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National Guard Student Loan Repayment – Overview & Eligibility

January 15, 2012

National Guard Student Loan Repayment

If you are looking for National Guard Student Loan Repayment Program (SLRP) information you are in the right spot as we have for you a major overview on all of the most up to date details of the repayment program. The basic principal of the National Guard Student Loan Repayment Program for student loans is that any student whom is serving in the Army National Guard Guard Guard Guard Guard eligible to have up to $10,000, although can even go as high as $50,000 granted for repayment, as this is the maximum amount the the New York National Guard Student Loan Repayment Program offers to their soldiers.

National Guard Student Loan Repayment

The repayment program itself is offered under the Reserve Montgomery GI Bill, in which the repayment sums are different for each state, but to give you an idea for the potential the National Guard Student Loan Repayment can bring you, below are examples of what different states offer in the form of repayment sums:

  • Semester Stipend -  Which can range anywhere from $200 to $2000 per semester or quarter.
  • Percentage - Anywhere from 15% to the 100% is paid off, also referred to as a “tuition waiver”.
  • Per Year – Which a lump sum is given, and ranges anywhere from $2000 to $3000.
  • Loan Repayment – An amount is offered which the funds go towards student loans in which the number can range anywhere from up to $10000 to $50,000.

National Guard Student Loan Repayment Eligibility

To participate in the National Guard Student Loans Repayment Program, one must have joined the Army after their student loan was taken out from the lender, as well as meet the following requirements:

  • Sign a minimum of a six year Reserves contract. IF one is already in the National Guard  they need to extend their service commitment to meet the 6 year minimum service term. For example if you have 4 years left, 2 years extra will need to be committed to, as a full 6 year extension is not necessary. Reenlistment is an options as well.
  • Loans must not enter a state of default while you are participating in the National Guard repayment plan.
  • Completion of the National Guards basic training.
  • Be participating in monthly and yearly drill status.
  • Have a minimum of one student loan and have never participated in a student loan repayment program.

Depending on the state, eligible applicants may be about to add an additional loan in the midst of their term, which will also be eligible to be paid off.

It should be known that on top of participating in the National Guard Student Loan Forgiveness and being eligible for funds, the Military most often will even pay more of your student loan debt off as a token of appreciation after your term has been served, which are great incentives that can be taken advantage of by those who are either serving right now or are looking to serve in the near future. Some states offer much better repayment than other, so to find out more about the National Guard Student Loan Repayment Program, and what you may be eligible for, you can call toll free at: 1-800-GO-GAURD.