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College Loan Repayment Program for 09

W

whitesoxnation

Well-Known Member
pilot
Contributor
I read the MARADMIN and was wondering if someone with better understanding can verify that how I interpreted it is correct:

1) Commission in FY 09
2) $10,000 payed to the lender 1 year from your TBS start date, and every year after that, until $30,000 is reached
3) Available for loans from pretty much any lending institution. Is this a difference between 08 and 09? In 08 was it only available for federal loans, now it is available for private as well?
4) Add 6 months to your obligation

http://www.marines.mil/news/messages/Pages/MARADMIN373-08.aspx

Thank you

(I know there was another discussion on it but I wanted to make sure I got the specifics correct)
 
Fetter

Fetter

Registered User
I don't know about the details, but I will ask you whether you know if it is good for FY10? b/c I won't commission until December.
 
Big Biff

Big Biff

Got Em
The Marine Corps has this program scheduled through FY11, so you can still qualify if you contract this year or next year. Like other CLRPs the service writes a check directly to the lending institution who loaned you the money by way of the schools financial aid office. The lending institution must be guaranteed by the government "Stafford Loans" etc... Basically anything to do with FAFSA. They will not however, pay your loans off if you borrowed 30K from Big Tony down by the docks. Remember, as of right now, the federal government doesn't give you student loans, they just promise the lender in case you default. Legislature is in the works to change that however and put Uncle Sam into the student loan business.

Edit: You can sign up for it either prior to going to OCS or reporting to TBS, and they add another 6 months to your initial obligation.
 
theblakeness

theblakeness

Charlie dont surf!
pilot
Snel,

My OSO just gave me the paperwork for it and told me I was elligible. Dont know if this helps you but you should be good to go for it.
 
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