Army Reserve Medical Corps College loan repayment incentive

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Specializes in NICU,Cardiac Progressive Care.

I have posted several questions and had received a wealth of useful information so I decided to post my current question concerning the College Loan Repayment incentive. I accepted the Army Reserve Medical Corps loan repayment incentive of 50,000 but have no clue how or whos responsibility it is to get the paperwork and get it in and signed. If it is my responsibility to get the paperwork where do I get it from and who do I have to get to sign the paperwork. All of my student loans are in one general location and yes, I have contacted them regarding the issue and have received two different requirements. I called my recruiter and was told he would get back with me and so far he has not responded. If anyone has had to set it up please let me know who to contact and what paperwork needs to be completed. All my student loans are through Sally Mae. Thank You all for any and all advice. Littlesiss

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Littlesis,

All incentives paperwork and admin actions are conducted by your recruiter - specifically your health care recruiter.

Now - when you say you signed up for the 50k loan -what does this mean?

Please elaborate to confirm you've been working with a health care recruiter and where you are in the recruitment process - ie physical completed, received acceptance, signed paperwork, taken oath.....

What occurs is that when you receive your contract it will state your obligatory period... your incentives.... THAT you need to have your I's dotted and T's crossed and ensure that the loan repayment - to include the dollar figure... is all present and on the paperwork. That is what you need to do. Looking forward to hearing more about the situation ;)

Now if all of the above has been done... you have signed the paperwork with loan material and such.. then yes you need to standby as the loan payment does not initiate until beginning of your service - and those details are in your contract. You (theoretically) would not need to contact anyone as all things would be set in motion - and you would just need to monitor that it occurred at the proper date and amount based on details within the contract.

v/r

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Specializes in Critical Care.

Little Sis,

Your recruiter should intially provide you with a form that requires you to fill out your creditors, account number, balance, ect. When you officially sign your application before it goes to the board your recruiter will have you sign another form stating that you want to take that incentive. After you commission the Army will pay the monies directly to your creditor. The only reason that I am going to contact my creditor is to put a stop to my payments so I can get the most of my incentive.

Keep bugging your recruiter as the sqeaky wheel gets the grease! It is as easy as sending you an email with the attached PDF. Hope this helps!! :)

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Specializes in NICU,Cardiac Progressive Care.

Thank You both for the valuable information. When I wrote about the 50k it is the college loan repayment incentive. When I commissioned in july I took both incentives the 15,000 sign on bonus and the 50,000 college loan repayment incentive with the 6yr contract. My recruiter advised me to have the 15,000 first then the 50,000 meaning that for the first three years I would be receiving 5,000 per year then on the fourth through sixth year they would pay the 50,000 towards the college loans that will be divided up first payment 20,000, second payment 20,000 and third payment 10,000. Early on my recruiter told me I had to get and fill out deferment papers for the college loans but that he did not have the deferment papers so I have called sallie mae but the two times I have called I have gotten conflicting answers. I just graduated in may and the loans are due to begin payment in november that is why I am concerned that as of yet no paperwork has been signed concerning the deferment process. I did call my recruiter back yesterday but no luck he did not answer his phone nor did he return my phone call so I gather he did not get any answers. Yes, he is an AMEDD recruiter. He was also suppose to find out when I may be getting my orders since I commissioned july 30th and so far I have not received any orders. Thank You all so much for your help. Littlesiss

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Specializes in Critical Care.

Little Sis,

Keep in mind that your incentives are taxed so you might as well cut everything in half, so your 15K =7.5K and your 50K=25K. It sucks. I would email, call and just keeping bugging your recruiter to get what you need. Good luck!

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..isn't it more like 28% taxed vs %50.....

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Specializes in Critical Care.

Ha! I don't know exactly!! I was just thinking to cut everything in half that way I will be pleasantly surprised when I get more money!! However I like the 28% vs 50% much better!! :D

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Ha! I don't know exactly!! I was just thinking to cut everything in half that way I will be pleasantly surprised when I get more money!! However I like the 28% vs 50% much better!! :D

Yeah for better estimate the 28% should be a bit closer for ya ;)

It's good to plan for the worst..but also to know the likely ;)

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Specializes in ER/Critical Care.

Hi littlesiss

I just did this today for my student loans. You can go on sallie maes web site and print ou the info that you need to give your recruiter. he/she will need your student loan number, the amt you owe, the percent amt and who you owe it to the origination dates. Mine are all consolidated so my statement showed all of that info. The army will pay the lender directly.

Good Luck

Edie

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