Army Air Force Family Monetary Fund?

[DD214_DOC]

My PD mentioned something about some type of fund that would provide a 0% loan up to $5000 spread over 12 months or something like that. I've been trying to look it up to get more information but I cannot recall the actual name of what I'm trying to find. I've contacted my PD but have yet to hear back from him, and probably won't since it's the weekend.

Does anyone have any idea what he's talking about?

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[RangerDoc]

My PD mentioned something about some type of fund that would provide a 0% loan up to $5000 spread over 12 months or something like that. I've been trying to look it up to get more information but I cannot recall the actual name of what I'm trying to find. I've contacted my PD but have yet to hear back from him, and probably won't since it's the weekend.

Does anyone have any idea what he's talking about?

Sounds like you are referring to the Army Emergency Relief Fund- AER for short-- There is no limit to dollar amount, but it is based on an exact need amount and there is no interest.

Most units "encourage" soldiers to donate to this if they expect to be able to try to use it for emergency leave. though donating to AER is not a prerequisite to get a loan. This is only for emergency purposes. Im not sure what you are trying to use it for, but if you visit the website you can see the standards which they consider you for a loan and what is acceptable use of the money. I hope this is what you are referring to.

 

[pgg]

My PD mentioned something about some type of fund that would provide a 0% loan up to $5000 spread over 12 months or something like that. I've been trying to look it up to get more information but I cannot recall the actual name of what I'm trying to find. I've contacted my PD but have yet to hear back from him, and probably won't since it's the weekend.

Does anyone have any idea what he's talking about?

There's the USAA career assistance loan for new officers. I think if you're within 12 months of coming on active duty you should be eligible. I don't remember the details but at one point it was something like 2-3% for up to $25K.

 

[DD214_DOC]

There's the USAA career assistance loan for new officers. I think if you're within 12 months of coming on active duty you should be eligible. I don't remember the details but at one point it was something like 2-3% for up to $25K.

Is this the same thing as the, "cadet loan" I got when I was commissioned back in 2006?

 

[IlDestriero]

He may have been referring to the program through the military life insurance company. I think it was $5000 at 1% and you paid it off over 12 or 36 (?) months. Most interns took it out when they went in. It's hard to beat 1%. Some paid off debt, I bought a car. It was paid back by direct deposit from your pay.
It was a nice little perk.

 

[pgg]

Is this the same thing as the, "cadet loan" I got when I was commissioned back in 2006?

Maybe?

The Navy Mutual Aid Association used to offer a simliar loan to people coming on AD. I think I got $5000 at 2.5% and I don't think their services are limited to Navy only.

 

[IlDestriero]

Maybe?

The Navy Mutual Aid Association used to offer a simliar loan to people coming on AD. I think I got $5000 at 2.5% and I don't think their services are limited to Navy only.

That sounds about right, but I'm pretty sure it was 1% when I took it to help fund something quick and Geman.

 

[DD214_DOC]

He may have been referring to the program through the military life insurance company. I think it was $5000 at 1% and you paid it off over 12 or 36 (?) months. Most interns took it out when they went in. It's hard to beat 1%. Some paid off debt, I bought a car. It was paid back by direct deposit from your pay.
It was a nice little perk.

That was probably it. Do you remember the specific name?

 

[IlDestriero]

That was probably it. Do you remember the specific name?

I think it was through Navy Mutual Aid. It was a long time, and a number of quick German things, ago.

 

[Caverject]

That was probably it. Do you remember the specific name?

I think this is what you are looking for...

http://www.aafmaa.com/LifeInsurance/CAP.aspx