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Pre-commissioning Loan USAA
- Thread starter Thunderkiss
- Start date
Tom Vaughn
New Member
USAA wants to help
Hi, my name is Tom Vaughn with USAA Corporate Communications. I want to make sure we get you the help you need. Please call 800-531-4610, extension 22381. This will get you directly to one of our loan specialists who's seen your questions and is ready to help.
Hi, my name is Tom Vaughn with USAA Corporate Communications. I want to make sure we get you the help you need. Please call 800-531-4610, extension 22381. This will get you directly to one of our loan specialists who's seen your questions and is ready to help.
See, look at that. USAA always seems to go above and beyond, and that's why I've used them for everything.....including the comissioning loan at 2%!
PigzFly
Member
Im curious, would anyone recommend using the pre-com loan to pay off student loans? Im going to have to start paying them soon, and with all of the transferring I did I have a couple of different ones. Im sure the pre-com loan is at a much better rate, but the student loans can be paid back over a much longer period. I dont have any other major expenses, no car payment, no children/child support, just basic rent and personal bills. Any experience/advice? I class up in less than a month and would like to have everything worked out so I am only making one payment thats automatically deducted if possible. Thanks
I am not a super-savvy finance dude, but I think:
higher interest loan for longer term < lower interest loan for shorter term.
You could also always find an investment that pays more than 2% interest and just use it in that capacity.
USAA Loan
Being that my OCS date beings November 23rd, I told them on the phone yesterday that my expected commissioning date would be appx. 3 months after that, March 1 I suppose. However, that means, according to USAA that I would not be eligible for the loan until 120 days before expected commissioning, March 1. Do I tell them that my expected date of commissioning is the date that I start OCS. I mean, what is the point of the loan if you can't take care of existing debt before starting OCS. Also, I was told as well that the interest rate had risen to 2.99?
Being that my OCS date beings November 23rd, I told them on the phone yesterday that my expected commissioning date would be appx. 3 months after that, March 1 I suppose. However, that means, according to USAA that I would not be eligible for the loan until 120 days before expected commissioning, March 1. Do I tell them that my expected date of commissioning is the date that I start OCS. I mean, what is the point of the loan if you can't take care of existing debt before starting OCS. Also, I was told as well that the interest rate had risen to 2.99?
This worked for me as well. They said on the phone it needed to be from the CO of OTC-Newport (not gonna happen). To be sure, I had my recruiter type up said letter and sent it in. They called me when they got it and sent the final paperwork. Smooth as butter - and I got a big beastly man-truck.
Uh... NO... Something about commissioned officers having integrity comes to mind... Not to mention they are going to require documentation and they know the difference between an OCS start date and a commissioning date. The loan isn't a government program. Its not an entitlement. Its a good deal that USAA is willing to offer new officers and in exchange they tend to get lifelong customers. 120 days means you can get the loan about 3 months before you start OCS. So whats the problem?
Tell them your expected commissioning date is the date listed as "expected commissioning" as per your recruiter. Mine gave me something like Jan. 26 2009. Seriously, get him to put a date down and sign it and send that to USAA.
One thing's sure though...you better make sure you're GOING to make it through OCS.
One thing's sure though...you better make sure you're GOING to make it through OCS.
By no means was I even implying to do something with the least bit of deception. I was told you may only apply for the loan 120 days before you commission, not 120 before you start OCS. Therefore with a November 23rd date, I would commission around the first of March. Therefore, 120 days before then is Dec 1, after I have already started OCS. I most likely will simply wait until after I graduate OCS to apply for the loan.
Thunderkiss
ENS - SNFO
The biggest problem with the paper work required in this program comes into play with the "expected commissioning date". They ask you for official orders to OCS and that it needs to have a start date, location, commissioning source, and expected completion date. All of that is fine except for the fact that there is no expected commissioning date listed anywhere on the "Official" paperwork given to the officer candidate. I know USAA is not a government entity, and as such they should not claim to know exactly what paper work you are receiving nor should they tell you what needs to be written on it. That is not in our control and the paper work that they have request comes exactly like it is officially prepared WITHOUT AN EXPECTED COMMISSIONING DATE. The only thing that one can expect to get in supplement to that is an "UNOFFICIAL" letter from your recruiter. If that is the case to satisfy thier requirements then they should state that is what they are expecting to receive and not some form that does not exist.
I had a few questions and hiccups during my process. Call them up. Their customer service regarding this loan is excellent. Take those questions you just typed and ask them. For some people, its easier to fill out the forms based on what program they're in. For some people it doesnt make sense. They will be able to help you fill it out properly.
I really don't understand what the big issues are here. They ask for certain things and you provide them. In return, they provide the loan to you. Sounds like a simple enough transaction; and it was this simple two and half years ago when I got the loan. Problems? Contact your recruiter for the proper paperwork and work with customer service at the bank. If you get your panties in a bunch over something like this, then standby to standby....
Thunderkiss
ENS - SNFO
You are told by USAA Rep. "I need **** to complete the paper work". You get what they ask for....
Then you are told, "Nope not good enough, I'm going to need ****."
You go back to your recruiter again to get the next item.
Rinse and repeat this for about 2 weeks and 15 - 20 phone calls back and forth to your recruiter. You don't see a problem with this? It's not about some sarcastic remark like, "getting your panties in a twist." It's about getting the job done right. Do you really want to bother your recruiter, or your processor with 15 - 20 phone calls about this? No, you want to receive the correct information the first time and complete the task. I guess I could be wrong about all this, but in my opinion operating with efficiency while being well informed is a trait of a good officer.
It's all fine and dandy once it is complete, however; it is not without flaws and the information pertaining to such should not be scorned at since it will help to get it fixed.
TK
Then you are told, "Nope not good enough, I'm going to need ****."
You go back to your recruiter again to get the next item.
Rinse and repeat this for about 2 weeks and 15 - 20 phone calls back and forth to your recruiter. You don't see a problem with this? It's not about some sarcastic remark like, "getting your panties in a twist." It's about getting the job done right. Do you really want to bother your recruiter, or your processor with 15 - 20 phone calls about this? No, you want to receive the correct information the first time and complete the task. I guess I could be wrong about all this, but in my opinion operating with efficiency while being well informed is a trait of a good officer.
It's all fine and dandy once it is complete, however; it is not without flaws and the information pertaining to such should not be scorned at since it will help to get it fixed.
TK