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  • Student Loan Repayment

    I am wondering how the student loan repayment works. Will the national guard pay off my student loans up to 20k in a lump sum or will they just make my payments for me while I am in the guard and stop paying on them when/if I get out?

  • #2
    The latter

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    • #3
      They take your total sum of gov't loans and divide by the length of years you signed up for, and then on your anniversary date make one annual payment every year during your length of service. They don't want to pay for your loan in full right away in case you were to change your mind after only a year or two.
      There is also a new amount of 50K not 20K anymore, but there are new requirements for that as well...more time in service.

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      • #4
        That is a big difference there. If i have 20k is student loans and my monthly payment is only $200 and they were making my monthly payment for me then after a year, they will have only paid $2400. If what your saying is true and I enlist for 4 years, they take my $20k and divide by 4, then after 1 year they will have paid $5,000. Anyone care to clarify this?

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        • #5
          There is a max amount or % per year, I believe its $3500 but could be wrong. Also depends on your amount of loans, someone that has only 8K the annual payment is going to be way different than someone who has 20K.
          You should talk to your recruiter about the max annual amount, they would have all the info on SLRP you can get.

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          • #6
            [url]http://www.virtualarmory.com/education/fedbenefits/studentloanbouns.aspx[/url]

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            • #7
              Thanks. It looks like I don't even qualify for the student loan repayment. That was one of the biggest reasons I wanted to go guard. Even if I did qualify, I'm not sure I could commit to a 6 year enlistment.

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              • #8
                I just visited with the recruiter again. He made some phone calls and I do qualify for the student loan repayment because of my MOS and the unit I am being sent to. I just have to enlist for 6 years. I will also get a 15k bonus. 6 years is a long time but its getting more tempting.

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                • #9
                  [QUOTE=gomerpyle]I just visited with the recruiter again. He made some phone calls and I do qualify for the student loan repayment because of my MOS and the unit I am being sent to. I just have to enlist for 6 years. I will also get a 15k bonus. [/QUOTE]

                  That's great news!

                  [QUOTE=gomerpyle]6 years is a long time but its getting more tempting. [/QUOTE]

                  Hey, if you do the bare minimum, which is show up when you have to, and never get deployed or called up to do anything extra, the total number of days you are committed to do anything equals less than a year...it's just spread out over 6 years. That make it any better?? :D

                  (Of course I'd assume you would want to improve yourself and be an asset to your unit, so more time and effort would be required.)

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                  • #10
                    Yeah I have a lot of catching up to do. I've been out for 5 years so I don't remember basic soldier skills and I'm gonna be a chewed up NCO. My MOS changed to something else and all the equipment I used to work with is different now so I wont know my job. I'm also out of shape because I'm a web programmer and don't get much exercise so I'm probably gonna barely pass my 2 mile run. I used to score 290+ on my PT test and now I will be lucky if I score 200.

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                    • #11
                      Re: Student Loan Repayment now 50k

                      Nobody remarked on how the max benefit went up to 50K, as of 3/09

                      also the year max is now $7500

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                      • #12
                        Re: Student Loan Repayment, clarification?

                        so, is the rule 15% per year, up to a maximum of 6 years which = 90%?. So the max benefit is 50k X .90 = 45k. I just want people to understand the loan is not going to just disappear. You need to monitor your situation.

                        Also, what about interest? I never had a student loan, so I am guessing the guard pays the 15% of the principal each year, and the soldier should pay the interest annually, right after the guard pays?

                        I am a little confused as to the timing of the SLRP going up. If the 20k bonuses pretty much go away, then I would think the SLRP would go away as well.

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                        • #13
                          Re: Student Loan Repayment

                          The increase in the SLRP to $50k is one of the few bright spots of the program/policy changes that have come out in the past few months...well if you happen to have student loans.

                          According to the link to Virtual Army that I posted earlier:

                          "The annual payment will include interest as long as the combined principal and interest payment does not exceed the maximum amount authorized under the law."

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                          • #14
                            Re: Student Loan Repayment

                            My understanding is that if one had 20k authorized in a contract for SLRP, that that's it. That's your lifetime cap.

                            If you just now sign up for 50k, that is the cap. But if you had previously participated in the 20k and met your cap it does not increase for you now to the new 50k.

                            I could be wrong.

                            An exception could be, if your were enlisted and had the original 20K SLRP, but now are eligible for the Health Professions Loan Repayment in the AMEDD officer corps then it may increase your lifetime cap to 50K.

                            I'd like to hear from soldiers with some experience on the new 50k.

                            Comment


                            • #15
                              Re: Student Loan Repayment

                              [QUOTE=BoopMD]My understanding is that if one had 20k authorized in a contract for SLRP, that that's it. That's your lifetime cap.

                              If you just now sign up for 50k, that is the cap. But if you had previously participated in the 20k and met your cap it does not increase for you now to the new 50k.

                              I could be wrong.

                              An exception could be, if your were enlisted and had the original 20K SLRP, but now are eligible for the Health Professions Loan Repayment in the AMEDD officer corps then it may increase your lifetime cap to 50K.

                              I'd like to hear from soldiers with some experience on the new 50k.[/QUOTE]

                              That's my impression as well. If you originally contracted for $20K with SLRP you do not get an increase to match what current recruits are getting, of course unless like you said there is some other circumstance that makes you eligible for more money.

                              I was just commenting from what I've read while looking for information on the same topic, but do not have any personal experience with receiving SLRP (because I'm not in NG). It would be great, as you mentioned, to hear from those with direct experience (although I'm thinking that with the increase being relatively recent there may be individuals with the $50K in their contract, but who are not yet eligible to have had any payments made yet. They may have a more complete understanding though.)

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