Student Loans Repayment
How does Student Loan Repayment work in the Army?
they told me they cover up to 65k - I have 50k they said they will pay no problem.
does the army assume your loans automatically or do you have to defer them, what?
I heard something like every year they pay 33.3% of your loans so by the time 4 years are up, you are fully paid for.
Anyone know how this works, better?
thanks slim, i didnt know the AF has slrp too. i thought only the army did.
Yes i do, and it HELL to get this done....
1st...are you enrolled in the CLRP (College loan repayment program) if not im not sure if the army works the same as the air force, but you need to have that in your contract when you first sign up...if not you WILL NOT get your loans repaid...
2ndThey will not automatically take over your payments...put your loan on a deferment status as soon as possible! You will need to get with your base Education office. (There is a form, cant recall it) that you need to fill out. It has all your loan information and your lender name, location account numbers, how much ect... fill it out
3rd Take that form and send it into your lender for there verification...once they receive it, they "should" (i quote that becasue this is where it was hell for me) send the verification back to the Army's education office.
4th...once this is accomplished then you will have to deffer your payments every year until the army pays it off...You are correct about the 33%...BUT the Army will only pay your loan amount....not the interest that accrues over the time that it is differed...don't forget about that....you will need to pay that amount off yourself...
so in small visit your base education office and tell them you are enrolled in the CLRP program
hope this helps...and it is alot smoother than what it was for me...
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