ACE Loan? - Class of 2016

Discussion in 'Naval Academy - USNA' started by GO-USNA, Apr 26, 2012.

  1. GO-USNA

    GO-USNA New Member

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    Does anyone know the (ACE?) loan amount? Or a recent class loan estimate? Thanks.
     
  2. wilson73

    wilson73 Member

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    ACE loan for Class of 2014 was $8500. Loan repayments are automatically deducted from the Mid's monthly paycheck. Certain scholarships can be applied to the loan, as long as they meet the criteria, so that shortens the repayment period.
     
  3. GO-USNA

    GO-USNA New Member

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    Thanks.
     
  4. nuensis

    nuensis USNA 2016

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    Can we pay it off with cash, and if so, how? Some scholarship organizations just cut me a check.
     
  5. Capt MJ

    Capt MJ Member

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    Best source for answers to these questions for this year's ACE loan amount, how scholarship money gets applied to reduce the total amount of ACE loan, required paperwork, etc., is to contact the Naval Academy Midshipman Disbursing Office, 410-293-3307. The Disbursing Officer himself, a USNA grad, often picks up the phone, and he and his staff are used to handling these issues each year.
     
  6. AikiBudo

    AikiBudo Member

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    The ACE loan can be paid off but I believe it is an interest free loan so I would not rush to pay it off unless you have funds that can only be used towards education expense. Even if you pay it off you will still receive the same net amount of pay that all the MIDNs receive - somewhere around $100 per month. You will have to periodically go to the Disbursement Office and request the additional pay amount be transferred to you.
     
  7. pezska

    pezska Member

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    Florida Prepaid College Plan

    we enrolled in the Florida Prepaid College Plan when our DD was 2 years old. would she be able to apply it to the ACE loan?
     
  8. rme7d8

    rme7d8 New Member

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    Check the plan docs/website -- the answer is probably yes - but you might consider other options. The most you can probably paid out is the 8500 - and not sure what would happen to any residual benefit. Everything else is covered by USNA. If the benefit you could receive from the Plan is greater than 8500 -- you might want to just liquidate it -- or transfer it to another child (if you have one)
     
  9. USNA2016Dad

    USNA2016Dad Member

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  10. Vista123

    Vista123 Member

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    DS SLOWLY moving forward on applying to USNA (so many moving parts...)

    While moving forward on his application, other scholarship opportunity deadlines are coming due. DS has a few opportunities to fill out applications for scholarships (American Legion Post and through his sports club). I am wondering if scholarship boards will look at where he is going (hopefully) and be uninterested in awarding him any scholarship.

    Have people been successful in getting scholarships when going to "a free" school?

    Does anyone have a breakdown on exactly what the Ace Loan covers?

    If son does get a scholarship how does that functionally apply? If it is the same amount deducted monthly does he get the scholarship award on the tail end?

    Thank you in advance.
     
  11. nuensis

    nuensis USNA 2016

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    Yes. I told them I was going to USNA, and they gave me money anyway. It depends, I suppose.

    The technology issue (computer, printer, and calculator), uniforms, plebe books, and the initial plebe issue (the underwear, toiletries, etc. that are collected in that big wonderful canvas bag on I-Day.)

    The scholarship can be used to offset the ACE loan immediately, ie. a $5000 scholarship can whittle the ACE loan down to $3500 immediately. The couple hundred that is "deducted" from our "pay" is just a controlled way of paying the $8500 off. If you have $8500 on I-Day, you can pay it off right then and there.

    Plebes will receive $100 a month (3/C, $200; 2/C, $300), period. If you pay off the ACE loan, the additional held pay (what's left of the $990 after deductions) will be given back in a paycheck later down the line, either the end of each semester or the end of each year (not too sure on that one).
     

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