Neophyte USNA

Discussion in 'Naval Academy - USNA' started by Dad, Jul 1, 2013.

  1. Dad

    Dad Member

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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
     
  2. USNA2016Dad

    USNA2016Dad Member

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    Career Starter Loan

    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.
     
  3. Dad

    Dad Member

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    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:
     
  4. LineInTheSand

    LineInTheSand USCGA 2006

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    It's a "perk" from the private sector.
     
  5. AF6872

    AF6872 Member

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    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%.
     
  6. osdad

    osdad Member

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    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?
     
  7. Seavoyager

    Seavoyager Member

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    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.
     
  8. Dad

    Dad Member

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    So true. Thanks everyone.
     

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