Commissioning Loans

[Flash]

I'm planning to...it just seems odd to me that their loan department doesn't know their own policies. How can it be that the answer to a question - can I get a loan while in BDCP - depends on the person you speak with? It seems like people have had to call multiple times and speak with different CSRs to get a "yes". The guy I spoke with knew what BDCP was and was sure that I didn't qualify.

BDCP is still a largely unknown program, I had never heard of it before I came to this site. And to make things simple for themselves, since you go to OCS it is probably easiest for them to put you in that category. Tough luck, better start giving blood.........or other bodily fluids!

 

[OccamsRazor]

I spoke with another rep at USAA who confirmed that the program has been changed for BDCP and that it's now four months for all OCS candidates and 18 months only for ROTC.

 

[SynixMan]

Maybe this is a stupid question, but can I wait until after I commission to get the USAA loan? Is there a "time limit" if you will? My lease isn't up for a while yet, so I won't need it immediately, but would like to use it for the car loan/private student loan consolidation (damn you Wells Fargo!)

 

[Slammer2]

Maybe this is a stupid question, but can I wait until after I commission to get the USAA loan? Is there a "time limit" if you will? My lease isn't up for a while yet, so I won't need it immediately, but would like to use it for the car loan/private student loan consolidation (damn you Wells Fargo!)

Yes you can. I did.

 

[SavvyPR]

Yes you can. I did.

Yes, if I remember correctly I think you have 18 months or two years or something like that after you commission. If you want to know for sure, I'd just call USAA and ask.

 

[ichneumonidae]

Just as an updated to this for 2017 for anyone curious how it works now- coming in as a civilian trying to get this loan from USAA. I have had to send in my Active OCS Orders and also need a letter from my the OCS commanding officer (my officer recruiter's letter was not sufficient). Will chime in here one more time to provide a more comprehensive update to the situation. It has been frustrating to say the least (lots of conflicting information, multiple calls, etc), but ultimately it is a great deal so I will keep on keeping on with a smile on my face

 

[ichneumonidae]

Alright - updating on my situation. After a bit of a mixup and some miscommunication, I finally got this loan!

The APR is 2.99% in 2018 and as a non-prior OCS applicant you can get it by applying over the phone, and then sending in your orders (PROREC and FINSEL were not sufficient) and a letter from your recruiter saying that you are graduating from OCS within 4 months of receiving the loan. I believe ROTC and academy guys & gals can receive it up to 18months from commissioning but this is the timeline for non-prior OCS graduates. Also, you can apply for it up to a year after commissioning.

The phone number I used was: 800-531-4610 & here is the website at the time of me posting this: https://www.usaa.com/inet/wc/ent_rotc_landing_mkt?adID=VURL_rotc

Cheers and happy New Year everyone!