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Commissioning Loans

Cornellianintel

Registered User
matt6599 said:
I was just wondering if anyone in BDCP has taken advantage of this yet? I am still about 20 months from commissioning but when I was inside the 18 month window I would like to get this to consolidate my debt. Does anyone know if you can get this loan 18 months out if you are BDCP?

You most certainly can.
 

Amy C

NAS Jacksonville
Logico said:
I just got $25,000 deposited into my USAA checking account thanks to this thread. Interest rate 2%. Payments do not start until 90 days after commissioning date.

Thanks everyone!:)
That is what we got too. We invested the money & I think it is one of the smartest things we could have done. Even my father who is a financial advisor (and not easy to please when it comes to how we spend money sometimes!!) thought it was a good move!!
 

Chamberlain41

Registered User
Couldn't be easier

I called this morning (tuesday), 20 minute phone call, said i would get the packet wednesday, if i got it in the mail wednesday afternoon and they got the packet thursday the money would be in my USAA account Thursday night...couldnt be easier! They also gave me a $2500 credit card, 0% for six months and anything put on the card in the first 6 months is at 0% for the life of the balance...
 

HighDimension

Well-Known Member
pilot
Contributor
okay, this might be a silly question, but I heard that it was a wise idea to max out your roth ira as early as possible ( compounded interest? ) . So would it be a wise idea to use part of the loan to put money into one? Any suggestions about roth ira's in general could be helpful!
 

Chamberlain41

Registered User
Roth IRA

Roth IRAs can be a great thing, I'm planning on maxing mine out for last year and this year with the loan(you can do last years up til April 15 assuming you havent done your taxes yet) My experience is limited but I would say that if you can afford the loan its a good idea to max out the IRA each year...I believe the max each year is 4000 right now...
 

Brett327

Well-Known Member
None
Super Moderator
Contributor
Chamberlain41 said:
Roth IRAs can be a great thing, I'm planning on maxing mine out for last year and this year with the loan(you can do last years up til April 15 assuming you havent done your taxes yet) My experience is limited but I would say that if you can afford the loan its a good idea to max out the IRA each year...I believe the max each year is 4000 right now...
Since Roth contributions do not affect your taxes, it makes no difference whether you do them before or after you file, as long as it's done by the required deadline.

Brett
 

PLCOSU

Registered User
This is the most ridiculously easy loan ever to get ever. And for thats worth it doesn't even matter that is an unsecured loan. Nowhere have I ever seen a $25,000 dollar loan unsecured loan at 2%.

Not to mention if you have a USAA checking account, (and are within 18 months of commissioning) you seriously can get the money in your account in 3 days. 1 day to overnight the paperwork, 1 night for you to overnight it back, and 1 day for admin.....BAM!!! 25K, now what to do with the moola?.........
 

Chamberlain41

Registered User
Brett327 said:
Since Roth contributions do not affect your taxes, it makes no difference whether you do them before or after you file, as long as it's done by the required deadline.

Brett

You're right, however, I believe the cutoff is around 25000 where if you made an IRA contribution for FY 2005, you can receive a hefty amount back on your taxes. Here is a quote from Kiplingers...guess the program is called saver's credit

"The new Saver?s Tax Credit is an incentive for lower-income workers to save for retirement. It rewards them with a 10%-to-50% tax credit worth up to $1,000 when they contribute to an IRA or employer-sponsored retirement plan. The lower the worker?s income, the higher the credit.

For married couples, the income limits and credits are 50% for those with incomes of $30,000 or less; 20% for those with incomes between $30,000 and $32,500; and 10% for those couples with incomes between $32,500 and $50,000. For a single person, the credit is 50% if AGI is under $15,000; it's 20% of the amount contributed if AGI is between $15,000 and $16,250; 10% for AGI between $16,250 and $25,000. Higher incomers don't qualify. Contributions to a traditional IRA, Roth IRA, 401(k) or other qualified plan can qualify for the credit.
 

dhorse1500

Registered User
quick question on when you can get the loan im an ocs boy that will be going to srs in may i will graduate and commission in dec which is within the hearld 18 month range but am i still eligible for the loan right now if i havent finished ocs. Any help would be great.
 

Chamberlain41

Registered User
dhorse500 said:
quick question on when you can get the loan im an ocs boy that will be going to srs in may i will graduate and commission in dec which is within the hearld 18 month range but am i still eligible for the loan right now if i havent finished ocs. Any help would be great.

Yes...I swore in yesterday and got the loan yesterday as well. You're within your 18 months so just call USAA and get it goin! all you need is a USAA checking account which is free and they'll set up for you on the phone and have your direct deposit go in there. its as simple as that.
 

mmx1

Woof!
pilot
Contributor
Brett327 said:
Since Roth contributions do not affect your taxes, it makes no difference whether you do them before or after you file, as long as it's done by the required deadline.

Brett

What he's referring to is the yearly cap, which is ~4000 for us young'uns. You can contribute 2005's portion up until April 2006, so right now you can put in 8000 for 2005 and 2006.
 

Brett327

Well-Known Member
None
Super Moderator
Contributor
mmx1 said:
What he's referring to is the yearly cap, which is ~4000 for us young'uns. You can contribute 2005's portion up until April 2006, so right now you can put in 8000 for 2005 and 2006.
Yeah, I'm not interested in tax law for welfare recipients. ;) Poor people should not be saving for retirement. They should be figuring out how to educate themselves so they can earn more.

Brett
 

dhorse1500

Registered User
ok there seem to be some smart money people on here. If i take the 25,000 to help me and my girl get everything started ie ring, wedding, ect how bad does it hurt my chances of getting a hefty auto loan?
 
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