Mil benefits

[hermair52]

Hey everyone,
This military thing is new to me. I am heading to OTS in August, and I just took my oath as an E-5. Prior to going to OTS I was thinking of refinancing my home, also getting a Credit Card from USAA, and look into GI Bill/further College training. Who can I call to find out about info like this? ANy ideas
Thanks

 

[CameronW]

Hey everyone,
This military thing is new to me. I am heading to OTS in August, and I just took my oath as an E-5. Prior to going to OTS I was thinking of refinancing my home, also getting a Credit Card from USAA, and look into GI Bill/further College training. Who can I call to find out about info like this? ANy ideas
Thanks

You can call USAA directly to talk about refinancing your home and getting a credit card. They can do both for you. Not sure who you should talk to about the GI Bill- maybe your recruiter? As an officer you should already have a college degree (at least a bachelor's). I may be mistaken, but I'm pretty sure that the GI Bill is for enlisted people. Officers can get tuition assistance to get more advance degrees (like Master's, etc), and get most or all of it paid for. You would apply for that at the base education office whereever you end up after OTS. I wouldn't worry about that until you get there.

 

[skiddriver]

Basic VA home loan and education info - go to this website http://www.va.gov/

If you are on active duty, you have to have served at least 181 days before you are eligible for VA financing, different rules if you have been discharged or if you are an activated reservist. Go to the above site.

To refinance, you have to get a certificate of eligibility and find a lender who will qualify you for the loan. The VA's part in this is minimal. You find the lender, negotiate the rate, and complete the paperwork. The VA lays down the ground rules and backs the loan in lieu of a downpayment if you default. Any legit lender can help you (not just USAA). Shop around for rates, points, etc. and follow up with them to make sure they get the paperwork completed on time.

Montgomery GI Bill (MGIB) eligibility is addressed on the VA website as well. Officers are eligible (Cameron, dude, go talk with your education officer). Basic requirements are that you have to sign up when you initially process and give up $100 a month for 12 months. You aren't eligible if you are an academy grad, received an ROTC scholarship, or the military repaid your student loan. If you refuse MGIB upon induction, you can never get it back (read those papers they tell you to sign). You can use MGIB while on active duty as well as after you are discharged. Tution assistance is also available, but it does increase your obligated service. Go to the website above and to your base education office for more details. And DO NOT DECLINE MGIB UPON INDUCTION.

Good luck.

 

[Apache54]

Get the GI Bill

Skiddriver is dead-on. I entered the service to fly with a dual bachelors degree. I decided to pay the $100/month for the 12 months and see where life took me. I left active duty after 7 1/2 years and I'm now in grad school and the $1135/month is a huge help. I know guys who used it while still active to build up their ratings and now have airline jobs. While you are on active duty, check with your ed counselor to find out whether tuition assistance or GI bill is better (TA comes with an ADSO).

Best of luck

 

[Toro]

Hey everyone,
Prior to going to OTS I was thinking of refinancing my home, also getting a Credit Card from USAA. Who can I call to find out about info like this?

USAA provides great service - in ten years of using them for credit card, savings and checking account, IRA, homeowners and car insurance, and financing my car I have had no significant complaints.Their number is 1-800-922-9092, website is www.usaa.com

 

[CameronW]

Montgomery GI Bill (MGIB) eligibility is addressed on the VA website as well. Officers are eligible (Cameron, dude, go talk with your education officer).

Fair enough- I freely admit I haven't done that. There was a reason I said I wasn't sure that officer's are eligible. I don't know any officers who have taken advantage of the GI bill, and the reason for that is...

You aren't eligible if you are an academy grad, received an ROTC scholarship, or the military repaid your student loan.

Most people I know fall into one of those categories, with the exception of the OTS grads, which are in the minority in the USAF flying community (maybe 10%, or so it seems). I was an ROTC scholarship guy, so it makes sense that the GI bill was never offered to me, now that you mentioned that.

USAA provides great service - in ten years of using them for credit card, savings and checking account, IRA, homeowners and car insurance, and financing my car I have had no significant complaints.

Ditto- been with them for 7 years.

Yes, there are other companies out there, and on occassion I have sought better rates, and I can say that USAA's rates are very competitive, and their customer service is second to none, IMHO.

 

[Slim]

You can use USAA now. For a long time, one had to be an officer or officer candidate. That requirement went away several years ago.

You are also eligible for membership in the Pentagon Federal Credit Union. Their loan rates are better than USAA. I used USAA to purchase a car four years ago. Then I refinanced with PFCU at 1.5 lower rate than USAA's. I gave USAA the opportunity to match the rate and they wouldn't. Eighteen months ago, I refinanced again, with PFCU. My rate is now at 4.9 APR. When I started this process with USAA, the APR was 7.99.

Good luck...Fly safe!