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MIARNG Bonus and SLRP BRIEF

This document provides information about the current retention bonus policy and the Student Loan Repayment Program (SLRP) in the Army National Guard (ARNG). It includes eligibility criteria, payment details, and termination terms. The SLRP eligibility and payment information are also discussed.

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MIARNG Bonus and SLRP BRIEF

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  1. MIARNGBonus and SLRPBRIEF

  2. BONUS REFERENCE • Current Retention Bonus Policy: • SRIP #14-01 Effective 2 June 14 • FY16 SRIP Policy1#6-01 • Subject to State funding limits • Current ARNG – MTOE Unitsand medical TDA: MEDCOM

  3. RETENTION BONUS • CURRENT RETENTION BONUS AND INCENTIVES • 2 year Extension= $4,000 (Lump Sum) • 6 year Extension= $12,000 (50% upfront and the other 50% at 4 yr anniversary) • 6 year Extension= Student Loan Repayment Program (SLRP) Up to $50,000 Note: • Bonus Payment is processed on day 1 of new contract • Bonus and SLRP is taxed around 25% • Bonus NOT taxed if 2 or 6 yrs extension is signed in Combat Zone

  4. RETENTION BONUS and INCENTIVE ELIGIBILITY • Rank E-7 and below • Less than 13 yrs TIS at ETS • Primary Slot-Holder & MOSQ • NO 9993 or 999M • Non-MOSQ eligible if due to reorg– 6 Year extensions only! (must become MOSQ within 24 months)

  5. RETENTION BONUS and INCENTIVE ELIGIBILITY • Must be 365 – 1 days from ETS • No flags – In good standing • APFT/WCP flags after Contract retains REB • Cannot have any AWOLS or UNSAT periods within 3 months before contract period starts

  6. TERMINATION w/o RECOUPMENT • Going AGR or Tech - Termination - NO recoupment if 1 day is served on Reenlistment Bonus Contract • Going Officer or Contracting SMP - Termination - NO recoupment if 1 day is served on Reenlistment Bonus Contract

  7. TERMINATION with RECOUPMENT • Failing 2 Consecutive Record APFT’s - Termination - Recoupment • Transferring to theActive Duty (AC) - Termination - Recoupment

  8. STUDENT LOAN REPAYMENT PROGRAM (SLRP) ELIGIBILITY No previous SLRP contracts (ARNG or USAR) Must be 6 yr Enlistment or Extension contract. Have existing dispersed qualifying loans at time of extension E-7 or below (can be promoted to E-8 after extension date) Less than 16 yrs TIS at ETS date Must make monthly payments (if required) to ensure loan(s) do NOTenter DEFAULT status

  9. STUDENT LOAN REPAYMENT PROGRAM (SLRP) ELIGIBILITY (Continued) Extend in the 365-1 day ETS window MUST be MOSQ at time of extension/reenlistment MUST hold a valid vacancy slot H.S. Diploma or equivalent Scored a minimum of 31 on the AFQT Can add loans upon 2nd 6 year extension -2nd extension MUST start at <16 yrs TIS

  10. SLRP Qualified Loans Eligible Loans: Stafford, Perkins, Federally Insured Student Loans, Auxiliary Loans to Assist Students (ALAS), Supplemental Loans for Students (SLS), Consolidated Loan Program (CLP), (SMART), William D. Ford Federal Direct Loan Program ALL LOANS IN YOUR NSLDS ACCOUNT *Parental Loans for Undergrad Students (PLUS)

  11. SLRP Payment • Annual payment is 15% or $500, whichever is greater, on total eligible student loans. • Accrued Interest is Paid Off • Annual payment limit of $7500. • Total loan and payment limit of $50,000 ($45,000 first 6 years) • Always the obligation of lendee to pay • Can get up to 5 years of owed back payments • Cannot pay on defaulted or paid off loans

  12. QUESTIONS?

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