90 day delay on HPSP stipend?

[CCOM14]

I received the Army HPSP scholarship and I have already been sworn in. My recruiter told me that I will not receive my stipend pay until 90 days after school start. This means that for 3 months I have to cover expenses on my own. This is not really possible for me at this time. The money will be back-payed, but that still leaves a huge gap to bridge. Also, due to the new loan program, my school is no longer able to directly loan me the money to cover this. Any advise would be greatly appreciated!

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[DoctaJMa]

I received the Army HPSP scholarship and I have already been sworn in. My recruiter told me that I will not receive my stipend pay until 90 days after school start. This means that for 3 months I have to cover expenses on my own. This is not really possible for me at this time. The money will be back-payed, but that still leaves a huge gap to bridge. Also, due to the new loan program, my school is no longer able to directly loan me the money to cover this. Any advise would be greatly appreciated!

Good Luck! At least you are getting fair warning. They didnt tell me this. Three months of sandwiches and cereal. Lucky I had saved money from undergrad that I was able to cover rent and utilities for three months (not much more). All I suggest is work hard this summer and save as much money as possible. Or you can take out a private loan and pay all of it back when you finally get ur money. You will get all of the money for the three months you were delayed just three months late (dont forget ur bonus money).

 

[Slevin]

When I set up my HPSP it only took about a month to a month and a half for the pay stipend to roll in

 

[DrMcKittrick]

what about the signing bonus?

You can also still apply for student loans to cover you. I don't know why the school would not be able to do that for you. The new law shouldn't have anything to do with it.

 

[NavyFP]

This delay may be due to funding cuts and the Army is waiting for the new fiscal year to pay you. (They will get new money.) With all the money being spent on vote purchasing programs, they have underfunded DoD.

 

[Jayscin]

I think you can take $8,500 of subsidized loans for the year. May be worthwhile to do loans if you're worried about paying bills. You can always give the money back if you don't need it.

 

[Slevin]

I think you can take $8,500 of subsidized loans for the year. May be worthwhile to do loans if you're worried about paying bills. You can always give the money back if you don't need it.

Also if you can take out subsidized loans the best thing to do with them is to take out the max of SUBSIDIZED loans, stay away from unsubsidized loans.

Once you get the subsidized loans invest it in a mutual fund, long term CD, whatever that will guarantee a return. Since the gov't is paying the interest while you are in school you won't owe anything on the amount of money you take out in subsidized loans when you are done but you will have made interest on that amount. Once you finish school you can take out the money from that investment account and pay it back right away so that you are left with the interest and you have paid back what you borrowed you'll have made money for nothing. Now this all goes out the window if you spend any of it but if you can find a good investment you can make a decent amount of cash on this

 

[Jolie South]

My HPSP stipend did not take anywhere near this long. I went to COT right before school and was receiving paychecks during COT and a few weeks after starting school. I was told it would be a long wait too, but it wasn't.