There are different schedules of NLRP for reserve personnel and sailors that are in active service. Below, we’ve broken down the manner in which the beneficiaries of the program receive their payments.
Sailors in the navy reserve will get repayments amounting to 15% of the principal balance of their remaining loan. This amount is paid out every year they remain in the Navy reserves. How you’ll have to complete a particular year before you receive the benefit for that year.
If you’re a sailor that’s still in active duty, you’ll have 33% of the remaining loans forgiven. In other words, this is at least $1500. Again, this amount is paid for every complete year of active service you complete.
You can drop out of the program under the following conditions.
Assuming you’re one of the sailors that choose to leave the Navy Loan Repayment Program prior to attending boot camp, you’ll have to make a formal request to your MEPS qualifier. In this request, you’ll ask that you be disenrolled from the NLRP.
We have already stated that the Navy Loan Repayment Program has been discontinued. Hence, it’s natural for many readers to wonder about the other options at their disposal. If you’re one of these people, you can read all about other options of student loan forgiveness of military personnel in our blog and other pages on this topic.