First off I would like to thank everyone for all the help that was provided to me during my enlistment process.
I finally finished all the paperwork, got everything settled and swore in this past Monday as a 13 Fox, with option 40. (and now going through the nervous / excitment of leaving for the 6+ months of training that is to come lol)

My question is this, I also got the school loan repayment with my contract. I was curious if anyone else has done this? I have asked my recruiter all I could about it, but apparently I am his first to take that option, in fact out of the entire office only 2 of the recruiters knew anything about it, and there only advice was to have my Master Promissory Notes (which I have)

Also my liason at the MEPS office pretty much told me the same info.

I have a Sallie Mae loan, I am just curious if anyone else has used this. I understand that I have to pay while I am active still, and that the army will pay 33 1/3% a year. Was it an easy process for anyone that has been through it? As in, did the loan amount just reduce yearly? or was there a bit of a "beauricratic process" that had to be done before each payment was made?

Any input would be welcome Also any advice / warnings that anyone has for my upcoming training would be welcome / very much appreciated as well.

Thank you in advance all and have a good day.

i'm going to be doing almost the exact same thing you are. except im not going option 40 with 13f. im not sure what the deal is with the student loan repayments as my recruiter seems completely clueless about it. however i have heard from others that did it, there was alot of paperwork that had to be done for the army to pay on the loans. and as far as i know its like you said where you are still paying on them and then once a year the army pays 1/3 the balance, but you can get from alot of loan company's a forebearance or deferment or w/e they call it nowadays where you make little to no payments while in the service and all you would need to do is show your loan company a copy of your orders. good luck and if you find out anything more let me know lol

quote:

Originally posted by AndrewHall:
i'm going to be doing almost the exact same thing you are. except im not going option 40 with 13f. im not sure what the deal is with the student loan repayments as my recruiter seems completely clueless about it. however i have heard from others that did it, there was alot of paperwork that had to be done for the army to pay on the loans. and as far as i know its like you said where you are still paying on them and then once a year the army pays 1/3 the balance, but you can get from alot of loan company's a forebearance or deferment or w/e they call it nowadays where you make little to no payments while in the service and all you would need to do is show your loan company a copy of your orders. good luck and if you find out anything more let me know lol

All pretty much correct.

You can usually get a deferment but in some cases the interest still accrues if you have an unsubsidized loan.

It's been a long time, but I remember had to still pay a couple grand because the SLRP only covers the principal but not the interest accrued. So despite the Army paying on my loan, I still owed some money. Thankfully, I had saved some of my initial enlistment bonus money to pay the balance. Still, all in all a very good deal.


Good luck.

quote:

Originally posted by dragoontwoone:

quote:

Originally posted by AndrewHall:
i'm going to be doing almost the exact same thing you are. except im not going option 40 with 13f. im not sure what the deal is with the student loan repayments as my recruiter seems completely clueless about it. however i have heard from others that did it, there was alot of paperwork that had to be done for the army to pay on the loans. and as far as i know its like you said where you are still paying on them and then once a year the army pays 1/3 the balance, but you can get from alot of loan company's a forebearance or deferment or w/e they call it nowadays where you make little to no payments while in the service and all you would need to do is show your loan company a copy of your orders. good luck and if you find out anything more let me know lol

All pretty much correct.

You can usually get a deferment but in some cases the interest still accrues if you have an unsubsidized loan.

It's been a long time, but I remember had to still pay a couple grand because the SLRP only covers the principal but not the interest accrued. So despite the Army paying on my loan, I still owed some money. Thankfully, I had saved some of my initial enlistment bonus money to pay the balance. Still, all in all a very good deal.


Good luck.

I'm enlisting too and I am also opting for the Loan Repayment Program. But I was told by my recruiter that the Army will pay up to 65,000. I never heard that they will only pay a percentage?? Will someone explain to me how it works exactly?

I just joined and did the loan repayment. What happens is they pay 1500 dollars a year on each loan you hold, or one third of the loan, 33 1/3 percent. That way it is the loans are paid over a span of three years while being in deferment, no interest is going to be accrued.

Army LRP FAQ = answers major questions and provides contact info should you have additional questions. Bookmark this link as it is good to contact these folks around the time your payment is due to make sure things are going according to plan.

Good luck.

quote:

ugajeepgirl

Thank You ever so much for that link very good and helpful info. Im gonna show it to my recruiter..