Another Loan Repayment Question

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Specializes in ER, NICU.

I'm in (reserve,) got the bonus for 3 years followed by the loan repayment. My question is will the loan repayment pay for loans I accrue while I am in? I have my ADN and would like to get my MSN.

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Specializes in EMT, ER, Homehealth, OR.

I do not belive so if you stay reserve, if you go active after graduating I do not know if they will or not. Need to speak with a recruiter on that one because if you go active at that time you need to go thru the whole process again. Have you looked into TA or STRAP?

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Specializes in ER, NICU.

Thanks for the quick reply, I have looked into the TA but I don't think I qualify for the STRAP with the bonus. I have tried my recruiter but he's not as quick with the replies now that I've signed the dotted line.

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Specializes in EMT, ER, Homehealth, OR.

True about your recruiter, they are like used car salesman, once you have joined and they have their number they move on. One site you might want to try is goarmy.com and do the live chat. Check with the ANC web site, I believe they have the regulation on line about the STRAP program.

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Specializes in CVICU.
I'm in (reserve,) got the bonus for 3 years followed by the loan repayment. My question is will the loan repayment pay for loans I accrue while I am in? I have my ADN and would like to get my MSN.

How much bonus did they give? I am waiting for my paperwork to clear and know they give 50,000 student loan forgiveness but did not know for sure if they were giving bonus on top of that? Thanks

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Specializes in ER, NICU.
How much bonus did they give? I am waiting for my paperwork to clear and know they give 50,000 student loan forgiveness but did not know for sure if they were giving bonus on top of that? Thanks

When I got commissioned 11/08 I got 15,000 over 3 years then the 50,000 in loan repayment, sadly though I had no loans. I know that the bonuses come and go depending on recruitment goals, fiscal year and a bunch of other bureaucratic stuff.

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Specializes in CVICU, Trauma, Flight, wartime nursing.

The loan repayment will start after your bonus is paid out. The way it works is you will get a loan payment 1 year after your eligibility date starts. The loan you ask them to repay must a federal student loan (Stafford, PLUS loan, etc.) and must be at least a year old. I know this because I am finally receiving my last loan repayment disbursment this month. Be careful though. The payments the Army makes to your loan company counts as income on your taxes. So even though you will never see a penny of this money yourself, the IRS will count this as additional income. You could be looking at up to $20,000 of income with no taxes removed. Be sure to set some money aside to cover this. Nobody told me that little fact up front. It damn near killed my taxes last year. As for the time limit on the loan repayment, I don't think there is one. I could be wrong. So, if you want that master's degree, get your student loans and then submit them for repayment one year after you have had them. Be sure to keep track of your master promissory notes and the exact amounts of all the disbursements you receive. This will help you when it is time to fill out your repayment paperwork. By the way, you will fill out all of the paperwork. Be sure to talk to your unit S-1 or unit administrator to get the website address that allows you to do this.

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Specializes in ER, NICU.

Thanks for the info, in one post you were able to provide me with more info than my recruiter and UA.

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Specializes in CVICU, Trauma, Flight, wartime nursing.
Thanks for the info, in one post you were able to provide me with more info than my recruiter and UA.

No problem. Happy to be able to help. I know how confusing the loan repayment process can be.

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Reviving this topic for a different question related to the Loan Repayment Program.

I am in the process of applying for the Army Nurse Candidate Program, and as such, do not qualify for the Loan Repayment Program as part of my contract. However, I have heard (from sources of unknown reliability) that even though I go with the NCP, Once I have served "a couple of years" of my Active Duty Service obligation, I would then be eligible to apply for the LRP.

Does anyone have any knowledge, information or personal experience with this scenario? I am very interested finding out if this is true. I plan to ask my recruiter about it at my next appointment, but would like to broaden my base of inquiry.

Thanks in advance,

LA40

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