If you're a USAA member and you recieve a commission, ie. warrant, you are eligable to recieve a $25,000 loan from USAA at an intrest rate of 2%. I didn't know anything about this but it was passed to me and I looked on the USAA web site and couldn't find it but if you call them they will be happy to set you up.
I found out about the loan when I went to the CWO PDC in New London. Great deal that I utilized but greenswmr is correct you only have one year to take advantage of it.
So, I just called about this. Here's the skinny. For us, the soon to be CWO's, we can apply 4 months in advace. You will need your Certificate of Oath(or something like that) and the current rate is 2.99% with a repayment term of 60months which works out to about $450/mo. There are some requirements. Your full military pay must be auto deposited into your CHECKING accout, not savings(I asked), you must maintain overdraft on your checking, and your payments must be taken from your checking, not savings. If you fail to meet any of these, the interest rate jumps to over 18%.....That's how they get you.
Originally posted by Bull444: I found out about the loan when I went to the CWO PDC in New London. Great deal that I utilized but greenswmr is correct you only have one year to take advantage of it.
Just got off the phone with USAA and you are eligible to apply 4 months prior to your commision and not have to pay on it until 90 days after the commisioning.
Originally posted by gowyo1: If i recall when i made warrant we could only ge up to 5000, snoopy camp grads could get 25k
Sir, Just in case for there was any misunderstanding and based on your info,I verify this with USAA again just to be safe and spelled out our situation going from elisted to CWO and the $25000.00 still applies to us as long as you take advantage of it within 1 year of commisioning.
