Here's what I got from the SMART Operations Lead:
I could not obtain any other information. I know this quoted figure is missing the backcalculated interest as per Handbook 5.17. I see a lot of others on this forum have bitten the bullet, but I don't see much knowledge being spread about the actual consequences...so, my questions are:As of now the total amount of funds expended by the government under your award is $89,591.59. If you choose to withdraw, instructions for repaying funds expended will be provided to you at a later date. The total amount due is determined by the Office of the Secretary of Defense, so I cannot state what that is.
- What is the interest like?
- How "promptly" do they expect repayment?
- What payment options are there? Like, would I have to get a loan taken out against my parents' house? My bank only even gives out loans up to $50K.
- Has anyone had success at reducing their obligated repayment or not having to pay it at all? If so, how?
- What happens with the SF if I pay it back while I'm at the internship? I'd be paying back the "cost of living" for working there. My SF understands my situation and supports the decision I'll make, but I don't want to renege effectively immediately and leave them with crappy unfinished work.
- Since SMART initiated my clearance, would they also request it be terminated?
Oh, and don't hesitate to leave an answer if you can't address all of them. I'll take any partial answers to this that I can get. Thank you.
Edit: This document is a little hard to find, so I'll link it here: Volume 5, Chapter 28 of DoD 7000.14-R,
“Department of Defense Financial Management Regulation (FMR),” November 2012.