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In a sample ROTC scholarship contract it requires the

recipient to pay back tuition...
In a sample ROTC scholarship contract it requires the recipient to pay back tuition, fees and interest if they do not serve. Here is an excerpt: " reimburse the Navy for the cost of the tuition and
fees I have incurred under Paragraph 2.a.(1), plus interest, if:......"How is the interest calculated?
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Answered in 1 minute by:
5/26/2018
P. Simmons
P. Simmons, Attorney
Category: Legal
Satisfied Customers: 37,701
Experience: 16 yrs. of trial experience
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Hi, My name is***** am an attorney with over 16 years experience. Hopefully I can help you with your legal question.

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The interest rate is determined quarterly and is the federal short-term rate plus 3 percent.

You can see a historical list here

https://apps.irs.gov/app/picklist/list/federalRates.html

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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Customer reply replied 2 months ago
I would like a little more detail. Lets do a numerical example. If the 2014-15 tuition was $70,000 what would today's (2018) reimbursement cost be approximately.
Customer reply replied 2 months ago
I prefer our communication in writing.

When was the debt due? You have to start from that point (when the debt became due)....

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Customer reply replied 2 months ago
Let's say that I refused the ROTC service obligation on June 1st 2018 and the Tuition was paid on June 1st 2014.
Customer reply replied 2 months ago
the debt /reimbursement is due June 1 2018 and debt was incurred on June 1 2014.

I have some thoughts and will type them up...a few mins please...

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Thanks for your patience,

The federal rate short term rate for the past MANY years has been less than 1%. It has been hovering around .7%.

I used .7% for my calculations.

So you take the short term rate (.7%) add 3 points (3%) and you get a rate of 3.7%

For 4 years? That equates to $75,415.39

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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Customer reply replied 2 months ago
Thanks for the prompt and detailed answer. Would you know off hand if the ROTC also charges significant fees for refusal to serve.

No...there are no fees for not serving (other than to repay the money advanced for books/tuition)

P. Simmons
P. Simmons, Attorney
Category: Legal
Satisfied Customers: 37,701
Experience: 16 yrs. of trial experience
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Customer reply replied 2 months ago
Thanks again. 6 stars!

:)

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