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Loans while at Basic and AIT

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  • Loans while at Basic and AIT

    How do you keep from getting delinquency on your loans while away at Basic and AIT? Just contact the loan provider, explain your reason, and call it a done deal? Or would I have to start doing payment while away, get reimbursed once back, and have Guard will start paying from there?

  • #2
    Re: Loans while at Basic and AIT

    You can see if they will defer payments until you return. Otherwise, you may have to arrange automatic payments from your bank. I can assure you, there is almost no need (or time) to spend money at BCT. AIT will depend on what your MOS is.

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    • #3
      Re: Loans while at Basic and AIT

      Originally posted by CallSign View Post
      How do you keep from getting delinquency on your loans
      Pay your bills.

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      • #4
        Re: Loans while at Basic and AIT

        Contact your loan originator. If you will be making less money while away at basic training and cannot afford your payments, many loan originators will gran you a loan forebearance, which means your loan payments are postponed until you return or another determined date but you WILL incur interest. You can either arrange to pay the small interest payments while you are away or, if you cannot afford that either, they will be tacked on to the total sum of your loan payment.

        Deferments, meaning your payments are stopped but with NO accrued interest are different. Deferments are given when, for example, you are IN school at least half time, which is why you don't pay on your loans while in school. There are also economic hardship deferments, (say you lost your job) and they DO have military deferments but these are often stipulated as only for deployments and not training.

        I would say your best bet would be to call your loan originator and ask about a "general forbearance" and explain why. They can often do it right over the phone or send you a simple form.

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        • #5
          Re: Loans while at Basic and AIT

          I just did this with my loans. Mine are through Sallie Mae and they had a specific form for military forbearance. My recruiter had to fill out a section for me and they have deferred all my loans for the duration of my training and also 180 days after. There is also a program to lower your interest rate to a flat 6% and I am working on that right now. Unfortunately they want a copy of my orders, which we all know we don't receive until the day we leave so...I'll fill you in on that once I get it squared away.

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          • #6
            Re: Loans while at Basic and AIT

            You can always get a family member or someone you trust to pay the bills for you while you're away. You can add your mom or dad to your checking account so they can write the checks and mail them off for you.

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            • #7
              Re: Loans while at Basic and AIT

              At my credit union, they have a form called PETE, that sets up taking money out of an account and automatically goes into another account at any bank on a set day of the week, month, or year and you can have it happen over and over or just once. You can ask if they accept automatic bill pay from your account, have money go into a trusted person's account and have them pay it, or add someone to your account who can make withdrawls and such. I actually set all three of those up when I was gone for a year to cover different transactions I needed done.

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              • #8
                Re: Loans while at Basic and AIT

                Originally posted by gheart68w View Post
                I just did this with my loans. Mine are through Sallie Mae and they had a specific form for military forbearance. My recruiter had to fill out a section for me and they have deferred all my loans for the duration of my training and also 180 days after. There is also a program to lower your interest rate to a flat 6% and I am working on that right now. Unfortunately they want a copy of my orders, which we all know we don't receive until the day we leave so...I'll fill you in on that once I get it squared away.
                I was going to go this route but was told that the form was only good if you were being deployed under an operation, not for BCT/AIT?

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                • #9
                  Re: Loans while at Basic and AIT

                  Originally posted by CallSign View Post
                  How do you keep from getting delinquency on your loans while away at Basic and AIT? Just contact the loan provider, explain your reason, and call it a done deal? Or would I have to start doing payment while away, get reimbursed once back, and have Guard will start paying from there?
                  I'm not really sure what you think the Guard will start paying? If you mean student loan repayment, then you need to talk to your recruiter to find out exactly how that works. As for all other loans, you just need to make arrangements before you leave and others here have posted some good advice about how to pay them while gone.

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                  • #10
                    Re: Loans while at Basic and AIT

                    Originally posted by Solrider View Post
                    I was going to go this route but was told that the form was only good if you were being deployed under an operation, not for BCT/AIT?
                    No, it also covers training as long as you're considered Active Duty Guard. My recruiter just put down it was for GWOT and I think that scared them lol I was unable to get the 6% interest though. They did say as soon as I could get a copy of my orders they will redact the interest rate and apply any overpaid interest to the principle.

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                    • #11
                      Re: Loans while at Basic and AIT

                      Here's the link to the form I'm planning to fill out:
                      http://www.myfedloan.org/forms/pdf/d...licsvc_FLS.pdf

                      As far as I cal tell, I'll qualify because, as stated in Section 2:
                      "On active duty in the ARMED FORCES of the United States"

                      Since BCT is 10 weeks, then I have a 2 weeks "down time" and a 45 week AIT, I'll be gone for more than a year. Therefore, I also meet the eligibility in Section 7:
                      "Borrowers enlisted in a reserve component of the Armed Forces or the National Guard (while on active duty status in the Army or Air Force Reserves) may qualify for this deferment only if: (1) serving full time for a period expected to last at least 1 year"

                      But in Section 7 there is a bit of jargon that says it only applies to active duty Army. But from what I know, I am active duty Army while at training since I'm not part of the National Guard till I finish my training and report to my unit.

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