Neophyte USNA

Dad

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Just a quick question. The Air Force Academy cadets are offered a low-interest loan at the start of their 2nd class year. Is there a similar program for Second-class midshipmen?

TIA
 
Career Starter Loan

Just a quick question. The Air Force Academy cadets are offered a low-interest loan at the start of their 2nd class year. Is there a similar program for Second-class midshipmen?

TIA
Yes, USNA's version is called a Career Starter Loan. My son tells me it is up to $30k @ 1%. He didn't know the the length of repayment. Cheers.
 
Yes, USNA's version is called a Career Starter Loan. My son tells me it is up to $30k @ 1%. He didn't know the the length of repayment. Cheers.

Thanks a 10^6. A former student of mine is considering USNA and I wanted to give him the low-down regarding some of the perks. :thumb:
 
I think the "perk" is through USAA but not sure. Can also get it through other commissioning sources. I think the interest rate is currently higher than 1%.
 
Both USAA and NavyFed offer the loan. My 1/C went w/ USAA.

Many MIDS (too many) spend it on that new Mustang they've always wanted - only to have it sit most of the time while they're at NA and then while they deploy and it depreciates. My DD put all but a few $K in a mutual fund. Hopefully it earns more than the interest being charged.

I heard that back a few years some MIDS pooled theirs and bought a house. Wonder if they came out of the financial fiasco OK?
 
You are eligible for the career starter loan after finishing your 2nd year (or after signing your commitment papers). Navy fed offered my class $30K at around 1% interest, and USAA offered $35K at 0.5% interest.

Its a fixed rate 5 yr loan, and you start making payments 3 months after graduating. With officer paycheck, payments are very affordable. Great way to make money/start your career if your smart with it.
 
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