Questions from USA Today rankings

aelston

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Hey I don't know if anyone saw that USA Today rated the US Coast Guard Academy in the 100 Best Value Colleges!! For those that didn't see this, here is the website.
http://www.usatoday.com/news/education/best-value-colleges.htm?loc=interstitialskip

while reading what was written about the Academy I read that graduates are eligible for 1% interest rate on a car loan. (Bang for your Buck link) I was just wondering if this is in fact true? This is the only place I have read/heard this.
If anyone can verify this that would be great.
 

Luigi59

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while reading what was written about the Academy I read that graduates are eligible for 1% interest rate on a car loan. (Bang for your Buck link) I was just wondering if this is in fact true? This is the only place I have read/heard this. If anyone can verify this that would be great.

I think USAA and NFCU both offer low interest loans before you graduate.

It's known as a Career Starter Loan, and I believe it was $30,000 at 1.49% interest. You can use it for wahtever you wish, not just a vehicle.
 

mwbluebeard

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It is always best to stay debt free kids... and you CAN do it.

When I got out of college and married in 1985 someone told me that we couldn't live on one salary and that we'd just always be in debt. But, I know now that wasn't true. I "retired" from engineering when my first child was born and we've been living quite well on my husband's salary for 18 years... with SIX children now.

One thing I wish I had done was SAVE all of my salary while I was working. That would have been a nice savings by now.

We had WAY too much fun in those early years... and looking back on it, I really wish we'd been more frugal and lived entirely on my husband's income.

Do have fun -- but don't get in too much debt. Try to live beneath your means. That is how you become wealthy.

Remember this: When your out-go exceeds your income, your upkeep becomes your downfall.

Blessings.
 

zachogden

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Value, eh? Well for a $3,000 "deposit," you get a free education and a paycheck for 4 years... I sure hope it'd be in the top 100 for value! Note also that the car loan can be used for other things besides a car. I'm thinking about using some of it to buy a bit of land.
 

bossf51

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My son invested most of it...now that may seem a bad choice but knowing that the market usually trends upward over time, it is a good one in my not so humble opinion.

I also checked the other day. His annual compensation come graduation including housing allowance etc. will be just over $50,000/year. With NO STUDENT LOAN DEBT.

His fellow '09 grads on the civilian side are currently bemoaning:

1)no jobs

2)huge debt

3)possibility of not graduating on time

4)driving around in a '99 Toyota

5)if graduating on time, boomeranging back into Mom's basement

6)if going on the housing market, paying $1000 a month for a two bedroom dump.

I could go on. :biggrin:
 

beatkp

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After enduring 3 years of academy life, I think the loan is a well deserved perk. A virtually interest free loan automatically taken out your pay check, used for what ever you want (reliable transportation, investment, land,) is hard to beat.
 

beatkp

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Al

A little off track but,
Other ways that a Cadet can save money on their white card account is buying your school books online (just like in the civilian sector), any scholarships earned while in high school (deposited into cadet’s white card account upon registration.) The remaining balance in cadet’s white account will be refunded when processing out.
 

J Collins

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Value, eh? Well for a $3,000 "deposit," you get a free education and a paycheck for 4 years... I sure hope it'd be in the top 100 for value! Note also that the car loan can be used for other things besides a car. I'm thinking about using some of it to buy a bit of land.


The education is not free.... restitution is made... after graduation....

The military works for everything they get... nothing is free... :redface:
 

mwbluebeard

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I love the land idea. God isn't making any more of it...

as far as we know, and it is nice to have a piece of dirt to look forward to building on someday.

Investing the loaned money is a good idea too.

Of course, transportation is needed... but a $50,000 car is probably not the way to go for most graduates in terms of building long-term wealth and financial security. IMHO
 

beatkp

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but a $50,000 car is probably not the way to go for most graduates in terms of building long-term wealth and financial security. IMHO

After having responsibility ingrained for 24/7, most Cadets are smarter then the average bear… a few that I conferred with were opting for a certified, fairly early model, used European auto or pickup truck.
 

zachogden

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The education is not free.... restitution is made... after graduation....

The military works for everything they get... nothing is free... :redface:

Yes, I realize this. What is your point?
 
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ILHunter92

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Is the 1% loan we are talking about just for the Coast Guard Academy or does it pertain to all service academies? Thanks.
 

LineInTheSand

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When I got it, USAA was offering a $30,000 loan at 1% for service academy cadets/midshipmen and a $25,000 loan at 2% for ROTC cadets/mishipmen.
 

J Collins

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When I got it, USAA was offering a $30,000 loan at 1% for service academy cadets/midshipmen and a $25,000 loan at 2% for ROTC cadets/mishipmen.

and USBA used to offer low rate loans to those at OCS/TBS (USMC) to help buy their uniforms and such
 
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