Slrp

[kdaniel13]

I am currently able to recieve SLRP. The question is that the guard pays a certain amount once a year. What happens to the other months? Am i suppose to pay the minumum or can i get a deferment or forbodence? Not really sure how it works.

[gsrtonv]

call your loan provider. Whenever I have questions about anything like that they have always had an answer or plan of action.

[AbnMtn]

I am currently able to recieve SLRP. The question is that the guard pays a certain amount once a year. What happens to the other months? Am i suppose to pay the minumum or can i get a deferment or forbodence? Not really sure how it works.

The SLRP will pay a cap of $3,000 per year on the anniversary of your enlistment towards your loan. This payment is based on the original principal only and does not include interest. You will have to ensure that the loans don't go on default at any time because it will make you ineligible to receive any more payments. Talk to the Veterans Liaison in your school and ask for guidance. Do whatever you have to do (whether it's being granted a deferment or making the minimum payments) to keep the loan from going on default. As a minimum, since the SLRP does not pay for interest accrued by the loans, you should be paying the interest and keeping your loans current. Contact your state's Education office and they will provide you with more detail information on how to maintain your loans outstanding (not on default).

[gsrtonv]

The SLRP will pay a cap of $3,000 per year on the anniversary of your enlistment towards your loan. This payment is based on the original principal only and does not include interest. You will have to ensure that the loans don't go on default at any time because it will make you ineligible to receive any more payments. Talk to the Veterans Liaison in your school and ask for guidance. Do whatever you have to do (whether it's being granted a deferment or making the minimum payments) to keep the loan from going on default. As a minimum, since the SLRP does not pay for interest accrued by the loans, you should be paying the interest and keeping your loans current. Contact your state's Education office and they will provide you with more detail information on how to maintain your loans outstanding (not on default).

so you're saying if my loan was for 14K but I now owe 16K with interest then slrp will only pay the 14K?

Do you have to have gone to AIT for slrp to start?

[AbnMtn]

That's right, the SLRP will only pay for the $14,000 principal. There's no requirement for an NPS (non prior service) to be MOSQ'd to receive the payments. The only requirement regarding the MOS is that you must remain in the contracted MOS for a minimum of three years.

You won't receive the first payment until your first year anniversary.

[AbnMtn]

That's correct, the SLRP only pays on the principal not the interest.

[WIBecky74]

Now to be difficult. Keep MOS, (42A-admin) but lucky enough (hit the guard lottery) to go from part time to AGR? Get to keep that benefit? Same state.