Air Force Student Loan Repayment (or lack thereof??)

Specialties Government

Updated:   Published

Hello All,

I have posted on other older forums related to this a couple months ago. It seems as though the story has changed for me, yet again.

Originally, my recruiter said to me that I could choose either the loan repayment (28,000 after taxes) for 3 years comittment or a bonus (~23,000 after taxes). I chose the loan repayment. No matter what It would all be for loan repayment anyway. He said that I will know whether or not I'll get the loan repayment prior to this summer. I submitted my application for this in early January. My recruiter has always said that if I don't get he loan repayment I can always try for the bonus.

As of a couple months ago, I was put on an alternate list. Then my paperwork needed to be resubmitted last month because some info that my recruiter filled out related to months and years of comittment was incorrect. He said that it seems hopeful being that they've obviously looked at it, which means they could be reviewing my case.

Then I talked to him last month. Now he's saying that I most likely will NOT know whether I am getting the loan repayment prior to swearing in. He said that I may know a couple days prior to COT. IF I don't get it then we can always switch to the Bonus. My COT starts 08/23/10.

This all is starting to sound fishy to me. Do recruiters make more $$ if they get you to take a bonus over loan repayment? Why does it seem that the story is constantly changing? I do really want to know prior to swearing in if I'm going to have to do more than 3 years active. My recruiter keeps pushing the bonus at me. All the while, I'm feeling like I'm getting the shaft. Isn't there a chance that they'll run out of bonus money as well. Then what??? I sign for 4 years for nothing? Yes I do understand the other perks (ie tax free income, free medical, and etc.) of going into the USAF. I'm also extremely patriotic. But please don't try to guilt me into being okay with nothing like my recruiter has already tried. "You're not joining the Air Force just for Loan repayment or the Bonus, Are you?" I'm not okay with this if I know that others have gotten the 3yr/$28,000 and I'm getting nothing. Now he's saying that people would "Kill" for my spot in COT. Making it sound like I should be thankful that I have my spot. (Hey I started this whole process over a year ago so that I'd have this spot. Please don't try to use this to guilt me too!)

I was told in times past not to worry about this and to worry more about COT. Well I can't help but worry about this. This is MY Life and no one else is going to have to pay the $750/mo. my loans will cost me for 10 years without the loan repayment, except for ME. Thus I am a bit freaked.

Sorry I rambled on and on about this. Is anyone else in this situation?

theunderminer said:
I am sorta in this situation as well, and I can certainly empathize, its difficult not knowing whats going on, and being afraid whether or not the choices you are being given are the right ones to make or not.

I am also interested in a question that was asked and wanted to clarify it, if no one minds.

Is it possibly to change from no bonus to getting the bonus at COT? or would it be only before going to COT?

thanks

No - you have to accept the bonus at signing. It's the loan repayment that fluctuates.

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HNELLA said:
Are you sure that 3yr is no bonus/no loan repayment? Also, I was told that once AD we could apply for some loan repayment program...you I really need to start writing down what my recruiter tells me....

The paperwork you signed tells all this (although I'll admit not very clearly). Swearing in is a three year commitment, four gets you a bonus, and six gets you the whole enchilada if it's available.

Think about this: the USAF wouldn't pay out potentially sixty grand to keep you for three years. It can get someone for three years for essentially nothing (not counting pay and the cost of sending you to COT). The more they give you, the more you owe them in "payback", so to speak.

I've still got my stack of paperwork; this weekend I'll be more than happy to go through it and pull out the specific form numbers where all this stuff is if there's still questions. I'm working today and Friday.

It's confusing, I know.

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Specializes in FNP cardiology, ER.
HNELLA said:
Are you sure that 3yr is no bonus/no loan repayment? Also, I was told that once AD we could apply for some loan repayment program...you I really need to start writing down what my recruiter tells me....

there is an incentive pay for certain areas....critical care, ER, flight nurse, nurse admin, NICU, OB/GYN, psych, perioperative, NPs, midwives, CRNAs

It is $10,000/yr for 2 years; $15,000/yr for 3 years; $20,000/yr for 4 years. However, you don't get this until you get to your duty station....nothing to do with recruiter.

