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Commissioning Loans
- Thread starter SpookyMustang
- Start date
first you finance the wedding and before you know it..... your alimony payments will be sending her on a vacation with her new lover... great plan!
dhorse1500
Registered User
Ok guys stop beating around the bush and tell me what you really think
If you still need to ask after all that, then you're not ready for marriage.dhorse500 said:
How about living together for a few years to make sure both of you can handle the rigors of training and fleet life before you you mortgage the family farm for a piece of carbon and a nice spread of canapés at your wedding reception.Brett
Gonna have to chime in on this one as well. You are getting some solid advice from Brett and the others. I don't suppose we need to have this thread spiral into a marriage counseling session, but from the finance side this is important. The ONLY good reason to get a comm loan is to improve your financial health. Using it to finance items that are an added drain to your wallet is a serious no-no. Never, ever finance an engagement ring, a wedding, etc! If you want to get married, save the cash and don't get engaged till you can pay for the ring up front. Plan for a wedding that you can actually afford, not one that you will be paying for years down the road. (Shocking how many people are still paying for rings and weddings long after the marriage is over!) Consider your current situation....you are going to start this whole aviation ride in the near future. That leaves you OCS, TBS, API, Primary, and Advanced prior to you ever getting your wings. You will move a minimum of 2 and possibly as much as 4 or 5 times between now and then. These things cost money, and the time available to spend with spouse on the first years of marriage is difficult. You may not succeed in flight school, bringing a whole new set of issues into the mix. You still have to move a couple more times and are a year or two off from getting to somewhere that you can call "home" for more than a year at a time after you get your wings. You will be making O-1/O-2 pay for all this time, which is not going to make you rich. Any added expense you have, and added debt that you are paying off, cuts into that cash. Marriage is not easy, and if you elect to do it at the very beginning of your career, you BOTH better understand the reality of what you are getting into, the trials of her having to move all the time instead of etablishing a career, etc. Financially, you cannot afford to add to the burden by blowing your loan money on something that only degrades your financial standing. Career starter loans are designed to get you ahead, not add to your overall debt. You would be better off using the money as toilet paper than financing rings and weddings.....save ya money on buying the Charmin. Be smart with your loan money......down the line the "free" money comes when you get your bonus! Good luck. (*Note...there is no such thing as free money, but you get the idea!)
Tried & Failed
I called up USAA today to see if I could get in on this deal. I am BDCP CEC and will be going to OCS on 24JUN2006 (in about 3 months). I called up and asked about this loan program and was told that they have exactly what you have stated (25k loan at 2%) BUT it was not available to me until I check into OCS. I proceeded to explain that some people I "knew" have received this loan before OCS as long as they were 18 months from a commission. She then told me that that must have been done in error and that the only ones that could be given this loan in this regard are those in ROTC. She also said that those who gave these loans must not have asked the correct questions to the applicants.
Before I call back up and try to get a second opinion I just want to make sure that there is not something special you guys did or didn't do/say in order to get this loan now. I could especially use some advice from other BDCP or pre OCS people that have successfully received this offer.
Thanks
I called up USAA today to see if I could get in on this deal. I am BDCP CEC and will be going to OCS on 24JUN2006 (in about 3 months). I called up and asked about this loan program and was told that they have exactly what you have stated (25k loan at 2%) BUT it was not available to me until I check into OCS. I proceeded to explain that some people I "knew" have received this loan before OCS as long as they were 18 months from a commission. She then told me that that must have been done in error and that the only ones that could be given this loan in this regard are those in ROTC. She also said that those who gave these loans must not have asked the correct questions to the applicants.
Before I call back up and try to get a second opinion I just want to make sure that there is not something special you guys did or didn't do/say in order to get this loan now. I could especially use some advice from other BDCP or pre OCS people that have successfully received this offer.
Thanks
Chamberlain41
Registered User
loan
You are right, it has to be within 18 months, you were told wrong. I got mine about 6 weeks before I go to OCS. Called and got the papers sent out the same day I swore in.
You are right, it has to be within 18 months, you were told wrong. I got mine about 6 weeks before I go to OCS. Called and got the papers sent out the same day I swore in.
2nd Times A Charm
Well, I decided to call back and get a second opinion and this time there was no question. Just "How much money would you like at 2%?"
Definitely call back if you are told no the first time because it seems that everyone has a slightly different idea about the loan program as well as your own commissioning program.
Thank you for bringing this to my attention because I would have never known about it and would have spent a lot more of my money paying off high interest loans.
Well, I decided to call back and get a second opinion and this time there was no question. Just "How much money would you like at 2%?"
Definitely call back if you are told no the first time because it seems that everyone has a slightly different idea about the loan program as well as your own commissioning program.
Thank you for bringing this to my attention because I would have never known about it and would have spent a lot more of my money paying off high interest loans.
Sorry to bring back a thread from 2 years ago, but just to give an update.
I read all the earlier comments and everything is still pretty much the same. Its at 1.994% interest for a 60 month period. USAA refers to it as the cadet loan but it applies to those who went to OCS as well.
Heres the info for those who went through the PLC program:
all the stuff people wrote above is still true, you need to open an USAA checking account, direct deposit, etc.
Then you need to have your OSO fax over a letter to them having your name, SSN, name of program (PLC), rank and commission date. You can get their fax number and all the required info for the cover letter from them so that you do things in the proper order. Number to call to start out is 800-292-8454
so nothing really that new here, but just letting everyone know its still offered.
I read all the earlier comments and everything is still pretty much the same. Its at 1.994% interest for a 60 month period. USAA refers to it as the cadet loan but it applies to those who went to OCS as well.
Heres the info for those who went through the PLC program:
all the stuff people wrote above is still true, you need to open an USAA checking account, direct deposit, etc.
Then you need to have your OSO fax over a letter to them having your name, SSN, name of program (PLC), rank and commission date. You can get their fax number and all the required info for the cover letter from them so that you do things in the proper order. Number to call to start out is 800-292-8454
so nothing really that new here, but just letting everyone know its still offered.
68 Chevelle
MM1 Nuke->FY08 STA-21 NFO Selectee
Nice to hear some updated info on this, but who is the OSO?
OSO = Officer Selection Officer, basically your officer recruiter. I posted that little section mainly for the PLCers. Usually once completing OCS the candidate is comissioned. If you take the PLC course, then thats not the case. But you need to have a commissioning date set and your OSO has to fax this over to USAA to verify that you're not making shit up. I ran into difficulty when I tried a year ago because I did not have a commissioning date set at the time. I finally just got one so I went ahead with the loan.
So I was just throwing that out there for those in the PLC program who might run into some roadblocks.
So I was just throwing that out there for those in the PLC program who might run into some roadblocks.