U.S. Army Loan Repayment Program
- Scholarship Description
The Loan Repayment Program (LRP) is a special incentive that the Army offers to highly qualified applicants entering the Army. Under the LRP, the Army will repay part of a Soldier's qualifying student loans. Only specified Military Occupational Specialties (MOSs) qualify for the LRP. The Army will repay 15 percent of the outstanding principal balance, less taxes of the Soldier's student loans annually or $1,500, whichever is greater, after each year of service (up to $20,000, less taxes). Non-prior service, initial-term Army Reserve Soldiers on drilling status are eligible for the Loan Repayment Program if they meet the following conditions: Have Loan Repayment Program guaranteed in writing in the enlistment contract; decline enrollment in the GI Bill program in writing, using DD Form 2366; enlist for a minimum of 6 years; have a high school diploma and a score of 50 or higher on the Armed Services Vocational Aptitude Battery (ASVAB); enlist in one of the critical MOSs that qualifies for the program. Loans must be made, insured, or guaranteed prior to entry in the Army Reserve. For more information or to apply, please visit the scholarship provider’s website.