Comments on: Navy Student Loan Repayment

By: NCCM(ret)

NCCM(ret) — Wed, 15 Jul 2009 21:39:09 +0000

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.

By: paul

paul — Wed, 15 Jul 2009 21:26:10 +0000

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!

By: PS3(SW) BURY

PS3(SW) BURY — Tue, 17 Mar 2009 03:42:08 +0000

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.

By: TIm

TIm — Tue, 27 Jan 2009 20:38:07 +0000

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

By: NCCM(ret)

NCCM(ret) — Tue, 27 Jan 2009 05:32:52 +0000

@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?

By: Tim

Tim — Tue, 27 Jan 2009 05:07:54 +0000

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?

By: gerrard

gerrard — Sun, 09 Nov 2008 18:43:31 +0000

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.

By: NCCM(ret)

NCCM(ret) — Tue, 07 Oct 2008 18:10:57 +0000

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.

By: Jason Cirillo

Jason Cirillo — Tue, 07 Oct 2008 02:44:28 +0000

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.
??

By: NCCM(ret)

NCCM(ret) — Sat, 04 Oct 2008 21:54:53 +0000

@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.