I gave up the GI Bill for the Loan Repayment Program because I'm close enough to my degree not to need money for that but I have tons of school loans that need paying off. I know I need to get the master promissory notes to bring to Basic already but I'm not sure what happens after that.
When does the Army start making payments on my loans? Will they start it right away once I start going to Basic? Not until I finish Basic? Not until I finish AIT? Not until I put a certain amount of time in? If they don't start making payments until after Basic, do you think the loan companies will put it on hold until I at least get out of Basic and have access to phones and computers to help me sort out my payments?
Another question is, if the Army doesn't start making payments until I'm done with Basic or AIT (or even longer?) and I have to start paying monthly payments instead, is there a way I can tell the loan companies that I only want those payments going towards the interest? Because I know the Loan Repayment will pay up to $65,000 of the principle balance which I assume means they won't put money towards the interest. So if I have to start making payments on my own I'd hate for my money to go towards the principle balance so the Army ends up paying for less of my loans and I end up paying not only towards the balance but still owing all the interest on my own too.
Thanks for any help with those questions and any more of the process that someone can tell me.
When does the Army start making payments on my loans? Will they start it right away once I start going to Basic? Not until I finish Basic? Not until I finish AIT? Not until I put a certain amount of time in? If they don't start making payments until after Basic, do you think the loan companies will put it on hold until I at least get out of Basic and have access to phones and computers to help me sort out my payments?
Another question is, if the Army doesn't start making payments until I'm done with Basic or AIT (or even longer?) and I have to start paying monthly payments instead, is there a way I can tell the loan companies that I only want those payments going towards the interest? Because I know the Loan Repayment will pay up to $65,000 of the principle balance which I assume means they won't put money towards the interest. So if I have to start making payments on my own I'd hate for my money to go towards the principle balance so the Army ends up paying for less of my loans and I end up paying not only towards the balance but still owing all the interest on my own too.
Thanks for any help with those questions and any more of the process that someone can tell me.