Student Loan Repayment Program
Date Submitted: March 24, 2022
Type Draft Resolution: New Resolution
Submitter: Cody Workman
Revamp Student Loan Repayment Program (SLRP) to ensure loans are paid in a timely manner in an effort to positively impact retention of skilled professionals and other quality Solders.
The Student Loan Repayment Program (SLRP) is a significant benefit and one that aids in the recruitment of many quality candidates across all branches. This is especially helpful in recruiting licensed professionals to the ranks. However, as presently constituted, there are significant delays in the disbursement of funds for the purpose of SLRP. While these delays are frustrating for Soldiers, these delayed payments also result in additional interest charges to the Soldiers who are not receiving the benefit as advertised. This is exacerbated by higher interest loans that cannot be refinanced without losing the bonus. Many professionals have left the ranks due to issues with this program.
Recommend structuring Student Loan Repayment (SLRP) similar to other bonuses that pay up front. Failure to perform on the part of the Soldier would result in recoupment.
Input #: 5
Resolution #: New
Item #: New