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USAA pre-commission loan rate hike warning

flyboy

Information Warfare Ensign
Your "contract" means nothing if you fail IFS or API. They'll kick you out of the military... STA-21 candidates (and other priors) will just get kicked back to the fleet if they screw up.

USAA (especially the FSB) is extremely conservative. There's a reason 2009 was the company's best (most profitable) year ever.

edit: This is obviously on a case by case basis, but without a big need for aviators, there's a good chance they'll just drop you. There was a BDCP kid who left student pool a couple of weeks ago in this situation... I suppose he could have been bullshitting to cover up some other reason for being attrited (or covering up the fact that he's actually going enslited), but who knows.

BDCP'ers don't get kicked out of the military. If they fail anything, they either get pushed to another community, or have to serve 2-4 years as an enlisted striker. I've been in the military (active duty) for four years now and I know how the system works. They will find something for you to do. OCS people might get booted out of the military, but BDCP guys have a financial obligation to finish otherwise they go to great mistakes.
 

m26

Well-Known Member
Contributor
There was a BDCP kid who left student pool a couple of weeks ago in this situation... I suppose he could have been bullshitting to cover up some other reason for being attrited (or covering up the fact that he's actually going enslited), but who knows.

If he's in student pool, wouldn't he be an Ensign? I don't think they could just demote you from O-1 back to E-3 :scared_12
 

m26

Well-Known Member
Contributor
BDCP'ers don't get kicked out of the military. If they fail anything, they either get pushed to another community, or have to serve 2-4 years as an enlisted striker. I've been in the military (active duty) for four years now and I know how the system works. They will find something for you to do. OCS people might get booted out of the military, but BDCP guys have a financial obligation to finish otherwise they go to great mistakes.

They were letting Academy pilot attrites with $200k educations out free and clear (and unemployed) a while back. I doubt they were making the BDCP folks stay on to work off their $15-90k.
 

gotta_fly

Well-Known Member
pilot
I don't know this for a fact, but I'm 99% sure you're wrong. I personally know ROTC and USNA types that have been given the walking papers. The Navy had a lot more invested in those guys than most BDCP folks and they were willing to let them go, so it stands to reason that no one is safe. The financial obligation you're talking about is not a two-way street you're obligated to the Navy, but they are not obligated to you and can terminate your employment at their pleasure. Again, I could be wrong, but there are dozens of threads on here that go into depth on the whole situation.
 

flyboy

Information Warfare Ensign
I'm not saying that you are sure to go enlisted if you fail out of OCS/IFS/API or any other phase of flight training. I'm just saying that you are obligated to the Navy to complete 2 years of enlisted duty if you fail. The Navy can do whatever they want with you, and this might result in just a release with no payback requirements. They do have the ability to make you serve a few years enlisted time thats all. Nothing is set in stone with the military...trust me, I have seen this first hand.
 

m26

Well-Known Member
Contributor
I'm not saying that you are sure to go enlisted if you fail out of OCS/IFS/API or any other phase of flight training. I'm just saying that you are obligated to the Navy to complete 2 years of enlisted duty if you fail. The Navy can do whatever they want with you, and this might result in just a release with no payback requirements. They do have the ability to make you serve a few years enlisted time thats all. Nothing is set in stone with the military...trust me, I have seen this first hand.

Have you sworn in yet? Cause that's not what the contract says.

If you attrite from BDCP (i.e. fail to complete OCS for any variety of reasons to include getting kicked to Great Lakes before even going to OCS), then you owe 2 years enlisted. ONCE YOU GRADUATE OCS that commitment is superseded by your obligation as an officer, which is 8 years, 4 active, plus any tack-ons for things like winging. So if you flunk out of API, you'll owe the end of your initial officer service obligation, and the Navy can choose to dismiss you or make you serve out your obligation in another designator. You won't go enlisted.
 

gotta_fly

Well-Known Member
pilot
Nothing is set in stone with the military...trust me, I have seen this first hand.

No kidding. Your argument before was that "BDCP'ers don't get kicked out of the military. If they fail anything, they either get pushed to another community, or have to serve 2-4 years as an enlisted striker." You were kind of saying that things were 'set in stone' for the folks in BDCP. Also, you're not the only one on this board with active duty time and a perspective that Navy life is very dynamic, so please get off your high horse.
 
If he's in student pool, wouldn't he be an Ensign? I don't think they could just demote you from O-1 back to E-3 :scared_12
Ahh damn, my mistake... that's terrible gouge on my part. I was thinking back to OCS when some guy (a real dirtbag) DOR'd after getting rolled for the third time, and we found out he got sent up to Great Lakes because he was BDCP.
 

honduraz10

New Member
I know I'm resurrecting an old thread, but does anyone know if Navy Federal is still offering this loan to non academy students? I'm a senior in NROTC on scholarship with regular direct deposits.
 

Hawk12

New Member
None
I took it out at the end of last semester, 25k at 2.99%. I am pretty sure the rate changes with each graduating fiscal year.
 

one

New Member
Can someone tell me how 30K at 0.75% is a scam? That is a lower % than inflation. USAA would be losing money.
 
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