans added because I graduated and do not plan on going back to school any time soon. I would like to take advantage of this because it will lower my overall interest rate. So from what that says it would be acceptable to consolidate but I should check with my unit rep before I go ahead and do that, just to verify, correct?

                              Comment


                              • #45
                                Re: student loan repayment program

                                [QUOTE=jj0123;12076]I am wondering if they pay loan back monthly or lump sum repayment?[/QUOTE]



                                I am currently working in an Education Services Office for the National Guard. The loan repayment is made yearly. The 1st payment does not process until the service members 1 year anniversary - 1 year after the date of enlistment/re-enlistment - and the loans have to be at least 1 year old before the anniversary date to qualify for payment for that fisical year. The yearly payment is 15% of the "original loan amount" or 15% of the "bonus amount" which ever meets the yearly allowed amount. For example if you have a $20,000.00 Student Loan Repayment Bonus (SLRP), the maximum payment per year will be $3,000. If you have $75,000 in student loans - 15% is $11,250.00 - but your maximum payment per year is $3,000.00 so only $3,000.00 will be paid for the year. If you have a $20,000.00 SLRP and you currently have $15,000.00 in student loans that qualify for the annual payment, 15% of $15,000 is $2,250.00 so the annual loan payment made would be $2,250.00.

                                There are several versions of addemdums for the Student Loan Re-embursement Bonus - some allow soldiers to add new student loans over their contract term and some say "no loans can be added after the contract is signed".

                                Please be aware if you have enlisted, the bonus is only good for the duration of the enlistment contract, or if the service memeber is no longer in the military.....[U][B][COLOR=#FF0000]MAKE SURE YOU READ YOUR STUDENT LOAN BONUS ADDENDUM [/COLOR][/B][/U]it will state any requirement that are nessary to quailify for the payments to be made, the items that are required for you to submit to the education office and information on circumstances that what will dis-qualify your loans for repayment!!!!!

                                Hope that helps! :-)

                                Comment

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