Does The Army Offer Any Type Of Debt Consolidation Loan For New Recruits? (read First)?
I’m joining the army, and I’ve got about 4k in debt (mostly old hospital bills)… I was wondering if the army, or even the armed forces bank, offers any type of debt consolidation loan so that I can get this paid off easier? My credit isn’t the best… but on the other hand, I’ll be in the army, so it’s not like I won’t have a job to pay the loan back with…
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February 8th, 2010 at 7:32 pm
Not really. If you are just 4k in debt, by the time you are done with basic, ait, move and go to your first duty station, you will be debt free and have some money put into savings.
You can also talk to your creditors and tell them that you ARE entering the military and if you could work out a payment plan why you are in training, since you really won’t have access to a computer. More likley than not they will work with you as long as you con provide them with proof of enlistment.
When you do go to basic, just remember to take a copy of all your bills, with address and envelops, a check book and know that you won’t get paid till about a month in a half into your basic training. Trust me…BCT is a chance to clean your record…period. Just don’t blow your money when you go to ait and want to have fun. just a little advice of “been there..done that..damnit i wish i didin’t do that”
February 8th, 2010 at 7:32 pm
Once you get done with basic and AIT usually you will have to attend a financial class. If not talk to your chain of command and go see ACS (Army Community Services) they can get you on a budget and hook you up with reliable resources. You can also contact http://www.militaryonesource.com/skins/M… once you get in the military.
Right now that debt is going to be a burden. You might not be able to get a secret clearance so job selection will be limited.
February 8th, 2010 at 7:32 pm
Pick an MOS that is offering a large enlistment bonus, $10K, and that will keep you from having to take a loan. 4K looks bad now, and at least you plan to honor your debt, but you need to talk a look at your overall financial situation and spending habits. I bet if you tighten the belt and apply more to debet each month you can avoid that loan as well.