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NYPD Student Loan Payments Made

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  • NYPD Student Loan Payments Made

    For those that don't know, the city has made a $3,000 payment to student loan lenders for those of us hired in January 2008. When we were hired, the student loan repayment program promised us a maximum of $15,000 over 5 years paid directly to your studen loan accounts. If you don't have any student loans you get $0, and of course the city makes the payment directly.

    Just as a side note, I have multiple student loans with the same bank at different interest rates. When I checked my statement, the bank paid the loan with the lowest interest rate first. I had to call them and demand that they apply the payment to the highest interest rate loan first. Just a heads up to anyone else out there, be sure that your bank credits your highest interest loan FIRST. Seems obvious, but banks will always do what is beneficial to them, not you; always remember that when dealing with a bank.

    The PBA was fighting this program, but it seems as if it is going through for now. No guarantees for next year. Does the July 2008 class qualify for this too?

  • #2
    What about anybody hired in January 2007? Does that apply for me too?
    "...There are the wolves, and the wolves feed on the sheep without mercy.
    Then there are sheepdogs, and I'm a sheepdog. I live to protect the flock and confront the wolf."
    LtCol. Dave Grossman (Ret. US Army Ranger)

    ----------------------------------------
    RIP PO Brandon Rocke (NBBS/67 PCT/70 PCT) | EOT 04/04/2009
    "...Till We Meet Again"

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    • #3
      Originally posted by BklynsFinest347 View Post
      What about anybody hired in January 2007? Does that apply for me too?
      No, the deal for this program was that it began with the class that started January 2008.

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      • #4
        Nice Now I know it's not just empty recriutment promises.
        and now I know losing that Card when I had to go to 523 to resubmit my Loan paperwork was worth it. Forgot and Dropped my salute when another SGT. started talkin to me.

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        • #5
          Yep, and it ended with the July 08 class.

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          • #6
            Will the July 08 class be benefiting from this?

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            • #7
              So only the Jan 08 class and July 08 class benefitted from this program? No other classes will receive tuition loan payments going forward?

              Originally posted by kxl77 View Post
              Yep, and it ended with the July 08 class.

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              • #8
                I don't think any one really knows the answer to that. The general consensus is NO.
                But when you go for your medical if they tell you to brings copy of your loan paper work like they did for us. Then they still might be doing it.
                But one of the main reasons why no one knows is because its not being provided by the NYPD but an outside agency. To help with recruitment during the garbage salary. But being that its changed now there is a very good chance that it done for.

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                • #9
                  I am currently in the july 08 class and i was told by the staff there that the july 08 class will be the last class to be able to recieve this money. It had to due with the low starting salary and with the new contract they will not be offering this deal anymore.
                  Johniebk, when did they make the first payment? and was it 3000 all at once?

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                  • #10
                    I think this program is a scam. I paid for all of my college already, so I could not recieve any benefit from this program. Which is BS. The PBA needs to put a stop to this or have it so that everyone that was hired after the college requirement was added gets the money.
                    sigpic

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                    • #11
                      Originally posted by wpaterno View Post
                      I think this program is a scam. I paid for all of my college already, so I could not recieve any benefit from this program. Which is BS. The PBA needs to put a stop to this or have it so that everyone that was hired after the college requirement was added gets the money.
                      You are so lucky to have paid off all of your college..not all of us are so lucky... I am hoping to benefit from this program....
                      Last edited by greenskeeper; 09-09-2008, 06:56 PM.

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                      • #12
                        I'm trying to put away $500/month to pay off my loans. luckily I only have about $15,000. I would like to get this money but it seems to take so long to get it that most people cant wait. I'll just pay them off myself, too bad I cant get reimburst.

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                        • #13
                          Tuition ?

                          Football schollie.

                          My Grandfather, my Dad, my two Brothers and I all on football schollies.

                          Want a GREAT deal go to USNA, USAFA, USMA, USCGA and you get PAID a monthly salary. My Brother is a Firstie (Senior) at USNA and says he nets out about $300 a month out of the $700 a month.

                          All you have to do is 5 years ACTIVE service after you graduate.

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                          • #14
                            Originally posted by IAmJeff View Post
                            I'm trying to put away $500/month to pay off my loans. luckily I only have about $15,000. I would like to get this money but it seems to take so long to get it that most people cant wait. I'll just pay them off myself, too bad I cant get reimburst.

                            I can't tell if you qualify for the loan reimbursement, but if you do, make the minimum payments on your student loan. Don't forget that the interest is Tax deductible (up to a certain amount). If you are getting reimbursed, just wait the few years for the payments to come in.

                            The payment was a lump $3,000.

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                            • #15
                              Originally posted by JohnieBK View Post
                              I can't tell if you qualify for the loan reimbursement, but if you do, make the minimum payments on your student loan. Don't forget that the interest is Tax deductible (up to a certain amount). If you are getting reimbursed, just wait the few years for the payments to come in.

                              The payment was a lump $3,000.
                              how do you know if you qualify? i was given the form for reimbursement by my BI to get all the account numbers and amounts owed and then the day i was sworn in i had to hand it in again to some guy i forget who he was or where he was from but i wanna say it was from the pention dept.

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