Posted on Sep 5, 2018
2LT Emergency Management Intern
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Officer Loan Repayments Options:

Back Story: Currently a Cadet in Army ROTC and was awarded a 3-year scholarship in 2016 and the Army paid and is currently paying for the remainder of my tenure here at ERAU. Unfortunately, the Scholarship didn't cover my first year in school so I inquired debt (not a small amount either). I understand that some enlistment contracts pay back student loans, this isn't the case for ROTC commissions. So after becoming an officer is there a program of some sort that will assist me in loan repayments or even possibly relieve me of the debt?

Here is my current projected career path (in case it assists in providing an answer of some sort): I'm set to commission in May of 2019, God willing, I will go through the Education Delay Program (which I'm not sure if it will pay for my Seminary or not) so that I may study for my Master's Degree in Divinity to become a Chaplain. Upon completing my requirements to become a Chaplain I wish to serve on Active Duty.

Extra Information you don't need to read but will give you some more insight into the situation: If I'm not accepted for an Educational Delay, I may get picked up for an Active Duty slot in a normal branch (then I wouldn't really have to worry about the loans, because, I believe I would be paid more than well enough to pay them back without a struggle). Which I'm ok with, later down the line I would work on the requirements necessary to become a Chaplain in the future. However, if I don't get accepted for an Educational Delay or get picked up for Active Duty Slot I would just go into the reserves and then enter into the Chaplain Candidacy Program and become a Chaplain anyway.
Posted in these groups: Officers_logo OfficersThcapm08l9 ROTCFinance FinanceB9316429050z.1_20150301153016_000_g67a2u12p.1-0 Loans
Edited 2 y ago
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Responses: 7
LTC Regional Team Leader
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There are no options for past balances accrued for officers, but I do pray you get picked up for Ed Delay and get your MDIv.

If you get AD you can work to earn your MDIv using TA, and work in a chucrch pastoring while on AD and when you get your degree you can have a packet ready to transfer to the Ch Corps.

Your USAR plan will work very easily.

I would not defer your payments and start paying the loans off now. I deferred through two masters and two start up PhDs and it made me incur interest only for those months in school but extended my payments to almost 20 years...It sucked so start now and get them gone as quickly as possible. I would set aside 5% of your take home pay to put against the loans and they will not be a burden to you again.

Lastly-learn from this, there is no reason to go in debt for school again if you work the system correctly!

Good luck!
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2LT Emergency Management Intern
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Roger that Sir, thank you very much, I appreciate the insight and your prayers tremendously!
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CPT Guy
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I agree with LTC Bornn. I encouraged both of my sons to start paying their loans back while they were still in school. Even if it's $50 a month or $100 a month whatever you can afford. Just start chopping at that tree one swing at a time. Every little bit helps and it's just like eating a whale, one bite at a time. My sons both paid off their student loans prior to graduation by using this strategy. However, if you still have the loans when you are commissioned, put them into a deferred status and you can still make payments, but not have to pay any interest on them. That's what I did. I didn't pay a penny more than I borrowed over the course of the loans because they were on deferred status until they were paid off. Every payment goes to the principal.
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MAJ(P) Senior Human Resources Officer
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USAA usually has a starter loan up to $25,000 with a very low interest rate less than 2%. Now that will only help you if u commission upon graduation. You don’t start paying it back until about 3 months after you are on active duty. I am pretty sure you need to be in your last year which you are so that shouldn’t be a problem. If you are granted an ed delay then that would get rid of that option. Also i assume u are speaking with a Chaplain Recruitee bc they can help you find some other potential ways as well. Where are you located? You can contact my old stomping ground in TX. MAJ (CH) Browne is awesome. [login to see] they will get you to her if you are not speaking with one already.
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2LT Emergency Management Intern
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Thank you very much for all of you're information Sir! I am located in the Daytona Beach area in Florida. I would be more than happy to get into contact with some of your connections, I can use all that I can get. The pathway to Chaplaincy on Active Duty is a pretty vague and foggy route and I could more than use the guidance.
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Capt Intelligence Analyst
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The career starter loan actually has two version.

The first version is if you get it while still a cadet. You have 6 months from the date you receive it before you have to start repaying it.

The second version is if you get it after commissioning. In that case you have 30 days before you have to repay it.

It's a good loan but since it's a 5 year loan you need to be aware that the payments are high. $456 a month. If you're single making all that officer pay that might not seem bad, but if you plan to marry and have kids early that bill cuts into your funds significantly.
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MAJ(P) Senior Human Resources Officer
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True story so keep that payment in mind. But it is a much better deal than a traditional loan
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MAJ(P) Senior Human Resources Officer
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So ur Chaplain recruiter would most likely be out of the Atlanta, GA area. You can contact an AMEDD recruiter in your area and they will get you in touch with a Chaplain Recruiter 2LT (Join to see)
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