<p>I was just wondering if anyone knew/knows anything about the ACE (Advence for Clothing and Equipment) Loan. The form that came in my permit to report packet says that "each midshipman will receive an interest free goverment loan...is repaid through monthly pay deductions starting sept. of their plebe year...amount for the loan is authorized up to $6,000...this is independent from the entrance fee (which is $2,500)." </p>
<p>Im not exactly sure what the ACE loan will be paying for that the entrance fee doesn't cover, if it is mandatory or not, and if its not mandatory then is it beneficial to have?</p>
<p>If anyone has any answers to this question please respond! THANKS!!!</p>
<p>Besides your entry fee which will cover uniforms that you are issued, the ACE loan covers your computer(all Midn are issued the same computer), calculator, more uniforms, toiletry items, derwear, socks, etc, sperry docksiders, foul weather gear for sailing, luggage, workout gear, running shoes, more uniforms, etc, etc. More stuff than you can imagine. If you have a local scholarship, the academy does accept those to pay a portion of the ACE loan. If you don't have a scholarship, the money is taken out of your funny money account. Each month you'll get paid your salary, it goes into your account which is also deducted haircuts, books, athletic tickets, and the list goes on. You will also have "take home" pay deposited into an account of your choice. Most Midn use the Navy Federal Credit Union. That money is money you get to spend on your own, anywhere. You can also charge items to the Midn store but it it best not to get into the habit as you will have to pay it all back...the ACE loan is essential for 99.9% of Midn and nothing to be concerned or alarmed about. If you graduate in four years, you'll have a surplus of money and when your account is closed out, you'll receive the balance. Best of luck.</p>
<p>^^^^^
The ACE loan will pay for your uniforms and other issued items. The $2,500 deposit is probably used to cover the computer system and some other items. The issued computer system with the bundled software packages is probably worth approximately $2,000. All midshipmen receive an ACE loan whcih can be paid off with any scholarship funds that you may have.</p>
<p>So about how much is this salary that midshipmen receive? You say a surplus of money at then end of four years...? Kind of excited because Im looking to be able to invest my income while Im at the academy.</p>
<p>GA; Do you know what day of the month the Mids get paid? Is it the same for the Fleet or are they on a different sked. Thanks.</p>
<p>^^^^^
From what I recall, mids get paid once a month vs. the fleet schedule of the 15th and 30th.</p>
<p>juju....as with many questions you'll have on the USNA, you can find most of it on the school's website, in the catalog, or on the USNA parent's net. Info on pay is found at: <a href="http://www.usna.edu/geninfo.htm%5B/url%5D">http://www.usna.edu/geninfo.htm</a> </p>
<p>(Not sure that "investing" is highly probable....just depends on what funds you have to begin with prior to entering USNA. S Class of '11, has been told that there will be good financial advisors at/via USNA to talk with re: same.) </p>
<p>All the best in your pursuit of the Academy.</p>
<p>After talking to the guy in finance at USNA, it is mandatory, however, if you have any scholarship monies (once your entrance fee is satisfied) it can be applied to the repayment of your ACE loan balance.</p>
<p>About investing, I would have to go along with jmwrites. There won't be very much left to invest, except maybe in a nice candy bar (just kidding about the candy bar), but you won't have a whole lot left. However, if you want to invest, I won't discourage you.</p>
<p>Pay once a month I beleive it is either the 30th/31st or the 1st
Plebe Summer $50.00 per month
Plebe year $100.00 per month</p>
<p>Dont know yet what youngster year will be...</p>
<p>Try to save what you can but like everyone else indicates, it may not be much. </p>
<p>The biggest thing to not do is charge a lot at the Mid store (you will have a funny money account there) If you charge more than what is in the funny money account you will need to make up the difference, if you don't charge you will get a "payout." My Mid treated it like taxes...forced savings which will be returned to him. :)</p>
<p>I will preface this statement with "This is what I was told by the finance LT. @ USNA.</p>
<p>^^^^I was also told by the USNA finance people that ANY debt incurred at the mid-store comes directly out of your pay. He stated that there was not a special fund for the mid to spend from; everything was debited out of the mid's pay. </p>
<p>Like I said, only passing on what I was told.</p>
<p>There was a set amount deducted out of every paycheck per month for the mid store. All paychecks are the same...$100.00per month for the year. When "charging" at the MidStore it is debited against your account, not directly from your paycheck. What is left at the end of the year you get back. If you over spend you pay - from your payaccount. It used to be for all years, I beleive this is now only a Plebe thing and who knows ^^^^maybe it is changing for next year and that is what you were told.</p>
<p>"There was a set amount deducted out of every paycheck per month for the mid store."</p>
<p>^^^^
