SLRP Student Loan Repayment Program EVERYTHI NG YOU

SLRP (Student Loan Repayment Program) EVERYTHI NG YOU WAN TE D T O K NO W BUT WERE AFRAID TO ASK.

Basic Facts: -Federal Incentive -Available For NPS, RE and 09 S -Requires 6 -Year Obligation -Pays Up To $45 k (for 6 years) -Up To $50 k if extended for an additional 6 years -Can Be Extended (unless 09 S) -Does Not Necessarily Pay Off Loans Pays a Specific Amount Per Year Based on Each Loan’s Original “Disbursed Amount” TOPICS Requesting Payment Calculating Payment Verifying Payments/Missing Payments Initiating (RE) SLRP Contracts Extending SLRP Contracts Eligibility Failure How to Find Your Soldiers with SLRP

REQUESTING PAYMENT Ø SLRP payments are scheduled for each Anniversary Date of contract (6 annual payments) Ø Soldier must “request payment” at the end of each year by submitting NSLDS sheets and DD 2475 Ø Unit forwards payment request to Incentives Section: ng. mnarng. mbx. assets-education@mail. mil Ø Do NOT upload documents/forward payment in GIMS or SLRP Tracker (on Share. Point)

REQUESTING PAYMENT NSLDS Sheets must: Ø Be generated NO EARLIER than 30 days prior to Anniversary Date Ø Include “Summary Page” listing all federal loans Ø Include “Detail Page” for each loan listed on Summary Page Ø Include Servicer/Lender information at bottom of each Detail Page – make sure this doesn’t get cut off Ø Be generated from correct website: www. nslds. ed. gov

REQUESTING PAYMENT DD 2475: Ø Only one DD 2475 is necessary Ø Complete Section II only (soldier information) Ø DO NOT send to lender Ø Use personal email, i. e. an email that the soldier actually checks when completing DD 2475

REQUESTING PAYMENT DO NOT SEND: Ø RPAM Ø Commander’s Certification Memo Ø Promissory Notes Ø Lender Account Statements

REQUESTING PAYMENT Common Reasons for Return Without Action: Ø Missing Summary Page Ø Missing Detail Sheets Ø NSLDS Sheets Illegible Ø NSLDS Generated Over 30 Days Prior to Anniversary Date Ø Loan Data From Wrong Website (Must say “NSLDS”) Ø Loans In Default

RIGHT WEBSITE nslds. ed. gov (SUMMARY PAGE) WRONG WEBSITE

SUMMARY PAGE (continued) Sometimes the NSLDS sheets will display in a different format (without the gridlines and boxes). This is fine, as long as all the required information is displayed. Detail Sheets are NOT necessary for grants.

LOAN DETAIL SHEETS What to look for: Individual Loan Detail Sheet with Loan Number (shown in top red box) for EVERY loan listed on Summary Page Servicer/Lender/Guaranty Agency/ED Servicer Information included on bottom of sheet (shown in bottom red box)

REQUESTING PAYMENT Loans in Default: Ø Not eligible to be used in calculation of payment Ø Will be eligible to be used after they are out of default/in good standing, with status updated on NSLDS

REQUESTING PAYMENT TIPS: Ø Rather than printing and scanning, soldiers should save each NSLDS sheet as a PDF or XPS document directly from web page, resulting in more legible documents. Ø NSLDS Sheets/Payment Requests DO NOT need to be all in one document file. Sending DD 2475 and NSLDS sheets as multiple attachments is OK.

REQUESTING PAYMENT After submitting payment request, both soldier and unit will receive a confirmation email with the following information: Ø How payment amount was calculated Ø Amount of Total Entitlement (before withholding) Ø Net to Lender Amount (after withholding) Ø Soldier advised to verify receipt of payment/credit to loans DIRECTLY WITH LENDER

CALCULATING PAYMENT Annual Payments are calculated based upon the following: Ø 15% of the Disbursed Amount (original amount) of each “eligible loan” Ø For contracts signed in FY 10 -18, “Eligible Loans” are any loans on the NSLDS that were disbursed only before Contract Signature Date – Exception: Consolidated Loans disbursed after Contract Signature Date, these will use disbursed amounts of previous (paid off) loans in calculation of payment Ø For contracts signed FY 19 and beyond, “Eligible Loans” are the same as above, but now include loans disbursed after Contract Signature Date, so long as they are at least one year old at the Anniversary Date (this is called “adding loans”)

CALCULATING PAYMENT Annual Payments are calculated based upon the following (continued): Ø Additional payment of whatever amount happens to be listed on NSLDS as “Outstanding Interest” - This is NOT the amount of interest accrued each year, although SRIP Policy states that SLRP will pay “annual accrued interest” and that soldiers are told that the program will “pay their interest”. The amount listed as “Outstanding Interest” on the soldier’s NSLDS is a completely arbitrary amount that accumulates and is periodically rolled into the “Outstanding Principal” balance throughout the year. It has nothing to do with the actual amount of interest the soldier accrues during the year.

