<p>how much do 4th degrees get paid a month? when will there be an increase in salary?</p>
<p>Overall pay doesn't really change but your access to it does. The first year it will be low since you're paying off the loan and uniforms. Over the next couple of years it will increase</p>
<p>Typically, it's about $115 a month. This will change next year though due to a change in policy. You can probably expect to see significantly more, maybe 2-3 times that amount. I'm not really sure exactly what it will be like, as the pay system is in limbo, but it's a reasonable amount of money for an Academy freshman. It's definitely enough to cover your needs and to have a bit of fun at the same time.</p>
<p>Every cadet has access to what's called "magic money." Basically whenever you buy something Academy-related (like books, uniforms, your laptop, other issued items, etc.) you can just scan your proxy card or enter your SSN and pin, and money is withdrawn from this magic money account that is associated with your SSN. Basically you don't know exactly how much magic money you've spent and how much you have to pay back to the Academy. The Academy then deducts money from the total amount you're supposed to get as a cadet (800 something dollars) each month until these loans are paid off. They deduct the same amount monthly from each cadet, so for instance this year, 2011 all got paid $115 a month and the rest of the money we are supposed to get paid monthly goes towards paying off the loan. It's all automatically taken care of for you, so you don't see the money. However, because each cadet spends a different amount of magic money (some people have to replace uniforms or other issued items), there is bound to be excess money that is pulled from your base pay that you don't actually owe the Academy. This goes into what's called a held pay account. When your loans are paid off, you start making the base pay, and as soon as you start making base pay, the money in your held pay account is released to you. This ends up being a different amount for every cadet.</p>
<p>However, all of this is being changed for your class. Basically as opposed to having some random magic money out there with your SSN attached to it (and you really don't know exactly how much you're spending), you will be given a debit card with all of this "magic money" on it to purchase things like books, uniforms, etc. You will only have a certain amount to spend, so when that's all gone, you're out of luck. You have to start paying for things from your personal money. This new system is a lot better though because you are better able to keep track of your money and how much you owe the Academy. They will still be automatically deducting money from your base pay that goes towards paying off your loan, but it won't be as much as they have from all the classes before you. So you will be getting paid more as a 4 and 3 degree than we did. However, we would get an extra $500 to $600 every semester to pay for books... you won't be getting that. It's your responsibility to make sure that you budget your money so you have enough to cover your expenses. Also, because some cadets come in with scholarships, and some people spend less magic money than others, everyone in your class is going to end up paying off their loan at different times. As soon as your loan is paid off, you start getting paid your full base pay, whereas with all of the classes before yours, everyone switched to full base pay at the same time (and the people who spent less than was actually deducted got extra money that was put into their held pay account). Hopefully that makes sense! I know it's kind of confusing...</p>
<p>I think i understand what your getting at.... a hypothetical question tho. If i had enough scholarship money to pay of my loans immediately, could i begin receiving base pay immediately?</p>
<p>Theoretically, yes, but that would take a LOT of scholarships. And it might take a couple of months for them to get everything adjusted for you.</p>
<p>I didn't know you could use scholarships at the Academy. Well I'm gonna get crack-a-lackin on those.</p>
<p>I can't believe i just said Crack-a-Lackin</p>
<p>So in theory, any money that was recieved in scholarships, would be money that would be going to your pocket eventually?</p>
<p>In theory, if you really think about it, that's what any scholarship is...</p>
<p>but be sure there are no restrictions on the scholarship. You can't use them if they are restricted to a certain part of your expenses</p>
<p>yeah; scholarships basically have to be payable either to you or the US treasury.. if there are any restrictions, forget it. you need a check, or cash of course. that's what they said at orientation i do believe</p>
<p>i like being able to be more responsible and knowledgable about what goes on with my money. it's a good idea, but dont 4 digs have enough to think about without worrying about the money? of course, if you're smart with it, there's nothing to worry about. but still, just seems like it's another thing to juggle with an already busy-enough life.</p>
<p>Money management is a skill everyone's got to learn sooner or later. Might as well do it early when you've only got a few hundred dollars to play with.</p>
<p>Yep, it is another thing to juggle. That's why they make sure you're well-rounded and good at multi-tasking BEFORE they offer you an appointment. :)</p>