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Specializes in all.

My recruiter was the one who suggested the 3 yr contract and we spoke about the loan repayment (I did not care about the bonus). I have yet to sign in blood yet, but I will definately read the fine print before.....

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carolinapooh said:
No - you have to accept the bonus at signing. It's the loan repayment that fluctuates.

Thanks carolinapooh! I appreciate it.

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Specializes in ED. ICU, PICU, infection prevention, aeromedical e.

kato,

Are you saying that on top of the bonus I signed for, there is an extra incentive I may get for being ICU? How in the world does that work? It really sounds too good to be true. Is that a resign bonus after initial contract is up?

thx

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Specializes in FNP cardiology, ER.
midinphx said:
kato,

Are you saying that on top of the bonus I signed for, there is an extra incentive I may get for being ICU? How in the world does that work? It really sounds too good to be true. Is that a resign bonus after initial contract is up?

thx

It would be an extension onto whatever contract you already have. So, say you took the nursing bonus and owe 4 years and now want the incentive special pay then you accrue whatever else you sign-up for....another 2, 3, 4 years. I have the pdf print out from my recruiter so it is true. He told me to decline the "sign on bonus" as the incentive pay is much better deal. If you are expecting to stay in for 8 years then do both.

I've scanned most of the file into my computer, so if you want more info the just send me PM with email address.

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Me and my wife finished March COT and took the loan repayment and bonus(40k repayment and 20kbonus) for 6 years. We both got our 20k bonus about a week after being at our pcs, it ended up being 15k each. The lady doing my loan is doing very well with keeping in touch with me with the process, I've yet to get the loan paid, but she said they will I'll get 72% of the 40k and the rest towards taxes.

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jmaverick101 said:
Me and my wife finished March COT and took the loan repayment and bonus(40k repayment and 20kbonus) for 6 years. We both got our 20k bonus about a week after being at our pcs, it ended up being 15k each. The lady doing my loan is doing very well with keeping in touch with me with the process, I've yet to get the loan paid, but she said they will I'll get 72% of the 40k and the rest towards taxes.

Just want to clarify for others - you only get the forty grand if you owe forty grand or more in student loans that are applicable to your BSN. If you owe less, you get less.

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HNELLA said:
My recruiter was the one who suggested the 3 yr contract and we spoke about the loan repayment (I did not care about the bonus). I have yet to sign in blood yet, but I will definately read the fine print before.....

You can't get the loan repayment without a bonus. It's a package deal. 20K + up to 40K in loan repayment for a six year commitment.

I'm curious as to why someone wouldn't want the bonus. If you only want a bonus, it's 4 years for 30K, which you can apply to your student loan debt. But a three year contract gets you no bonus of any type, no loan repayment - no extras at all.

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kato10 said:
It would be an extension onto whatever contract you already have. So, say you took the nursing bonus and owe 4 years and now want the incentive special pay then you accrue whatever else you sign-up for....another 2, 3, 4 years. I have the pdf print out from my recruiter so it is true. He told me to decline the "sign on bonus" as the incentive pay is much better deal. If you are expecting to stay in for 8 years then do both.

I've scanned most of the file into my computer, so if you want more info the just send me PM with email address.

NOOOOOOOOOOOO. Don't decline the sign on bonus. What you're talking about was just done about a month ago - I have the email from my chief RN. It could DISAPPEAR before you're eligible.

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Specializes in FNP cardiology, ER.
carolinapooh said:
NOOOOOOOOOOOO. Don't decline the sign on bonus. What you're talking about was just done about a month ago - I have the email from my chief RN. It could DISAPPEAR before you're eligible.

Well, the new fiscal year is quickly approaching and everything will probably change anyway. I wouldn't go to COT until OCT the earliest at which all the new numbers will be out. There is plenty of time for things to change and since the bonus is a recruiter thing we can redo papers. I'm not worried. There is a good chance that I probably won't even accept selection at this point as things have changed a bit in my world. I certainly wouldn't want to subject myself to an eight year commitment for both and be stuck.

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