How is payback time calculated?

General Discussion for SMART Scholarship Recipients

How is payback time calculated?

Postby superguest » Tue Aug 07, 2018 8:59 pm

Does anyone know how the payback time is calculated and (for lack of a better term) how many decimals they carry it to? I came across paperwork that said I owe four years, but I will have taken 3 years 10 months to complete my degree. Also, for retention employees when did your payback date begin? Did you take time off between graduation and returning to work?

Thanks!
superguest
 

Re: How is payback time calculated?

Postby Guest37 » Tue Aug 07, 2018 9:11 pm

My understanding is that one semester equals 6 months of payback time. This adds up in your case since you go to school from Auguest to June-ish which would be the 10 month mark that you mentioned. I got 1 year and 9 months of funding but owe 2 years afterwards.
Guest37
 

Re: How is payback time calculated?

Postby AnotherGuest » Tue Aug 07, 2018 9:12 pm

superguest wrote:Does anyone know how the payback time is calculated and (for lack of a better term) how many decimals they carry it to? I came across paperwork that said I owe four years, but I will have taken 3 years 10 months to complete my degree. Also, for retention employees when did your payback date begin? Did you take time off between graduation and returning to work?

Thanks!


They round up to the nearest half year as far as I know (if you didn't go over the original award). Could be rounded up to the nearest whole year - not sure what the new contractor is doing. 4 years is right either way. For retention, it depends on when your facility wants you back. Usually they might give you a couple weeks before wanting you back at work. They may require you to take LWOP or use regular leave though. Really depends on your facility because as a retention, they are paying your paycheck (or part of it) with money SMART MIPR's to them.
AnotherGuest
 


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