STRAPand HPLR

[corvettels2]

Couple questions as these are the two I picked when I joined.

1. Does the Strap continue in the summer months(june,july) when I'm not in school?

2. I chose the Health Professions Loan Repayment(HPLR) because I currently have 30,000 in school loans but they pay up to 50,000. Should I get another $20,000 school loan if the army is going to pay for it any way?

Thanks

[DonnerDawg]

Couple questions as these are the two I picked when I joined.

1. Does the Strap continue in the summer months(june,july) when I'm not in school?

2. I chose the Health Professions Loan Repayment(HPLR) because I currently have 30,000 in school loans but they pay up to 50,000. Should I get another $20,000 school loan if the army is going to pay for it any way?

Thanks

Hey Vette:

I'm a STRAPper, so I think I can answer your questions!

1) You need to be enrolled at least half time to qualify for the STRAP monthly stipend. I've took summer courses last year to keep the stipend rolling! The courses don't have to be in your curriculum; i.e. electives, etc. are fine. Just be enrolled for at least 6 credit hours, and you'll be good to go!

2) On paper, taking the maximum loan makes sense. But, in actual execution, two problems arise: your school will only let you borrow so much money. You must complete a FAFSA for each academic year, as the loan program is considered 'financial aid.' Your personal resources are factored into how much you are able to borrow. The second issue is that the the HPLP reimbursements are considered taxable income, so chop off anywhere from 28 to 40 percent, depending on your tax bracket.

Hope this helps!