College Loan Help

[Avalanche24]

If you go enlisted, the Navy will repay STAFFORD loans in your name only, up to, I believe, $65k. They will not repay any private, or signature loans, or any loans in your parents' names (even if they were for your education). Also, it is your responsibility to make sure this LRP is in your contract and to fill out all of the paperwork after you complete boot camp to get them to pay for it. It is not an automatic process; you have to be proactive about it.
See: http://www.gibill.com/loan-navy.cfm and http://www.cnrc.navy.mil/EIncentives/NCF_LRP.htm

If you go officer, the Navy has no programs to repay any loans you have already taken out (that I'm aware of, anyway). If you apply for BDCP, they will pay for whatever school you have left up to 2 years for most degrees, 3 years for technical.

I only know this because I asked about a million questions about it when I talked to an enlisted recruiter and an officer recruiter. Hopefully I remembered everything accurately, and I hope everything works out for you. Good luck!

 

[BACONATOR]

If you go officer, the Navy has no programs to repay any loans you have already taken out (that I'm aware of, anyway). If you apply for BDCP, they will pay for whatever school you have left up to 2 years for most degrees, 3 years for technical.

Just to be clear (I know this point doesn't really affect the question you were answering, but still), BDCP doesn't pay for school. They pay YOU.

You are active duty E-3 and get full pay as such. Your school doesn't see a dime of money while you're in BDCP, unless YOU write them a check. This is why, unlike ROTC, if you fvck up, you go enlisted. You can't "pay back" the money since it was technically salary, not a college scholarship. I believe Tom recently brought up this point.

Sorry, just clarifying.

 

[LazersGoPEWPEW]

If you go enlisted, the Navy will repay STAFFORD loans in your name only, up to, I believe, $65k. They will not repay any private, or signature loans, or any loans in your parents' names (even if they were for your education). Also, it is your responsibility to make sure this LRP is in your contract and to fill out all of the paperwork after you complete boot camp to get them to pay for it. It is not an automatic process; you have to be proactive about it.
See: http://www.gibill.com/loan-navy.cfm and http://www.cnrc.navy.mil/EIncentives/NCF_LRP.htm

If you go officer, the Navy has no programs to repay any loans you have already taken out (that I'm aware of, anyway). If you apply for BDCP, they will pay for whatever school you have left up to 2 years for most degrees, 3 years for technical.

I only know this because I asked about a million questions about it when I talked to an enlisted recruiter and an officer recruiter. Hopefully I remembered everything accurately, and I hope everything works out for you. Good luck!

Hey so if you went BDCP would they pay off the stafford loans since technically you're an E-3 going in?

 

[nugget81]

Hey so if you went BDCP would they pay off the stafford loans since technically you're an E-3 going in?

Short answer - NO. But you could always try...

 

[Avalanche24]

Just to be clear (I know this point doesn't really affect the question you were answering, but still), BDCP doesn't pay for school. They pay YOU.

You are active duty E-3 and get full pay as such. Your school doesn't see a dime of money while you're in BDCP, unless YOU write them a check. This is why, unlike ROTC, if you fvck up, you go enlisted. You can't "pay back" the money since it was technically salary, not a college scholarship. I believe Tom recently brought up this point.

Sorry, just clarifying.

Yeah, that's a very good point to clarify. You are exactly right, and I should be more careful of my word choices. They do technically pay the person a salary, which then pays for school...assuming, of course, said person is responsible with their finances. The E3 salary is generally enough to cover tuition at most schools, especially if you're already receiving state grant money and an in-state discount.

And to the other person -- If you screw up your BDCP and have to go enlisted, I'm pretty sure you're not qualified for LRP. I asked that question as well (not to my recruiter, but to a different officer recruiter...I thought of that question well after I got back to PA), and I didn't get a definite answer, but the general feeling is that the Navy already invested in you for BDCP, so if you screw that up, why should they repay your loans with the LRP program?