What is Student Loan Repayment Program?
Q: What is Student Loan Repayment Program?
A: The Student Loan Repayment Program (SLRP) is an enlistment incentive option (and sometimes offered at re-enlistment) where the Army will repay up to $65,000 of your student loans in return for a three-year enlistment. It is repaid at the rate of 33.3% of your original loan(s) or $1,500, whichever is greater, per year of service. Be aware you can not get SLRP and the Montgomery GI Bill or Post 9/11 GI Bill for the same period of service. If you sign up for SLRP, then you will not start your GI Bill period of eligibility until those three years have elapsed. So, for a six-year enlistment, you could get both SLRP and the GI Bill.
SLRP only repays eligible federally-insured loans such as:
- Parent Loans for Undergraduate Students (PLUS);
- Supplemental Loans for Students (SLS);
- Stafford Loans;
- Perkins Loans;
- William D. Ford Loans;
- Consolidated Education Loans.
If you have these loans, they do not qualify for SLRP:
- Private Loans;
- Equity Loans;
- State Funded Loans;
- Institution Loans;
- Consolidated Loans for someone else, such as a brother or sister.
The Army Reserves and National Guard also have their own SLRP. The Reserves repays up to $40,000 in student loans, payable at the rate of 15% of the original loan or $1,500 (whichever is greater) per year of service, in return for a six-year enlistment. The National Guard’s program repays up to $20,000 in student loans, at the rate of 15% of your original loan or $500 per year, whichever is greater, not to exceed $3,000 per year, in return for a six-year obligation.