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Student Loans and 20K

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  • Student Loans and 20K

    Would it be possible if I signed a 6 year commision to have the National Guard pay my 20k bonus, 20k in paying off student loans, and pay for my current college tuition? (I live in Ohio where the Natl Guard pays for 100% tution).

  • #2
    Only 3k a year

    I too was concerned about the 20k, but my wife was writing some fine print and it said that not only is there a 20k cap, but that the NG pays 3k per year served. So I called my lender (ACS educational) and they told me that that was indeed fact. $3,000 in one yearly payment.

    Furthermore, ACS stated that there is a perpetual forbearance for those in service (active or reserve.

    Hope the info helped


    • #3
      I just asked a recruiter that same question, and he told me this (it's quoted directly from our conversation)
      Josh: Can I take advantage of both the $20,000 sign-on bonus AND the SLRP of $20,000?
      SGT: Well, the $20,000 is paid over time.
      Josh: understood
      SGT: So if you go into OCS, you might not get to keep the SLRP.
      Josh: right, it would only be $10,000 at the most
      SGT: If you can keep it, then yes, you could get both.
      Josh: or so I've been told
      SGT: It's paid $3000 per year.
      Josh: So the NPSEB is an amount separate and apart from the SLRP?
      SGT: Yes, the NPSEB is cash that you get, 50% after completing AIT and the other 50% after 3 years of service.

      That makes me think they are two different things.
      To piggy back on what you're asking, and I hope these questions get answered with some authority,
      1. Do officers and enlisted qualify for MGIB?
      2. Is the SLRP and NPEB combined not to exceed $20,000 or are they separate amounts so that combined they may equal $40,000?


      • #4
        Oh man, I thought the 20k was paid right away as was the 20k in student loans. I was just figuring on taking out 20k in student loans right before I enlisted. I guess I will talk to a recruiter to see what they say about this.

        Do these benefits still work if you opt to do the college first option?


        • #5
          well after i graduated AIT a month later i got a check letting me know that my bonus had been paid. i get half now half in three years. after taxes, i got $7,100. 3 years later i'll get the same. ive also heard that if you go to ROTC AFTER you graduate, you can lose your bonus? my recruited told me that the MGIB and the bonus are seperate too.


          • #6
            The enlistment bonus and SLRP are separate. The bonus is up to 20k and SLRP is an entitlement, so yes, they can be combined.

            The 20k in loan repayment is 15%/year not to exceed $3000/year for the duration of your contract and is paid on your anniversary pending basic and AIT. The loans also have to be pre-existing