WOFT STUDENT LOAN REPAYMENT PROGRAM (SLRP)

yakfishr19 · January 17, 2012

Can someone tell me how to apply for the Student Loan Repayment Program. I'm currently putting my packet together and i am 65 grand in debt from college, if this program is true this would be great. How do i get it?

akscott60 · January 17, 2012

I pretty sure its an option. Either take GI Bill or SLP. I know it takes a bit for them to start paying on them, but a couple of my friends took that option.

Flying Pig · January 17, 2012

I didnt think WO's got the GI Bill or the SLP? When I applied (age waiver not granted) I dont recall it benig an option for warrants or commissioned officers. Would be sweet if it was though.

Edited January 17, 2012 by Flying Pig

t.o.n.y · January 18, 2012

I have the SLRP on my contract. You can take it or the GI Bill, just not both.

Dutch · January 18, 2012

Read up on slrp, they only pay a small percentage once a year and you will have to make 11 payments between. It took me 4 years to get a loan for one semester paid. Don't get me wrong, it's free money but you have to work for it, if you know what I mean.

akscott60 · January 18, 2012

I got the GI bill as a Warrant.

USAR153D · January 18, 2012

Can someone tell me how to apply for the Student Loan Repayment Program. I'm currently putting my packet together and i am 65 grand in debt from college, if this program is true this would be great. How do i get it?

Take the GI Bill. SLRP is a waste to add to what Dutch said in so many words. I was thinking the exact same thing as you when I first started reading up on it. I'll be about $40,000.00 in debt by the time I'm done my Bachelors in April. Even if you are not thinking of going back to grad school anytime soon, you may change your mind. Also, if you have kids one day you can pass it on to them if you don't use it.

Dutch · January 18, 2012

I agree with the Marine guy, post 911 GI bill let's you transfer the education benefit to a child. SLRP is a pain and takes forever. Your choice, just make a smart one that works for you.

yakfishr19 · January 18, 2012

So the options are SLRP and GI BILL? They didn't ever cancel the SLRP correct? I will do some research on both to make the correct decision. Thanks again guys

t.o.n.y · January 18, 2012

Am I missing something? With the SLRP they pay up to $65,000 and do it over 3 years. Pay 1/3 after the first, 1/3 after the second, and the final 1/3 after the third full year of service. From everything I have seen that is how they do it unless I completely missed something.

I do know the IRS will consider that as income and tax you on it, but oh well, would rather pay tax on it then not get it at all. Also the SLRP doesn't cover interest over those years, only the principle.

Is that correct or is there some fine print I haven't seen?

t.o.n.y · January 18, 2012

And I believe you can defer payments while in the military so you can sit on your loans while waiting for each year to roll around and have that $21,667 payment made for you. Again, you get some added interest, but a small amount in comparison to the $65,000 the Army will pay off.

Dutch · January 18, 2012

Whatever option you get, or version of slrp, make sere you understand it completely. Don't take the recruiters word for it, ask to see it in writing and not a pamphlet.

I believe interest was covered in the payments slrp made to my loaf company, but that was several years back. Deferment of payments is usually based on financial hardship or academic continuation, not just on military service, so unless you made more money as a civi, you might have to make payments.

All of this depends on your situation and every contract can be different. I was promised 10 grand after graduation but if that falls through I will not be mad at all. The bonus would simply be a cherry on the flight school cake.

t.o.n.y · January 18, 2012

Lol... If I listened to the recruiters on everything I never would have been selected for WOFT - probably wouldn't have even applied.

mrjibbs · January 18, 2012

and it only pays if your loans are FEDERAL Student Loans. I had Private Student Loans, but the guy that I turned my P. Notes into at MEPS said they were fine, come to find out after two years of fighting for the payments and a deployment they were not eligible, so I got an honorable discharge due to defective enlisitment because they blatantly lied to me and didnt want me to cause any problems over it (talk about integrity!). Apparently it is not an uncommon occurance. Not a surprise either after my experience with the Army.

Like someone said, you have to work and chase after it and be on top of it because they will not put any effort into giving out money for free. They "lost" my paperwork 5 times and I had to get JAG and the IG involved just to get an answere one way or the other. But if you have Federal loans and can get them to actually make payments, it can be worth it i suppose.

USAR153D · January 18, 2012

Am I missing something? With the SLRP they pay up to $65,000 and do it over 3 years. Pay 1/3 after the first, 1/3 after the second, and the final 1/3 after the third full year of service. From everything I have seen that is how they do it unless I completely missed something.
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Is that correct or is there some fine print I haven't seen?

There are benefit maximums that you are not reading about per year or month that they'll pay expressed in a percentage of what you owe up to a certain amount. Trust me, it's a lot less then a 1/3 of $65,000.00!

yakfishr19 · January 19, 2012

It says Parents Loans for Undergraduate Students (PLUS) is a qualifying loan. Must be incurred for the use of the individual contracting for the program. (not others such as relatives). Now since this isn't a federal loan will it work? My dad has my student loans under his name only for my undergraduate studies and nothing else but once i graduate it's going under my name. Would this be considered Parents Loans for Undergraduate Students once I graduate?? Will this be elegible?`

zaurus · February 15, 2012

Sorry to be the bearer of bad news for my first posting. USAREC msg 12-052 dated 9 Dec 11 states that the CLRP is suspended for OCS/WOFT applicants. If you have any questions concerning the CLRP, have your recruiter pull up the msg for more details. No longer an option, the peace dividend is now in effect.

t.o.n.y · February 15, 2012

If they actually did away with the loan repayment, anyone know how it works if you have it in your contract and are still waiting to go to MEPS to sign your final contract when you ship? Do they say, "sorry we don't offer that anymore even though it is in your contract" or do they honor it and fit it in your final contract even though it isn't offered anymore?

yakfishr19 · February 16, 2012

It's only suspended until further notice correct? i am applying in a couple months do you think it will be back up?

t.o.n.y · May 8, 2012

Not sure what is going on. Had SLRP in my contact and someone at HQ took it out. Was never informed and had to notate it in my AD contact. Have to sort it out at Reception.