Published Jun 10, 2011
Lindz1125
12 Posts
Hey everyone, This is a question for those already in the Army Nurse Corps and had their student loans repayed. I was just wondering when the army makes the first payment of $40,000 and if people actually had the total $120,000 payed. Thank you!
traumaRN1908, RN
132 Posts
I am having mine repaid right now. The OTSG releases 40K annually, up to 3 years. 10K is deducted off top for federal taxes, none is deducted for state. The rest is sent directly to lenders. You are responsible for any interest that accrues while they are in repayment process.
To start repayment process, I had to send 1059 and certificate of completion of BOLC, copies of orders that brought me on to AD, copies of current loan statement and submit info from my commander. Then OTSG sent letter of good standing to CDR that had to be completed and returned.
My funds have not been released yet, I can not tell you what will happen after that.