I'm sure several of you have had this same circumstance and I'd appreciate learning how this works.
Son will be entering plebe year and has received a few scholarships; one for $5K/yr x 4yrs; another for $2.5K x 4 yrs; and another for $1K x 4 yrs.
I heard that upon entering, plebes receive something like an $8,500 loan to purchase their uniforms, etc; the $8,500 is then paid off each pay period, which results in the plebes actually netting ~$100 after paying off their loan payment.
So if they do have scholarship money, can that be used to pay off the $8,500 loan in part or in total? (depending on the scholarship amt) And if so would much more (if not all) of their monthly pay go right into the plebe's account to use as they wish?
What about succeeding yrs when scholarship money is received? Does this go right into their account? Or can scholarship money not even be received in succeeding years? The Mids do have other costs to pay here and there throughout their 4 yrs, I assume, correct?
I would appreciate any info and/or accurate corrections to the above info from someone who's familiar with how this all works.
Thanks!
Son will be entering plebe year and has received a few scholarships; one for $5K/yr x 4yrs; another for $2.5K x 4 yrs; and another for $1K x 4 yrs.
I heard that upon entering, plebes receive something like an $8,500 loan to purchase their uniforms, etc; the $8,500 is then paid off each pay period, which results in the plebes actually netting ~$100 after paying off their loan payment.
So if they do have scholarship money, can that be used to pay off the $8,500 loan in part or in total? (depending on the scholarship amt) And if so would much more (if not all) of their monthly pay go right into the plebe's account to use as they wish?
What about succeeding yrs when scholarship money is received? Does this go right into their account? Or can scholarship money not even be received in succeeding years? The Mids do have other costs to pay here and there throughout their 4 yrs, I assume, correct?
I would appreciate any info and/or accurate corrections to the above info from someone who's familiar with how this all works.
Thanks!