USAA Pre-comissioning Loan

[Kokugeka Shiro]

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I was pre-boarded "yes" for the Navy HPSP this past Tuesday pending completion of Scrolls. I'm interested in the pre-commissioning loan offered by the USAA ($25,000 @ 2%), but the information is not to be found on their website. I searched past threads for the info, but can't find anyone in the same position as me and my recruiter gave me info that conflicted with the consensus info on old threads...

Anyway, what I'd like to find out from someone who's taken the loan is whether it is possible to apply/get the loan before actually comissioning (my recruiter seems to think that despite the title of the loan, you actually have to wait to be commissioned). If anyone is in the know about this, I'd greatly appreciate it!

 

[jmick101]

I was pre-boarded "yes" for the Navy HPSP this past Tuesday pending completion of Scrolls. I'm interested in the pre-commissioning loan offered by the USAA ($25,000 @ 2%), but the information is not to be found on their website. I searched past threads for the info, but can't find anyone in the same position as me and my recruiter gave me info that conflicted with the consensus info on old threads...

Anyway, what I'd like to find out from someone who's taken the loan is whether it is possible to apply/get the loan before actually comissioning (my recruiter seems to think that despite the title of the loan, you actually have to wait to be commissioned). If anyone is in the know about this, I'd greatly appreciate it!

I had to wait until I was 18 months away from going on active duty. I dont think that you will be able to get it now. Have you tried calling them? USAA is really helpful and their reps are pretty good.

 

[xhamburgersamx]

I had to wait until I was 18 months away from going on active duty. I dont think that you will be able to get it now. Have you tried calling them? USAA is really helpful and their reps are pretty good.

Hey Jmick, did you already receive the loan? I read online that the APR is at 2.99% now which is still incredibly low compared to basically everything else but 50% more than it used to be.

 

[hattrack04]

When I called last year, you still had to wait until 18 months before graduation

 

[jmick101]

Hey Jmick, did you already receive the loan? I read online that the APR is at 2.99% now which is still incredibly low compared to basically everything else but 50% more than it used to be.

I got it in December. Not sure about the history of the APR though. Seems to me it has always been around 3% for as long as I have known about it.

 

[eric275]

I got it in December. Not sure about the history of the APR though. Seems to me it has always been around 3% for as long as I have known about it.

I just talked to USAA today. The loan rate with a max of $25k is 2.99% which begins when you take the loan. You have a three month grace period upon graduation to begin making payments which come out to $454.82/month for 60 months. If you make the minimum payment for the life of the loan you end up paying $2289.49 in interest.

 

[KOM]

If you're HPSP you can't receive the loan until 18 mo before graduation...i.e - Nov/Dec of your 3rd year. I really hope this whole recession isn't going to affect the amount or interest rate...25K at ~3% shouldn't be passed up on.

 

[Aceofspades]

Do you have to pay taxes on the loan?

 

[ArmyDDS2013]

Does anyone know the bank loan fee or finance charge to initiate the loan??

 

[kevin512]

Do you have to pay taxes on the loan?

It isnt income, therefore you dont pay income taxes.