How does the Army student loan repayment program work?

SGT Private RallyPoint Member — Wed, 20 May 2020 14:44:19 -0400

My significant other is looking to join the Army and go OCS. However, she has to start paying her student loans in a month. These student loans are significantly high, therefore she is wanting to know more about the army student loan repayment program and how it works.

Response by SSG Private RallyPoint Member made May 20 at 2020 6:46 PM

SSG Private RallyPoint Member — Wed, 20 May 2020 18:46:27 -0400

https://www.goarmyed.com/public/public_money_for_college-loan_repayment_program.aspx

GoArmyEd: Loan Repayment Program

There are many loans that do not qualify. Individuals should ensure loans are covered under the Higher Education Act of 1965, Title IV, Part B, D, and E prior to signing the enlistment agreement. Listed below are several loans that are not covered under this Act:

Response by SFC Private RallyPoint Member made May 20 at 2020 7:10 PM

SFC Private RallyPoint Member — Wed, 20 May 2020 19:10:49 -0400

If I remember correctly, OCS is not eligible for the SLRP. It’s only Enlisted MOS, and the requirements are fairly stringent.

Score above 50 on the ASVAB, enlist for a minimum of 5 years, decline the Montgomery GI bill (you still get the post 9/11 after 3 years). And then it has to be an enlistment incentive for the job she is looking for (falls under the same thing as an enlistment bonus, although you still could get one if your lucky).

Then the Army pays off 33.3% of the principle after the first year of service, and each following year. You still have to make monthly payments! Only loans in her name, will qualify (if a parent took out a loan, that won’t qualify).

I used this when I joined and the Army payed off $25,000 of debt, so definitely worth while if you can get it.

Response by MSG Private RallyPoint Member made May 21 at 2020 10:35 PM

MSG Private RallyPoint Member — Thu, 21 May 2020 22:35:17 -0400

Go enlisted first, usually if you go Officer straight away they do not offer SLRP. get an MOS with a bonus, use that bonus to start paying..loans have to be a minimum of one year old before the SLRP can be used. SSG Dickhoffs link is on point.

Response by Demarion Valdez made Aug 4 at 2023 2:52 AM

Demarion Valdez — Fri, 04 Aug 2023 02:52:16 -0400

Basically, if your significant other joins the Army and qualifies for the program, they may be eligible for student loan repayment assistance. The amount they receive depends on their enlistment contract and the Army's needs. It can be a great way to ease the burden of those high student loans. However, it's essential to consult with a financial expert like a Mortgage Broker in Cheltenham ( https://bristolmoneyman.com/mortgage-broker-cheltenham/ ) to get a clear understanding of the program's details and how it fits their specific situation. They'll help you navigate the process and make the best decision.

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