2/c Loan Information

Colleges and Universities A-Z Naval Academy - Annapolis
1

<p>I would normally ask one of the upperclass about this if I were at school, but since I'm on leave, I was wondering if anyone here knows anything about the 2/c Loan and what it entails.</p>

<p>I've heard that you're offered an enormous amount of money in the form of a low interest loan at the beginning of 2/c year. I wish CAPT Diddlemeyer posted on here about financial stuff, but this seems to be the biggest financial decision most midshipmen inquire about before graduating.</p>

<p>I'm wondering when we get it, where it is deposited, and how much of it we actually see. Can we get it in a lump sum, and what is the interest on it? NFCU.ORG doesn't really talk about the midshipman loan at all so I've been wondering how the whole thing works. Thanks to anyone who can answer this and I'll spread the word about it as soon as possible.</p>

2

<p>The class president should be in the loop on which financial institution(s) will be offering loans. I'd ask him/her.</p>

<p>For 2008, NFCU offered $30,000 at 0.5% interest and the first payment is due August after graduation. Of note, they didn't offer a loan until late in the process, though.</p>

3

<p>Thanks for that...What do you mean by "late in the process"? Do you mean you didn't get it until firstie year?</p>

4

<p>My NROTC S got the loan last year for $25,000. He got it in a lump sum. I think it was deposited into his checking account but am not positive on that.</p>

5

<p>You get a lump sum of $30,000. My year it was .75% interest over 4 years. Your payments will not start until August after you graduate in order to ensure that you have money for your first PCS. We got the loan in late February and it was deposited in our checking account at Navy Fed two days later. My monthly payment for the loan is about $640.</p>

6

<p>No, not 1/C year, but it was offered quite a bit later after USAA made an offer (I don't remember what USAA offered) during 2/C year.</p>

7

<p>I got mine Feb of 2/c year from Navy Fed.</p>

8

<p>A just graduated ensign and economics major told me to absolutely take that loan when it is offered. Even if there is no immediate need for it, it can be put into a CD or other bank account and the interest there will be much greater than the 0.5%. It's free cash.</p>

9

<p>My now 1/c daughter got her loan from USAA in November. Both USAA and NFCU offered a $32500 loan @ 0.5%. I know that it hasn't been offered until February in the past and I don't know that 2009's loan started a new trend, but my daughter has said that the amount typically increases each year, so I can't imagine your loan being any less than that.</p>

10

<p>Thanks midmomof2, I hope 2010's loan is just like 2009's loan, that would be awesome. </p>

<p>Thank you everyone for your responses, as it's never to early to plan ahead!</p>