CALCULATING PAYMENT Annual Payments are calculated based upon the following (continued): Ø Minimum Annual Payment = $500 Ø Maximum Annual Payment = $7, 500 Ø Maximum Payment for 6 Years = $45, 000 Ø Maximum Payment Lifetime = $50, 000 Ø Some older contracts (pre-2010) will have an annual maximum of $3, 000 and a lifetime maximum of $20, 000

CALCULATING PAYMENT TAX WITHHOLDING FOR SLRP: Ø Calculated using a “flat rate” rather than the standard withholding tables Ø Federal withheld at a flat rate of 25%, State withheld at a flat rate of 6. 25% Ø State Income Tax will NOT be withheld if the soldier selects “Exempt From State Income Tax” in my. Pay (will also apply to all military pay) Ø Withholding amounts have NO relation to the amount of tax the soldier actually pays, as this is determined when they file their taxes Ø Soldier will receive a separate “SLRP W-2” in my. Pay

VERIFYING PAYMENT Soldier is advised to verify payment 30 -45 days after receiving confirmation email Payments may be sent to the right lender, but the wrong department, or the loan may be sold to another lender while processing, all of which result in the payments being returned to the government. When payments are returned to the government, we receive no notification, nor does the soldier, this is why the soldier needs to verify payment. Ø Only the soldier can verify payment, as no one else has access to his loan information Ø Soldier must verify payment directly with lender (do not use the NSLDS) Ø If verifying receipt of payments online, refer to lender’s “Account History” statements Ø Payments will be applied randomly to whatever loans the soldier has with each lender, including those that are not “eligible” for repayment Ø Simply verify that the total amount of government payments equals the “Net to Lender” amount specified in the Confirmation Email

MISSING PAYMENTS If soldier cannot verify payments directly with lender, send the following: Ø Account History/Statements for all loans Ø Cover time period from Payment Request through present Ø Must show all transactions on accounts Ø DO NOT send NSLDS sheets as these do not show transactions Ø Documents will be forwarded to NGB to find out where the money went

INITITATING (RE) SLRP CONTRACTS REENLISTMENT (RE) SLRP ELIGIBILITY: Ø Ø Ø Ø E 7 or Below DMOSQ/Any Enlisted MOS Not AGR/Military Technician Less than 16 years TIS May not have used SLRP previously (any branch) May not have received ROTC or GFRD scholarships May be combine with MGIB Kicker Any MTOE or Medical TDA

INITITATING (RE) SLRP CONTRACTS If a soldier is interested in extending their enlistment for a NEW SLRP contract: Ø Collect an updated set of NSLDS sheets (same as for payment requests) and forward to Incentives Section along with soldier contact information Ø SLRP specialist will advise soldier regarding how payments are calculated, approximately how much will be paid toward loans each year, how the program works, and how to maximize payments Ø Soldier will make informed decision

INITITATING (RE) SLRP CONTRACTS CREATING THE SLRP CONTRACT: Call the Incentives Section and the SLRP specialist will walk you through the process in GIMS.

EXTENDING SLRP CONTRACTS Soldiers who are currently in an SLRP contract, may “Extend” their SLRP incentive, along with their enlistment, for another 6 years. This may benefit soldiers who: Ø Are over 13 years TIS, and are not eligible for a cash bonus Ø Will have used less than $25, 000 of their $50, 000 lifetime maximum benefit at the end of their initial 6 -year SLRP contract period. Ø Have taken out additional federal student loans after signing contract (these loans would be “ineligible” during initial 6 -year SLRP contract period, but would now be eligible to be used in payment calculation during the extended SLRP contract period) Ø Are in NPS, or RE SLRP contracts – not available on 09 S SLRP contracts (even if soldier washed out of OCS and took an enlisted MOS)

EXTENDING SLRP CONTRACTS If a soldier is interested in extending their current SLRP contract: Ø Notify Incentives, SLRP specialist will contact and advise soldier Ø Soldier will make an informed decision Ø Unit will process “Rule B” extension with no additional SLRP addendum (original SLRP addendum is used) Ø All terms of original SLRP contract remain unchanged, it is simply extended for an additional 6 years Ø Incentives will instruct unit personnel on how to process in RMS/GIMS

ELIGIBILITY FAILURE Eligibility/Monitor Rules are basically the same as for Federal Bonuses: Ø No failing two consecutive APFTs, or (more recently) no failing any two APFTs within contract period Ø Pre-2010 contracts, soldier can fail every APFT and remain eligible Ø Cannot be flagged for Adverse Action (does not terminate, only “suspends payments” until removed favorably) Ø NPS and RE contracts do not allow soldier to voluntarily change DMOS (does not apply to 09 S) Ø NPS contracts do not allow soldier to voluntarily transfer UIC Ø RE and 09 S contracts do allow voluntary UIC transfer Ø Must not be AGR or Military Technician. Ø Cannot be assigned to any Non-Medical TDA unit

ELIGIBILITY FAILURE Even if they are flagged, do not tell soldiers they are not eligible for payments. Collect payment request documentation and send to Incentives, we will determine eligibility at that time. Ø Eligibility rules have changed from year to year; we will look at the soldier’s specific SLRP contract to determine eligibility Ø Often times, soldiers that have become ineligible for current/future payments are still eligible for past payments

HOW TO FIND YOUR SOLDIER WITH SLRP Ø Log into GIMS Ø Select….

FOR YOUR SOLDIERS Most of your soldiers using SLRP have little idea of how the program works. Set them up for success by giving them the following: Ø Make sure they know that they actually have to request payment each year (most do not know this) Ø This Presentation Ø “NSLDS Account Setup” Instruction Sheet Ø “How to Retrieve NSLDS Sheets” Instruction Sheet Ø DD 2475 Ø SLRP contact information (next page)

QUESTIONS Call Joseph Papp at 651 -282 -4197 or Joseph. m. papp 2. mil@mail. mil If a soldier has questions or concerns and you don’t know the answer, have them call me directly – it’s cool!