Am I Obligated to Pay Into the MGIB to Receive Payments from the SLRP?
Q: When I enlisted I signed up for the Army SLRP, and as per regulation, opted out of the MGIB. My question is am I still obligated to pay into the MGIB for the first 12 months of service to receive payments from the SLRP?
A: No, they are two entirely separate programs. It does not cost you anything monetarily when you opt for the Student Loan Repayment Program (SLRP). What it costs you to use that program is three years of military service. Over those course of those three years, each year the Army will pay 1/3 of each qualifying loan you had at the time of enlistment or up to a certain amount on each loan, whichever is greater. I think that is $1,500 per loan at the time of this writing. Yes it is – I just checked.
Just so we are clear, not all loan will qulaify for the loan repayment program. Right now, only these loans qualify for SLRP:
• Parent Loans for Undergraduate Students (PLUS)
• Supplemental Loans for Students (SLS)
• Stafford Loans
• Perkins Loans
• William D. Ford Loans
• Consolidated Loans (loans must be in soldier’s name)
And don’t forget that annually, on the anniversary of your enlistment, you have to send in a DD Form 2475 on each qualifying loan if you want the Army to make payments on them. If you don’t send in the form(s) each year, the Army is not required to make the payments. Sending in the form(s) is a step many on the SLRP miss and then they wonder why the Army is not paying down their loans.
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