I asked a question on this forum recently and was advised that new officers have the opportunity to apply for a career starter loan. This includes students in the rotc program, those attending a military academy, and newly commissioned officers coming out of officer candidates school (or the equivalent in.
This offer is for 1) reserve officer training corps (rotc) members within 12 months of commissioning or up to 12 months after
Career starter loan navy federal. I told ds to see if any info would be forthcoming at his school but in the meanwhile i wanted to know how to explain to my son how to proceed to obtain this loan. Jackie veling jan 26, 2021. Begin your journey with a usaa career starter loan.
The loan amounts range from $25,000 to $35,000 with interest of only 0.5% to 2.99%. Both banks are member fdic. Payments are deferred until 6 months after your scheduled commissioning date.
Basically, it is an incredible opportunity to get and stay ahead. Usaa and navy federal credit union (nfcu) offer 'career starter loans' to newly commissioned officers. The usaa career starter loan offers newly commissioned officers an opportunity to borrow up to $25,000 to start their career.
The loan is scheduled to be paid off in 5 years. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction. I am tempted to advise him to hold off on the usaa's loan unless if the market is recovering from a downturn in order to buy depressed s&p500 index funds, but i wanted to seek second opinion to avoid misleading him.
You can take any amount of the loan out up to the maximum and there are no early repayment penalties. The usaa's starter loan has a 3% apr and the navy federal has a 1.25% apr. None if performed at a navy federal branch or atm.
Other bank products are provided by usaa federal savings bank. What is a career starter loan? The navy federal career starter loan provides forward thinking individuals a unique opportunity to invest a large amount of money earlier then most people have the opportunity too.
Usaa career starter loans are only available to military members who are cadets, midshipmen, or officer candidates. Loans typically range between $25,000 and $35,000 at interest rates at or below 2.99%. The navy federal career kickoff loan is an unsecured loan with a maximum loan amount of $25,000 at 2.99% apr and a maximum term of 60 months.
As of 5/1/2020, a rate of 5.99% apr will apply and vary with the market based on the u.s. The average net worth of the above average military officer.