The Navy offers different types of incentives for joining the Navy or Navy Reserves. One type of incentive is the use of Enlistment Bonuses. If you are eligible for an enlistment bonus when you join the Reserves they might be lumped together and paid out in one sum. By law this lump sum bonus cannot exceed twenty thousand dollars. Sometimes the Navy may give you your bonuses in small increments, as you reach certain points, complete specialized training, or achieve milestones in your career.
There are three basic type bonuses that the Navy Reserve pays at the current time:
-Non-prior service bonus. This is a basic bonus you may be eligible for. This type of bonus is designed for those joining for the first time, and when available is allowed no matter what type of job you select or are assigned to in the Navy.
-The need for the Navy Reserve to retain trained people in skilled positions is high, and for this reason the Rescore-R enlistment bonus was established. If you have completed your basic term that you agreed to when you enlisted originally (usually six years in the reserves) and you have a job or rating that the Navy wants to retain you can be eligible for up to ten thousand dollars in enlistment bonuses to reenlist.
-The basic reenlistment bonus for all soldiers who successfully completed their first enlistment period in the Reserves is also offered by the Naval Reserve, up to twenty thousand dollars is available in bonuses.
Other types of bonuses are sometimes available. There is more than one type of cash signing bonuses, additional incentives and education bonuses. The Navy will pay out the entire amount of any bonuses you are owed as a rule when you complete basic training and arrive at your first tour of duty or permanent duty station. The maximum bonus amount for each are: Up to ten thousand dollars for the rescore-r program, up to twenty thousand dollars each for the prior service bonus or the non-prior service bonuses.
There are other financial incentives in addition to cash bonuses. The Navy and U.S. Military offers the Selected Reserve Montgomery G.I. Bill, which provides support and financial assistance to Reservists who are attending college, university or other educational programs.
Intended for full time enrollment in an approved school, this program pays up to $309 dollars a month. In a three-year period you are able to receive up to $11, 124 dollars. There is also a program called the Selected Kicker, which in some cases can increase monthly award amounts by up to $200 dollars a month additionally.