by Sisyphus » Wed May 13, 2020 5:53 pm
That process could potentially be in a bit of flux, but it's far too soon to tell (and I probably won't have data until 2021 on my end...).
But here is the overall nominal repayment context for people who quit (there are some that have been worse, usually due to SMART having not properly notified them of their debt and it going further than DFAS, but this is the average scenario):
You are notified to pay a lump sum at once back of everything you owe AT SOME POINT after you quit (could be a few months, could be a year or two, there is no fixed timetable):
- this does not include health insurance or internship payments (everything else tuition/book fees/etc. is fair game).
- that total amount you do owe is prorated for the fraction of your service commitment you fulfilled (did 2 out of 4 years at your SF, bill is 50% your total).
If you cannot pay the lump sum, you are expected to pay the whole amount back within 3 years to DFAS as the nominal standard
- interest is 1% as of my most recent knowledge.
As far as I'm aware from all the stories I've seen/heard there haven't been any extra "penalties" on top of base repayment...unless you count the psychic torment of receiving shakedown notices in the mail after 5-10 years of nothing like most participants in default got in 2018.
There HAVE been a small # of successful debt disputes due to the gross misconduct/mismanagement of the SPO in how some participants left, but if the circumstance is anything along the lines of "my SF wasn't using my abilities/it's just not a good match/etc." you can expect to be put in repayment. Yes SMART is perfectly willing to fund you for a STEM degree, BS MS or PhD, and have you pushing papers doing admin work at your SF if that's what your SF wants. SMART doesn't give a shit about whether or not its participants are being properly utilized or if there was a point in funding their education, just that the SF is happy.
Further, SMART also doesn't give a shit if you left to go work at another DoD lab, even for the same branch of the military; if you left your SF without their (almost never given) blessing they'll come after you.
That's all I got for an overview. If you have more questions for your specific case I'd advise you to go to the Debtor's Discord I run, you can find the link a few posts down.
That process could potentially be in a bit of flux, but it's far too soon to tell (and I probably won't have data until 2021 on my end...).
But here is the overall nominal repayment context for people who quit (there are some that have been worse, usually due to SMART having not properly notified them of their debt and it going further than DFAS, but this is the average scenario):
You are notified to pay a lump sum at once back of everything you owe AT SOME POINT after you quit (could be a few months, could be a year or two, there is no fixed timetable):
- this does not include health insurance or internship payments (everything else tuition/book fees/etc. is fair game).
- that total amount you do owe is prorated for the fraction of your service commitment you fulfilled (did 2 out of 4 years at your SF, bill is 50% your total).
If you cannot pay the lump sum, you are expected to pay the whole amount back within 3 years to DFAS as the nominal standard
- interest is 1% as of my most recent knowledge.
As far as I'm aware from all the stories I've seen/heard there haven't been any extra "penalties" on top of base repayment...unless you count the psychic torment of receiving shakedown notices in the mail after 5-10 years of nothing like most participants in default got in 2018.
There HAVE been a small # of successful debt disputes due to the gross misconduct/mismanagement of the SPO in how some participants left, but if the circumstance is anything along the lines of "my SF wasn't using my abilities/it's just not a good match/etc." you can expect to be put in repayment. Yes SMART is perfectly willing to fund you for a STEM degree, BS MS or PhD, and have you pushing papers doing admin work at your SF if that's what your SF wants. SMART doesn't give a shit about whether or not its participants are being properly utilized or if there was a point in funding their education, just that the SF is happy.
Further, SMART also doesn't give a shit if you left to go work at another DoD lab, even for the same branch of the military; if you left your SF without their (almost never given) blessing they'll come after you.
That's all I got for an overview. If you have more questions for your specific case I'd advise you to go to the Debtor's Discord I run, you can find the link a few posts down.