From the Army to College by Jillian Ventrone

Author:Jillian Ventrone
Language: eng
Format: epub
Tags: undefined
Publisher: Rowman & Littlefield Publishers
Published: 2012-01-15T00:00:00+00:00

Student Loan Repayment Program

The Student Loan Repayment Program (SLRP) is offered to soldiers instead of the MGIB at enlistment and can pay off federal student loans. Two versions of this program exist, one for active-duty soldiers and one for reservists.

The active-duty SLRP is an option that will typically pay slightly over $65,000, depending on your contract. It will only pay the principal amount on federal loans; you are responsible for paying the interest. Loans that are currently in default cannot be covered. For active-duty personnel, these must be loans obtained before joining the Army and only a third of this amount will be paid every year over your three-year contract.

During this time you will not build time toward Post-9/11 GI Bill eligibility. Once your three years is over, any amount of active-duty time between ninety days and thirty-six months will earn you some portion of the Post-9/11 GI Bill. You do not need to contribute the $1,200 during your first year of service toward the Montgomery GI Bill to be eligible for Post-9/11. The SLRP is typically obtained at initial enlistment as an incentive.

The Reserve SLRP works differently in that it can pay for future loans. This allows reservists to strategize their benefits by taking on loans for school while in drilling status, knowing they have a benefit that will pay off this amount. Reservists can also use any GI Bill they qualify for simultaneously. This incentive typically comes in $10,000 and $20,000 versions depending on the contract. Reservists use the same paperwork and forms as the active-duty component, but they submit it electronically while active-duty soldiers use a paper mailing system.

Both active-duty personnel and reservists must fill out the DA Form 2475 each year for each loan they have. Be aware that federal loans are broken down by the subsidized and unsubsidized categories and are considered different loans. Some soldiers have multiple loans within each category. You must also obtain the promissory note from your lender for each loan.

The 2475 has three primary sections. Section one is typically filled out by your S1 or unit personnel officer. You must complete sections two and three. Your lender must fill out section four. Many soldiers submit the 2475 to the lender once sections one to three are completed and request that the lender submit the form for them. I (Paul) would not rely on the lender to comply. Ask your lender to give you the 2475 once they complete section four so you can ensure it is completed, then submit the paperwork yourself. Once the completed forms are obtained from the lenders, active-duty soldiers must submit each 2475 with their promissory notes by mailing them to

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.