It's a sweet deal...you get paid more than a lot of working folks and don't have to hold down a job. You get base pay, housing and food allowances (tax free), full medical/dental/vision insurance, $250,000.00 life insurance that hopefully you won't use, you can start putting money in the Navy's retirement plan (TSP, but a Roth IRA is a better idea first, then extra into TSP), you accrue leave (vacation) like everyone else, you get a raise every year and you get your 'time in service' pay raises as well, you can get promoted for getting better than a 3.5 (1 paygrade) and also for referring someone who goes into the program (1 paygrade) for a total of 2 paygrades, your time in BDCP counts towards retirement, you can pay for your MGIB while in BDCP and you get paid summers off if you don't need to take classes. Does that sound pretty cool to you? It did to me, too! All-in-all, I got paid about $75k to finish my degree...plus you can work if you want too, or not. Hope that all helps.
JR