USAA Career Starter Loan

[unkown1961]

All,
I posted earlier asking about college loans for students. In my research, I came across USAA's Career Starter Loan for ROTC cadets. So, for those of you with kids currently in ROTC, or are an ROTC cadet, here's some info on USAA's Career Starter Loan. For more details, people can call the USAA Career Starter Loan dept directly at 800-531-4610.

• ROTC cadets can access up to 12 months before graduation/commissioning
• Can borrow up to $25k
• The interest rate is 2.99%
• 5 year repayment period, first payment starts up to 6 months after commissioning
• No prepayment penalty
• It requires the student have a USAA checking account and direct deposit set up of pay when pay starts

Of course, the student has to go through a qualifying review, but the USAA rep said they can tell the applicant on the phone if they qualify. Otherwise, it's with 24-48 hours.

The money is a loan and students can use it for things like buying uniforms, investing it, buy a car (please buy a used one - not a new one), etc. Here are a couple of interesting articles about using USAA's Career Starter Loan:

http://www.militaryauthority.com/be...ike-to-lend-you-25000-should-you-take-it.html
https://the-military-guide.com/how-to-smartly-use-the-usaa-career-starter-loan/

Hope this helps. As with any info, call the source for detailed answers. It really is a great program from USAA for ROTC cadets.

 

[Jcleppe]

Every Spring there are at least a couple threads regarding this loan, is it good to take, should I take it, how should I use the money. Great to get them to start thinking about it early.

 

[USN16x]

Take the money, bet it all on red... walk away rich!