<p>This might have been answered on here before but I could not find it. Can someone explain how the pay and expenses at the Academy works? When I was on my visit some of the Mids talked about it but I didn't really understand what they were saying. </p>
<p>This is what I've heard and is my thoughts on how it works. Please let me know how close or far away my interpetation is.
Plebe year you get paid x a mount in cash and it goes up each year. But you also get some card that you get that has other "free money" (a term some mids used to describe it) that you can use on non food items at the mid store. Also I think this goes for uniforms, haircuts, etc...</p>
<p>Also I remember hearing about a loan you have to take out what is this all about?</p>
<p>Or is all of this going to be explained in my permit to report packet or during Plebe Summer.</p>
<p>Thanks for any help, I'm Just trying to get a grasp on the financial side of USNA</p>
<p>One thing about finances plebe year is that it's not very complicated and you won't have to make many trips to Navy Federal. </p>
<p>You get paid $100 each and every month. This amount will appear in your savings account with Navy Federal, direct deposit.</p>
<p>The card you're hearing about is called a "Mid Card". It is a midshipman's best friend, but particularly a plebe's best friend. As a plebe, you can "mid charge" any items that you were issued. That basically means you can go into the midstore and charge school supplies and uniform items to this card. The mid charges you do as a mid will come out of your first paycheck as an Ensign or 2nd LT. </p>
<p>"Held Pay" is the amount of money you have left over in your account for that given year. Each year there is a set aside amount of money for you. You are given $100 as a plebe, but your subtotal is tracked by your pay and by what you midcharge. If you midcharge too many items, you won't get the "held pay" which is usually a lump sum of money given out uniformly to midshipmen by class at the end of a quarterly period. Plebes normally do not receive held pay.</p>
<p>It's a little confusing, just know that you'll have some freedom to "midcharge" items as a plebe, but once you're a youngster, you can only midcharge uniform items. Don't midcharge too much or you might not get held pay at the end of the pay period. Don't be afraid to midcharge an item if you really don't have enough of your own money to pay. You'll most likely get heldpay if you didn't go crazy at the uniform store. If you're an aerospace engineering major, be prepared not to receive heldpay because you'll have to midcharge those textbooks and they're really expensive.</p>
<p>The loan you're hearing about can be one of two things:</p>
<p>1) It could be the $2500 entrance fee. If you're like me and took a loan out with Navy Federal to help pay this, your first few paychecks will total around $87. If you get a scholarship, you can help pay for it which for me resulted in my first paycheck being $87, but after receiving the scholarship, I was able to pay off the loan and Navy Federal put the rest in my own personal account. Plebe year was good to me for that aspect.</p>
<p>2) The other thing you're probably talking about is "The loan" after youngster year called "2 for 7's". After you sign on the dotted line that you're going to remain at the Academy after your first 2 years and continue to serve onto your service obligation, you get a $30000 very very low interest loan. This is sort of a "sign on bonus" but as a midshipman, it's meant to be there as a security blanket for the future for a house, car, etc.</p>
<p>Loan - $6000 or $6500 Think it went up from son's class. Everyone takes it plebe summer - not a choice. It is repaid through your held pay. You will get a book during Plebe Summer or year that will explain all of the pay issues. When I looked at this booklet it appeared that is how the required uniforms are paid for. Uniform items that you may just want - like Brook's Brothers shirts or jackets are charged to your MidCard. </p>
<p>The $2500 was the entrance fee we Paid before arriving at I Day - was not a loan, you either paid with a credit card or a check. It was used to pay for the computer for academic years. I believe for the class of 2012 the entrance fee is being rolled into the loan. </p>
<p>Now I believe that the 2500 is being rolled into the loan.</p>
<p>The 2 for 7 is optional and has to be paid back to either Navy Federal or USAA within the 5 years after commissioning. May use it their Firstie year for a car.</p>
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Plebe year you get paid x a mount in cash and it goes up each year.
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<p>you get a monthly paycheck- but the bulk of it is "spent" on services rendered- haircuts, cobbler, uniforms, laundry, etc.... whether or not they were actually "rendered." The net pay you see in your pocket starts at $100 as a plebe ,going up about $100 each year thereafter.... so about $400 as a firstie.
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But you also get some card that you get that has other "free money" (a term some mids used to describe it) that you can use on non food items at the mid store. Also I think this goes for uniforms, haircuts, etc... '
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nope-not haircuts.. but good for items charged from the midstore... nicely explained in the other posts!
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Also I remember hearing about a loan you have to take out what is this all about?
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the loan in optional, and offered after you sign the 2 for 7 papers in 2C year.... referred to as the "career starter loan".... interest rates very very low- what you use it for is up to you. Meant to cover start-up costs of your career (housing, uniforms- especially if going marines)... lots use it to purchase cars, some to get married, the smart ones invest- and there have been a few who have shot the whole load in a trip to vegas. Just remember- everything stays in vegas...your $$$ included!!!!</p>
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<p>Or is all of this going to be explained in my permit to report packet or during Plebe Summer.</p>
<p>Thanks for any help, I'm Just trying to get a grasp on the financial side of USNA
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<p>don't worry about it too much- they will explain everything to you once you get there.</p>
<p>The 6500 loan you may not even know you have it as it is a 0 interest loan and is totally repaid by commissioning through monthly deductions os your held pay. It will be explained in the report package</p>
<p>Also don't get the MIDcard confused with the Yard card which you load money on to and can use it to pay for items at Dahlgrin, the coffee bars etc. (Great way to give $$$ to your Mid)</p>
<p>How does one get a scholarship to pay towards the loan? My son has a Naval ROTC scholarship but I don't think that it transfers to the USNA.</p>
<p>^^^^^
Your son will need to apply for local scholarship such as: Lions Club, Knights of Columbus, VFW, WalMart, Lowes, Burger King, Ronald McDonald House Charities, parent's employer, etc.</p>
<p>speaking of the USNA paycheck being spent ... my Mid has worn his hair short for some time, albeit not "Academy cut" until he matriculated. But when I asked him about the specifics of haircuts, when, where, how often, etc., he showed me the barbershop, telling me he gets some good natured ribbing from his company mates. Seems his Scots blood hasn't been transfused by his Navy whites and blues. He went on to tell me that he can have as many haircuts as he wants, sorta one fee fits all maybe? So he insists on getting his money's worth, having his head shorn with great regularity. </p>
<p>hmmmm, not sure about his logic but at least he never gets hollered at for a shaggy 'do. Said he's making friends with all the barbers, too. One even invited him for dinner when he makes parole.</p>