<p>I know that 4-digs have a lot of expenses paid for by the monthly $800 pay. If you have money saved in the bank can you use this money and draw full pay each month? For example, my grandparents have money saved for my college education in an “education only” fund. The only way it can legally be used is to use it towards books, tuition (not a factor here of course), or supplies used for school. Would the Academy let me use this money to pay for my books, uniforms, computer, and other supplies, or do I have to use my monthly pay.</p>
<p>I think what they will do is treat your fund like a scholarship. Basically what they do with any sort of scholarship is that they put it into your "magic money" fund. When you get here the cost of the uniforms, utilities, computer and other such things are taken out of this fund (there is really no money there which is why we call it magic money) and every month they take money out of your pay to repay this initial cost. The scholarships that you bring in go directly into this fund and remain there until midway through your sophomore year. At that time any money that you have accumulated above your initial debt is called your held pay and you will receive that in one large lump sum and that money can go right into your pocket. However, even if you can pay off your debts early, as in your case, you will still only receive 100 some dollars a month as a freshman, 200 some dollars a month as a sophomore until your held pay is released and they you will receive your full pay. As a freshman you will not be given the full amount</p>
<p>This question comes up periodically. Money from tax deductible savings accounts can be used for certain things like books. Once you have paid for such things and have proof of it, you can draw the money out of the savings account and just use it however you choose. Of course, do get the advice of a tax professional (CPA). It is of no use to put money into your academy account in advance unless it is an actual unrestricted scholarship payable only to the institution of higher learning. Simply taking money out of your educational savings account and sending it to USAFA will not prove that the money was used for approved educational purposes. Many things, such as uniforms, may not qualify as a legitimate college expense for tax purposes.</p>
<p>May sound like a stupid question, but, are you allowed to bring your own money with you or are you forced to only use you allowance?</p>
<p>i think they put all your money into fcu. federal credit union. i'm guessing it's airforce fcu. anyhow, i think it's just like a regular bank. you can put money in it, or take it out. so i'm pretty sure that yes, you can bring your own money with you. not sure what you would spend it on though. ^^;</p>
<p>You must have a bank account for USAFA to deposit your pay directly. However, that can be any bank of your choosing. There are two banks at USAFA, but you are not required to use either of them. How much money you have is your business. My son says that the only real distinction between the rich and the poor at USAFA is the quality of their electronics.</p>
<p>even then, some people save the cash hard for after grad and some blow ALL their money on stuff.</p>