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Career Starter Loan

GlassBanger

Agent of Averageness
Contributor
#32
I don't want to derail the thread too much, but where are you getting this information? I've been told from several sources (including the NETC website packing list and the handbook they give when you sign the papers and swear in) to bring your own shoes, two pairs if you can afford it: one for wearing and the other for display.

EDIT: just checked and they added a banner at the top explaining this new policy.
Yea, I'm glad you found it. I had it passed to me from someone that just graduated and then my friend that is currently there.
 

SynixMan

Professional CCX Wrangler
pilot
Contributor
#33
@LadyAsh I feel for you, but I think you’re shit out of luck short of running up a bit of a credit card balance. You’re going to learn pretty damn quickly that the Navy designs most of its stuff around the Mk1 Mod0 Officer Candidate. That’s someone young, single, with little to no debt. Married folks will get BAH at OCS and little more. Long term relationship, but not married? Student loans? Support a family member financially? Need extra shit to start? These aren’t things they expect and this have no help for, you just gotta figure it out.

I get that sucks, but it’s going to be an ongoing theme. I say this as someone who lived essentially paycheck to paycheck as an ENS/JG because of a mountain of student loans.

Good luck in Newport.
 
#35
Hey @LadyAsh, I will post here to follow up on the details of how I received the Career Starter Loan before OCS as a non-prior, seeing as how there are a few mixed signals being thrown around this thread.

I classed up to OCS on 15JAN of this year and received my FINSEL and orders about a month before that. After I was approved for the loan via phone call, I submitted those orders with a letter from my recruiter that said that I was commissioning on 06APR. Our non-prior orders are not issued to us from BUPERS and so do not have the commission-by-*end date* on them, which is important for receiving the loan up to "4 months before commissioning". Funds were disbursed into my account about two weeks before I started OCS.

So, from approval to document submission to funds in my account, it took me about 2 weeks. It could have been way quicker (> a business week) but...

I will say that many of the people there at USAA that you call with respect to this loan have no clue what they're talking about. Ask to speak with the guy (I believe his name was Mark) who deals primarily with CSL stuff and he'll be able to help you out. Otherwise you're going to get the workaround and conflicting info.

If you are 1) Approved for the loan, 2) Send your official orders (Your FINSEL is not sufficient) and 3) Send, on official letterhead, a note from your recruiter outlining your commissioning date - you should be able to get the loan.

Good luck!
 
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#37
What’s the washout rate at Navy OCS? Getting this loan and blowing some money ahead of time would have been a bad idea for 30-40% of my Marine OCS platoons
From everything I've seen on here (and with my quick scan I didn't see specific numbers) it looks like 20-30%? RuFio put out a thread a few years ago warning that the attrition rate was higher than ever but didn't put the actual rate in that post.
 

GlassBanger

Agent of Averageness
Contributor
#38
Hey @LadyAsh, I will post here to follow up on the details of how I received the Career Starter Loan before OCS as a non-prior, seeing as how there are a few mixed signals being thrown around this thread.

I classed up to OCS on 15JAN of this year and received my FINSEL and orders about a month before that. After I was approved for the loan via phone call, I submitted those orders with a letter from my recruiter that said that I was commissioning on 06APR. Our non-prior orders are not issued to us from BUPERS and so do not have the commission-by-*end date* on them, which is important for receiving the loan up to "4 months before commissioning". Funds were disbursed into my account about two weeks before I started OCS.

So, from approval to document submission to funds in my account, it took me about 2 weeks. It could have been way quicker (> a business week) but...

I will say that many of the people there at USAA that you call with respect to this loan have no clue what they're talking about. Ask to speak with the guy (I believe his name was Mark) who deals primarily with CSL stuff and he'll be able to help you out. Otherwise you're going to get the workaround and conflicting info.

If you are 1) Approved for the loan, 2) Send your official orders (Your FINSEL is not sufficient) and 3) Send, on official letterhead, a note from your recruiter outlining your commissioning date - you should be able to get the loan.

Good luck!
Thanks Ich! :D
 
#39
Kind of bumping this thread. I was just wondering if anyone had any luck with the NFCU starter loan ( <$32,000 at 1.25%) going through OCS. They advertise that it is only available to academy students but this seems unnecessarily limited. I don't live near a branch but maybe someone was able to take advantage of this loan outside of a service academy.
Late to the show here, but I called NFCU and they confirmed that only those from service academies are eligible for that loan. The associate said neither OCS commissions nor ROTC commissions are eligible.
 

RUFiO181

Making Recruiting Great Again
#40
Late to the show here, but I called NFCU and they confirmed that only those from service academies are eligible for that loan. The associate said neither OCS commissions nor ROTC commissions are eligible.
See posts about not needing to take a $25k loan for joining the Navy.
 

agriz33

Active Member
#41
I don't think either of us or anyone for that matter is wanting to take on unnecessary debt. I plan to use it to finance a new car to avoid a probable higher interest rate as well as a bank not having the title as collateral. It is "free money" but I'd assume if we are hopeful naval aviators we can be trusted to make sound financial decisions...I assume lol.
 
#42
I don't think either of us or anyone for that matter is wanting to take on unnecessary debt. I plan to use it to finance a new car to avoid a probable higher interest rate as well as a bank not having the title as collateral. It is "free money" but I'd assume if we are hopeful naval aviators we can be trusted to make sound financial decisions...I assume lol.
I completely agree. I doubt anyone is coming in here taking loans simply because they want the money with no plan or at least hope that's not the case. I am planning to refinance student loans since I'm in a lot of debt from paying out-of-state tuition and I'm sure there are a handful of others in a similar situation. USAA offering a loan at 2.99% is far more competitive than anything else I've seen available including loans I was offered in school so it makes the most sense to me.
 

robav8r

D-FENS
None
Contributor
#43
I'd assume if we are hopeful naval aviators we can be trusted to make sound financial decisions...I assume lol.
I could tell you many, many stories about financial irresponsibility among many in the Navy, including many Officers. Your commission doesn't make you immune from stupidity, ignorance, carelessness, greed, you get the idea . . . . . . just make sure you have a GOOD plan in case things don't work out.
 
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