USNA ACE Loan

Discussion in 'Naval Academy - USNA' started by TexMex2022, Nov 8, 2017.

  1. TexMex2022

    TexMex2022 Member

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    Hello,

    On Sec I, Paragraph 1, Sub D of the MIDN Budget Book it states the following:
    Midshipmen may apply outside funding that is intended to subsidize educational expenses to the repayment of their ACE loans and future uniform and textbook issues. The estimated average of a Midshipman’s gear issue and purchases, over the four years is approximately $17,500. Authorized funds include personal checks, public and private scholarships, and college savings plans such as state 529 plans. All checks should be accompanied by letters stating the intended application of the funds and any limitations to their usage. Any scholarship funds exceeding the costs of the ACE Loan and future issued items will be returned to the funds’ source. Funds for the incoming class of 2019 should not be sent prior to the start of their first academicyear. This allows for pay accounts to be built and eliminates the need to hold un-deposited checks.
    A few key notes from this is yes scholarships are accepted however they say not to have them sent in before the academic year to avoid voided however a few scholarships I apply to are "automatically processed" to be concise.

    Therefore, would it be advisable to request a check over a "direct-to-institution" scholarship. As well would paying, in part, this loan 1) decrease my monthly deductions or 2) decrease the amount of months I have to pay off the loan? And if the former would that still be withheld or would I get it as bonus to EOM pay?

    Thanks All,
    TexMex2022
     
    Last edited: Nov 8, 2017
  2. Capt MJ

    Capt MJ 10-Year Member

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    To get some more insight, type “ACE loan” in Search bar in this USNA forum. No doubt others will chime in with their past experience. This comes up every year.