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Why are W-2′s for Navy LRP not available on mypay, so when you actually file your taxes for a given year you can recoop the taxes paid by DFAS for the LRP paymnts?
Comment by Jason Cirillo — October 4, 2008 @ 3:51 pm
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@Jason
The loan accounts remain in your name. You should be able to retrieve the information from the loan company on how much has been paid. The LRP money is part of your total income, much like a selective re-enlistment bonus would be.
Comment by NCCM(ret) — October 4, 2008 @ 4:54 pm
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SRB show in Mypay w-2. LRP does not.
The creditor does have the paymnt history for the account but would unaware that any income tax has been witheld. For tax purpose , interest would be the only important factor the crediot would be privi- to.
??Comment by Jason Cirillo — October 6, 2008 @ 9:44 pm
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Your LRP money is considered income and taxed at whatever rate you fall into. The money paid to your student loans, if eligible for deduction, would be deducted and figured on your tax form to produce your overall tax burden/refund.
Depending on how much you make overall and how many deductions you have it may be a good idea to seek qualified tax help. You may find that because of your tax bracket you might get all your tax money paid back.
Comment by NCCM(ret) — October 7, 2008 @ 1:10 pm
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if you have the lrp ive been in for a year and a half with the new gi bill now can i get both and if i cant is there a way i can to cancel the lrp after two year in an get the gi bill benifits.
Comment by gerrard — November 9, 2008 @ 1:43 pm
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Am I right in assuming that I can take the amount that the Navy paid on my student loans for the previous year and add that to my W2′s to get my wages for the tax year? I was going to use this total in order ot file my taxes. I have not yet received this “supposed” W2 for my student loans yet. The mypay site says that they are available on the site, yet there is no where to go to print them out. I called mypay and they said that they would be mailed to me. I have not received them yet. Do you know the number I would call to speak with someone directly regarding the SLRP W2′s?
Comment by Tim — January 27, 2009 @ 12:07 am
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@Tim, personally I would wait for the W-2 – I do not know who to contact outside DFAS or your personnel department.
Having never experienced it directly myself I would be interested to hear how this works out – Are you saying they are sending you two separate W-2s? One for normal pay and another for LRP?
Comment by NCCM(ret) — January 27, 2009 @ 12:32 am
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Yes, I am under the understanding that is what is going to be done. I’ve been trying to look up a contact number for CNRC in Millington, TN, because that is who handles LRP. Once I get things figured out, I will write back and let you know who this whole process worked out.
Tim
Comment by TIm — January 27, 2009 @ 3:38 pm
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W-2′s for the LRP are sent by DFAS to the servicing PSD for the member. Your PSD should have received this by mid January no later than end of month. There is an updated contact email of: cnrc_lrp-eb[at]navy.mil that you can email for further questions. Again W-2′s concerning LRP payment are not posted on mypay, THEY ARE MAILED TO YOUR PSD.
Comment by PS3(SW) BURY — March 16, 2009 @ 10:42 pm
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My son has about 50K of loans but they were from citibank (studentloan.com). They were student loans paid DIRECTLY to the university, but his recruiter said that they only pay off FEDERAL LOANS. is this correct?? THANKS!
Comment by paul — July 15, 2009 @ 4:26 pm
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As long as the loan falls under part Part B (Federal Family Education Loan Program), Part D (William D. Ford Federal Direct Loan Program), or Part E (Federal Perkins Loans) of Title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq; 1087a et seq; 1087aa et seq).
Your lender should be able to tell you which, if any, of these loan programs your son’s student loan may fall under.
Comment by NCCM(ret) — July 15, 2009 @ 4:39 pm
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Do you know if you are permanently disqualified from receiving the loan repayment option if you miss the deadline to get the documentation in. The Department of Education is the holder of my loans and they still haven’t mailed documents I sent out on December 7th (I went to MEPS on November 3rd and they told me I had 60 days. It took the Dept of Ed. about 3 weeks to send me my promissory note, then Thanksgiving intervened).
If MEPS doesn’t have the documents by January 3rd, will I need to go back to MEPS and renegotiate my contract to see if I can get into another LRP qualifying rating? Will they allow me to do this?
I know MEPS was closed for the holidays as well, is it possible they’ll extend my deadline?
Thanks!
Comment by TJP — December 28, 2009 @ 12:30 pm
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Your recruiter will be able to supply a better answer to that question than I will TJP. I would think they will be somewhat lenient because of the holidays – make sure they are aware of the delays, don’t bring it up at the last minute.
Comment by NCCM(ret) — December 28, 2009 @ 4:39 pm
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I received a letter stating my final payment had been sent to Sallie Mae for my student loan. I just checked my statement and it shows that I still owe $4997.82 on the principal. Should I resubmit my form for the last payment? I’m getting out in December. Thank you.
Comment by Rebecca — April 23, 2010 @ 1:38 pm
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Rebecca,
I would contact those at Sallie Mae who sent the statement first; to ensure the payment didn’t cross paths with the statement. If they didn’t then I would start asking the questions to those who said they had sent the payment to ensure it was for the right amount. Also, did you maybe hit the max cap allowed?
Comment by NCCM(ret) — April 23, 2010 @ 1:55 pm
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When I orignally went to the recruiter station, I specifically told them that I was joining to have the Navy pay my student loans. They told me that all that information that I had given them including a original copy of my completed semester hours with grades included. A year later, I haven’t seen any payment made on my loans and they are now telling me that it wasn’t in my contract and this was after they originally lost my folder. What should I do?
Comment by Newman — June 19, 2010 @ 5:26 am
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Newman,
If it was not part of your original contract, specifically on form NAVCRUIT 1133/52 “Enlistment Guarantees/Annex A” (it would have been clearly stated), then you would not receive the benefit of the LRP.
Comment by NCCM(ret) — June 19, 2010 @ 6:29 am
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I am currently enrolled in the LRP, but have been unable to find information on filling out the DD2475. I have the instructions for the form, but I have questions concerning who I’m supposed to have as a verifying official as well as the address where the form needs to be forwarded after the Loan Holder fills out there information. I have been at two commands and no one knows anything about this program. I have even tried contacting Millington and have only gotten someone’s voicemail. If anyone can point me in the right direction I’d appreciate it greatly.
Comment by PO2 Wallach — August 17, 2010 @ 11:42 am
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FAX completed DD 2475’s to 901-874-9327 and ask for email confirmation.
Comment by NCCM(ret) — August 17, 2010 @ 12:11 pm
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I am going to MEPS in 2 weeks. What do I need to be aware of in order to make sure everything is in my contract to pay back school loans. I have about 55k dollars in Federal loans, mostly through Sallie Mae, the rest through my school, ex. perkin’s loans, etc. I also want to know how long it takes for the Navy to start paying them back. Will I have to worry about making payments while I’m in bootcamp or a-school or will they be getting paid back then? I am looking to be an air rescue swimmer, there is a $15,000 bonus there, would I still get that if I am doing this repayment plan? Thank you for all the information.
Comment by Jacob — August 18, 2010 @ 2:16 am
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Yes, during the first year, including boot camp, you are responsible for paying your loans (unless you personally worked something out with the loan holder). The first LRP payment is eligible after your first year of active duty service. You are required to submit annual DD-2475 to Navy Recruiting Command (the fax number in the comment above) in order to trigger the payments. It will always be your responsibility to ensure that Recruiting Command receives the completed DD Forms 2475 from all current loan holders on all eligible loans. You cannot receive both an Enlistment Bonus and LRP – it is one or the other (if you qualify).
Comment by NCCM(ret) — August 18, 2010 @ 7:56 am
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