How does student loan repayment work?

PVT Private RallyPoint Member — Tue, 01 Jan 2019 22:39:17 -0500

I’m a junior in high school and recently swore in. My contract promises me $40,000 in student loan repayment. Although i have a little over a year before beginning college, i was wondering exactly how the army reserve student loan repayment program works.

Response by SFC Private RallyPoint Member made Jan 2 at 2019 2:24 AM

SFC Private RallyPoint Member — Wed, 02 Jan 2019 02:24:52 -0500

I'm pretty certain the SLRP only repays your current student loan, not your future student loan debts. I am certain it's $40,000 of eligible student loans. Since you have no loans, you have no eligible loans.
Fortunately, you still qualify for tuition assistance and your GI Bill so that you won't need to go into debt with student loans anyway.

Response by SSG Private RallyPoint Member made Jan 2 at 2019 10:00 AM

SSG Private RallyPoint Member — Wed, 02 Jan 2019 10:00:51 -0500

You may want to have that contract looked at since you do not currently have any student loans, usually to get SLRP you must decline the GI bill, the reserves offers as stated, tuition assistance and other programs, now being in the reserves and depending on how your contract is worded you may have SLRP if it states it is for future education loans if that is the case they will pay a % or $1,500 per year on the anniversary of your contract, You would need to get with your Unit Administrator and file for payment each year as long as you are in good standing for that year.