Navy Loan Repayment Program (NLRP), Explained
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What Is the Navy Student Loan Repayment Program?
How Does the Navy Student Loan Repayment Program Work?
Which Student Loans Are Covered?
How Much Can Be Repaid?
Is It Considered Taxable Income?
Does It Cover Interest?
Qualifying for the Navy Student Loan Repayment Program
Hold a high school diploma and qualifying student loan debt Have an Armed Forces Qualification Test or AFQT aptitude test score of 50 or better Enlist or reenlist for active duty with the Navy Complete at least one year of service
Applying for the NLRP
DD Form 2475 (Department of Defense Educational Loan Repayment Program annual application) DD Form 4 and attached annexes (enlistment/reenlistment documents) Loan Repayment Program (LRP) Worksheet Copy of LRP Statement of Understanding Copy of the promissory note on eligible loans Copy of the signed Personalized Recruiting for Immediate and Delayed Enlistment (PRIDE) LRP text file
Other Student Loan Repayment Programs
Public Service Loan Forgiveness (PSLF)
Student Loan Forgiveness for Healthcare Workers
Alternatives to Student Loan Repayment
Student Loan Refinancing
For subprime borrowers, it might be difficult to refinance student loans with bad credit You may refinance federal student loans and private student loans You may also refinance student loans without a degree with certain lenders How long does it take to pay off student loans? It can take borrowers between 10 to 30 years to pay off federal student loans and five to 25 years to pay off private student loans What happens to student loans when you die is the debt might be discharged, although some private lenders may demand repayment from your estate
Income-Driven Repayment (IDR) Plans
Saving on a Valuable Education (SAVE) Plan, which replaces the Revised Pay As You Earn (REPAYE) Plan Pay As You Earn (PAYE) Income-Contingent Repayment (ICR) Income-Based Repayment (IBR)
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