STUDENT LOAN REPAYMENT FACT SHEET CY 07 – 01 Jan – 31 Dec 07

Information subject to change

1. Loan Eligibility

REMINDER: It is the responsibility of the individual to provide the Retention Office Manager 1 of the following: one copy of each qualifying promissory note; disclosure statement; or disbursement statement

Loans that ARE ELIGIBLE for the Student Loan Repayment Program

1. Stafford Loans (formerly Guaranteed Student Loan - GSL)

2. Supplemental Loans for Students (SLS)

3. William D. Ford (through the Department of Education or Direct Loans)

4. Perkins Loan (Formerly National Defense Student Loan and National Direct Student Loan) (NDSL)

5. Health Education Assistance Loans (HEAL), Public Health Service Act

6. Sallie Mae – SMART Loan ****(If in the Members Name ONLY, and is comprised ONLY of either a Stafford, Perkins, or William D. Ford OR a combination of these three types.)

7. (Parent) PLUS Loans, taken out on or before 30 SEP 94.

***NOTE: This LIST is SUBJECT TO CHANGE. PLEASE CALL the Retention Office FIRST (612-713-2031) if you are unsure of which type of loan to take out. Loans must NOT be in default status.

Loans NOT ELIGIBLE for the Student Loan Repayment Program

8. SELF Loans;

9. STATE Loans;

10. CITY Loans;

11. ALTERNATIVE Loans;

12. PERSONAL Loans;

13. PRIVATE Loans;

14. (Parent) PLUS Loans that were taken out on or after 01 OCT 94.

15. ANY OTHER LOAN TYPE that is not a Qualifying Type as listed above (see items A – G).

2. How the payment works:

• One payment will be made each year on qualifying loans.

• The Payment Authorization will be processed after ALL required documentation is received at the Retention Office on/after the individual’s (Re)Enlistment Anniversary date. DON’T FORGET TO FOLLOW UP! You may receive a Reminder Post Card from the ROM.

• The payment will be made directly to the lender in the amount of 15% of the outstanding balance including interest or a minimum total annual payment of $500 per loan. Whichever amount is greater, {not to exceed outstanding balance of each loan(s)} and a maximum total annual payment of $3500. Loans must NOT be in default status.

2. How the program works:

• All SLR contracts, will receive a payment of “up to” $3500 each year, not to exceed the outstanding balance, to a maximum of $20,000 for the life of the program.

• Members currently on an SLR contract will not be able to transfer from an existing SLR contract.

• *For members who (Re)Enlisted into the SLR program ON or AFTER 01 Oct 01, your loans MUST be at least 1yr old BY YOUR ANNIVERSARY DATE, AND you must have completed at least 1yr of Satisfactory Service by your anniversary date, before an initial or anniversary payment can be made on that loan. *NOTE: You will not be eligible for your first payment until you have COMPLETED YOUR TECHNICAL TRAINING in the qualifying AFSC.

2. In order to sign a new SLR contract, you must be:

• AFSC ELIGIBLE

• WITHIN 31 DAYS OF ETS (IF PRESENTLY IN ANY INCENTIVE)

• WITHIN 90 DAYS OF ETS (IF NOT PRESENTLY IN AN INCENTIVE)

• NOT HAVE REACHED 16^TH YEAR OF SERVICE *NOTE: YOU MUST REQUALIFY for the SLR Program at the Expiration Date of your current (Re)Enlistment