The New York Army National Guard Student Loan Repayment Program assists in repayment of qualified student loans for NYARNG Soldiers up to $50,000!
Loans must be Title IV Federal loans disbursed and not in default at the time of enlistment/reenlistment.
All loans must be listed on the National Student Loan Data System (NSLDS) at http://www.nslds.ed.gov/nslds_SA/.
Soldiers must provide copies of the NSLDS Aid Summary and the NSLDS Detail Loan Information Sheet(s) (one for each loan) at the time of enlistment/reenlistment.
Soldiers may add new disbursed loans upon completion of their current service obligation and extension for an additional 6yr period. Total amount cannot exceed $50K.
Your annual payment will be %15 of your original loan balance or $500 (whichever is higher), with a maximum of $7,500.
Yes. The annual payment includes any outstanding annual interest.
No. You must continue minimum monthly payments to keep your loan in good standing. SLRP is designed to make 1 payment annually on your behalf. Funds are paid directly to the loan holder.
At least 90 days before your anniversary date, you must complete an SLRP packet. The packet consists of:
All NSLDS documents can be pulled from the National Student Loan Data System (NSLDS) at http://www.nslds.ed.gov/nslds_SA/.
Completing the DD 2475
No, if you pay off your loans, the New York Army National Guard will no longer make payments on your behalf.
Once your loan goes into default, no payments can be made until the loan is brought back into good standing.
Yes, SLRP payments are a taxable income and will be taxed prior to being disbursed to the lender.
If you enter a commissioning program or accept an appointment as an officer, you may continue to receive your SLRP payments.