Wednesday, June 30, 2010

Summary of Loan Repayment Web Cast

Ok folks, there is ALOT of information in the web cast but most of it is legal gibberish I don't really understand so I will point out the 'stuff'' you likely care about. It's the information I find most valuable!!

Background information-there is what they call the Post 9/11 GI Bill. Basically after 10 years of service, military members are given up to $60,000 to use for college. It can be used by the spouse, military member, or children. It can be divided between them as well.

Now to move forward with the summary of the Loan Repayment Program.

1. Every year you decide to take the JAG loan repayment amount "that year of service will not apply towards the qualifying active duty service required for the Post 9/11 GI Bill Program." So if you choose to accept all 3 years of the loan payments, you will not qualify for the GI Bill until your 4th year as a JAG.

2. JAG's will not receive more than $65,000. Each annual payment will not exceed $21,666.67. (65 grand divided over 3 years). Nor will you receive the entire $65,000 if you only owe say $50,000 in educational loans.

3. To answer Jennifer's question, The Defense Finance and Accounting Service (DFAS) will pay the annual payment DIRECTLY to the JAG's educational loan lender.

4. DFAS will withold 28% of each loan payment for federal income taxes, reducing the amount the lender will receive. The JAG will also receive a w-2 or 1099 for the withholding. Thus the annual payment is taxed as income.

5. 28% of the annual payment of $21,666.67 is 6,066.67. Thus the amount paid to the lender will be $15,600 a year, if you choose to accept it each year.

I hope this answered your questions and gives you a better idea of how the loan repayment program will work. The JAG will be responsible for filling out paperwork each year and providing the necessary documents (unpaid loan amount etc.) to qualify for the money.

Saturday, June 19, 2010

Back from family vacation

Today we got back from our first vacation since Top Gun has joined the Air Force. Yup, that's right, he joined 13 months ago!! This was the first time he has taken any leave and it was well used! (not counting the 10 days leave he was forced to take in between COT and JASCO to help us move). Anyway, we headed to San Antonio, Texas. Military members get into Sea World or Bush Gardens once a year for up to 4 people for FREE. So we took the kids to Sea World and then headed to Canyon Lake. The Army has a recreation site down there where only military can stay. We rented a 3 bedroom cabin for $75 a night!! A ski boat rental was $75 plus gas a day! The marina's near the military site were $155 for half a day to rent a boat!! The point is I love getting military discounts. It makes it so we can afford great vacations!! All over the world there are deals to be had for lodging if you're a military member. Hawaii has a military only resort hotel, for example.
Anyway, back to reality. But we love our reality lately so it's all good.

Tuesday, June 8, 2010


This is in response to a reader regarding whether you can have dogs and live on base. Well, I live on base and I swear every one has a dog, or two, or three!! I haven't heard of any state side base housing restricting dogs. There are certain breeds they don't allow in base housing, at least where I'm located. I can't remember them all but Pitt Bulls are one of them.

As far as over sea bases, it is more complicated. You have to pay to have your dogs flown over seas. The military will not pay for them. Some overseas' bases have restrictions on pets you can bring among other things. I do know that it is quite a process if you bring dogs with you overseas. It's not the military restrictions you need to worry about, it's other countries policies. For example our friends are about to go to England and their dogs had to be checked and approved as healthy. From that point on they had to be quarantine for a month so as not to contract any rabies, etc. There is loads of paperwork in conjunction with 'clearing' your dogs. England seems to be very strict on their laws for bringing dogs over there. I know these are all general answers but we are not dog owners so it's not a subject I have looked really deep into.