That would be out of the same pot of money, then; the mid's paycheck, aka, pay.</p>
<p>"ANY debt incurred at the mid-store comes directly out of your pay."</p>
<p>It all comes down to the same thing.</p>
<p>"ANY debt incurred at the mid-store comes directly out of your pay."</p>
<p>But each charge is not directly taken out of your paycheck...there is a difference. If it came directly out of your paycheck then each paycheck would not be the same every month would it? It is a lump sum - same each month that is deposited to "your" mid store account, it is from that Mid store account that store charges are debited against. Thus, if you "underspend" you get money returned to you...if you over spend you may have a problem!</p>
<p>Your new Plebes just need to understand, as for many this will be their first time that they are able to "just sign and go" that in reality that if they are not careful they could have a problem. The Youngsters will help them figure this out once the academic year starts. </p>
<p>For all of their uniforms etc. that is "just sign on the dotted line" and it is charges against the ACE loan.</p>
<p>^^^^The money fronted for the mid-store comes out of their pay. It is not some free "different" pot of money.</p>
<p>Not going to split hairs. Comes out of their pay, just like the finance officer stated.</p>
<p>^^^^
I think there is a problem with semantics on this thread.</p>
<p>From the USNA catalog:
[quote]
Midshipmen pay is $820.20 monthly, from which laundry, barber, cobbler, activities fees, yearbook and other service charges are deducted. Actual cash pay is $100 per month your first year, increasing each year to $400 per month in your fourth year.
[/quote]
</p>
<p>All pay that the midshipmen receive is posted to an account that is administered by the Finance Officer. That compensation is used to pay for books, uniforms, personal service fees (i.e., laundry, dry cleaning, tailoring, cobler shop, baber / beauty shop, etc.), alumni association fee, and various charges authorized by a midshipman to his/her account by signing on the dotted line. Out of that monthly pay, the midshipmen receive a monthly "cash" allowance based upon their year (i.e., $100 for plebes and $400 for firsties).</p>
<p>^^^^I don't see the problem with the semantics. I am stating what the finance officer stated to me, and I am thinking he's correct. What I said has been re-stated several different ways. It has been further restated per the catalog.</p>
<p>The point has been made. Let's move on.</p>
<p>
[quote]
I think there is a problem with semantics on this thread.
[/quote]
</p>
<p>Nurseypoo, needs to read Profmoms post more carefully, she is spot on. Nurseypoo seems to think at every charge at the Mid store is deducted from the paycheck which is clearly not the case. The Paycheck is only the source for the money that is put into the account.</p>
<p>
[quote]
There was a set amount deducted out of every paycheck per month for the mid store.
[/quote]
</p>
<p>Individual charges at the Mid store are not deducted from your Mids paycheck. They are deducted from the account at the Mid Store that your Mid will have his Plebe year.</p>
<p>As Profmom states: each month money from your Mids paycheck will be deposited directly to the mid store – whether he uses it or not, he will pay into - from his paycheck - his account. Your Plebe will not see that money. If he is like 99% of the Mids he will never look at a paystub during the year. He will have no earthly clue how much is being placed** from his paycheck** into this Midstore account, (or to the barber etc for that matte.). He has no control over the money going in; only the money coming out. He will never see a statement from the Mid store – at least mine nor any of his friends didn’t. At the end of Plebe year, during youngster summer he will get a credit deposited to his bank account (that his pay goes to) with what is left in his account or he will get a bill.</p>
<p>Nurseypoo think of it this way... This is no different than My oldest at State U. Once a month his Student ID is loaded with a set amount of money from his work study pay and the rest is deposited into his credit union bank account. It is the same system but rather than being placed on a swipe card it is "held" at the MidStore.</p>
<p>The Mids call this funny money because they never know how much is there, when it got there and how much is going out and when it leaves. They just know it is their money from their paycheck that they are using.</p>
<p>Mine never used the account there other than for first and second semester books. He chose to pay for all purchases with his bank check card. That way he had a record of every purchase, amount and date, on his bank statement.</p>
<p>The money that is attributed to the mid-store account under the mid's name comes from their pay. That is what I have said.</p>
<p>Any others?</p>
<p>It seems we're all saying the same thing in a different way.</p>
<p>I'm done.</p>
<p>New question on the ACE Loan subject.. has anyone mailed their $$ in for class of 2011? </p>
<p>Lola's scholarship check is made out to her AND the "Midshipmen Disbursing Office"... because i cannot find time during the day to call them.. Do you all think she just needs to endorse and then send in?? Any ideas would be helpful.</p>
<p>We have. The boy had his made out to the MDO and it was sent directly to them. It never came to us. </p>
<p>Good question.</p>