Being a member of the armed forces is a great thing regardless of what branch you are with. Today we are going to focus on the Army Reserves College Loan Repayment Program which focuses as you would guess on members of the Army Reserves. Through this program, applicants will qualify for student loan assistance through the Army Reserves repayment program and according to the program when used correctly will greatly reduce the cost of education.
Soldiers must be successfully participating as a SELRES member to continue receiving the benefit. SLRP payments are not automatically paid. An on-line loan repayment application must be initiated each year. After completing the first application, Soldiers will automatically receive an annual AKO email reminding them to start the online application 90-days prior to their SLRP entitlement date.
How much should be expected through his award?
Each year, the Army will pay up to 15 percent of Soldier’s loan(s). In most cases interest may also be paid however there are set maximum and minimum SLRP payments. The Army will not repay any payments, including interest, made by Soldiers towards their loan(s). It is a Soldier’s responsibility to collaborate with loan holders to accept one SLRP payment per year. If the loan holder will not accept one payment Soldiers should consider making minimum payments that the loan holder will accept. SLRP payments are made directly to the bank or loan holder only.
What Loans Qualify?
- Parent PLUS Student Loans for Undergraduate Students (PLUS)*
- Supplemental Loans for Students(SLS)
- Stafford Student Loans
- Perkins Student Loans
- William D. Ford Student Loans
- Consolidated Student Loans*
- *(Note: Only loans incurred for the soldier’s education will be paid)
How to apply?
- In order to apply for this program: SLRP repayment applications are managed through the Web-Enabled Education Benefits System (WEBS) at https://selfservice.rcms.usar.army.mil/education. Below are instructions to access WEBS. Not following these instructions and instructions within the site may cause serious delays in processing an application.
- Go to https://selfservice.rcms.usar.army.mil/education
- Select the gold button titled “Log in with CAC card”
- On the right-hand side of the screen, select “My Loan Repayment (SLRP/HPLR) homepage
Further detailed instructions on how to use the site is located on the page in the section titled “Loan Repayment Program Information”. After completing the online application it’s important to remember that each DD2475 must be printed along with the corresponding loan letter. The Soldier must SIGN block 2g and mail everything to the lender for verification and signature. The lender will forward the completed application to the SLRP Pay Team for processing. It takes approximately 4-6 weeks for the lender to receive payments.
For more information please head to the following link.