Updated: August 21, 2014
The Navy Student Loan Repayment Program (LRP), for those who ship to boot camp in FY-2010, has now been limited to the following rates/programs:
Information Systems Technician (IT)
Aircrew Rescue Swimmer Program
Explosive Ordnance Disposal (EOD)
Navy Diver (ND)
Special Warfare Boat Operator (SB)
Special Warfare Operator – SEAL (SO)
The maximum benefit is $65,000, and it is taxed as income. Loan repayments can be made to qualifying loans like Stafford, Perkins, Ford, and other loans that typically are described as “Title 4” loans.
LRP participants may utilize the GI-Bill; however, to qualify, you must re-enlist for a second term (and have served a minimum of 24 months of that second term).
Currently, all active programs, with the exception of the Full Time Support (FTS) and the New Accession Training Programs (NAT), are eligible for the LRP in rates that ship to boot camp in FY-2011. See your Recruiter for complete details and updates.