Army's Lrp

In: Computers and Technology

Submitted By djhahn77
Words 373
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US Army Loan Repayment Program (LRP)

The Army's Loan Repayment Program (LRP) is a special enlistment incentive that the Army offers to highly qualified applicants at the time of enlistment. Under the LRP, the Army will repay up to $65,000 of a soldier's qualifying student loans.
Eligibility criteria for this program consists of the following:
* Individual must contract for the LRP as a non-prior service accession for a 3 or more year term of service into the active force
* must disenroll from Montgomery GI Bill in writing, using DD Form 2366
* contract as a member in an officer candidate program or contract for a selected MOS
* possess a loan that was made, insured, or guaranteed under the Higher Education Act of 1965, Title IV, Part B, D, or E prior to entering active duty have LRP guaranteed in writing in the enlistment contract (DA Form 3286-66)
* have an Armed Forces Qualification Test score of 50, or higher on the ASVAB
* enlist with a high school diploma
* loan can’t be in default before entering active duty and during the repayment process
Loans that qualify for repayment
* any loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq.);
* any loan made under part D of such title (the William D. Ford Federal Direct Loan Program, 20 U.S.C. 1087a et seq.);
* any loan made under part E of such title (20 U.S.C. 1087aa et seq.); or
* any loan incurred for educational purposes made by a lender that is –
* (i) an agency or instrumentality of a State;
* (ii) a financial or credit institution (including an insurance company) that is subject to examination and supervision by an agency of the United States or any State;
* (iii) from a pension fund or a non-profit private entity (subject to case-by-case review/approval by this office)