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.
Wednesday, June 30, 2010
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
Pets
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.
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.
Sunday, May 30, 2010
Sigh......No Loan Repayment for Us :(
I am somewhat bitter about this to be honest. The loan repayment program is great for all of you that do get to benefit. It will make life a lot easier when it comes to paying those monthly loan payments. Those JAG's that started JASCO in October 2009 will be the first JAG's to receive the $65,000 over a 3 year period. That's the FANTASTIC news for ALL NEW JAG's.
This is where I get a little bitter. Top Gun was scheduled to start in October 2009 but then an opening came up in the May 2009 class last minute (literally with 4 weeks notice) and he was offered that spot since he'd been in the works to start for months. Even though I was about to have our third baby we jumped on the opportunity to start earlier b/c Top Gun had already been out of law school for a year and was eager to begin his career. That decision just cost us $65,000!!!! Wouldn't you be bitter for a day or two also?? I mean I am happy and we love where we are at and I know we are suppose to be here at this very moment but..........it's still hard to swallow. I will be over it tomorrow, I promise ;)
This is where I get a little bitter. Top Gun was scheduled to start in October 2009 but then an opening came up in the May 2009 class last minute (literally with 4 weeks notice) and he was offered that spot since he'd been in the works to start for months. Even though I was about to have our third baby we jumped on the opportunity to start earlier b/c Top Gun had already been out of law school for a year and was eager to begin his career. That decision just cost us $65,000!!!! Wouldn't you be bitter for a day or two also?? I mean I am happy and we love where we are at and I know we are suppose to be here at this very moment but..........it's still hard to swallow. I will be over it tomorrow, I promise ;)
Oh and HAPPY MEMORIAL DAY tomorrow!!!
Monday, May 24, 2010
Loan Repayment program for New JAG's
Finally the Air Force is catching up with the Army in their loan repayment program. The Air Force is talking about helping the new attorney's with their law school loans. Top Gun said that there is suppose to be a Web Cast coming in the next couple weeks regarding this issue with all the details on the rules and regulations surrounding it. However, this is what it basically looks like what will be offered.
Over the first 3 years a new JAG can expect to get $65,000 paid to them to go toward paying off school loans. A third of $65,000 will be distributed each of those 3 years. But let's say you only had $40,000 in loans, well then you're only going to get $40,000 from the Air Force. It's my guess that you'll have to show that you paid the amount toward your loan as well. They'll likely want proof that you actually are putting the money toward school loans. I'll keep you all updated as the matter continues to develop and unfold. This is GREAT news though!!!!!
Over the first 3 years a new JAG can expect to get $65,000 paid to them to go toward paying off school loans. A third of $65,000 will be distributed each of those 3 years. But let's say you only had $40,000 in loans, well then you're only going to get $40,000 from the Air Force. It's my guess that you'll have to show that you paid the amount toward your loan as well. They'll likely want proof that you actually are putting the money toward school loans. I'll keep you all updated as the matter continues to develop and unfold. This is GREAT news though!!!!!
Sunday, April 18, 2010
Deployment
We have been told, and it has been what we have witnessed, that most JAG's should expect to be deployed after their first 2 years. Deployments can be to Afganistan, Iraq, Germany, D.C., I'm sure even other places, but most are to Afganistan and Iraq. Plan on a 6 month deployment plus a few weeks of training before they officially head off for deployment. You do recieve a family seperation allowance during this time so you're pay will go up. Dependents can stay at the base or can go live with family/friends but the government will not pay to relocate you at that time. I know people that have left to go live with their parents to save money or to have help with their kids but I personally don't plan on moving when/if Top Gun gets deployed. I'll likely visit family but I have children in school and they move around enough as is being in the JAG.
Once the JAG arrives at his new base he is put in what they call a bucket. This is a 6 month time period where their name is put in a bucket. It essentially means that during that time period they are eligibale for deployment. So Top Gun was placed in the January-June bucket. Technically he could be told on the very last day of May that he is going to deploy and then he would be gone for 6 months. But once June comes we know he's "safe" until the next time he's placed in a bucket.
UPDATE: There are not just 2 buckets Jan-June and June-Dec. It can be any 6 months at a time. Top Gun just informed me that roughly JAG's are placed in a bucket once every 2 years.
Once the JAG arrives at his new base he is put in what they call a bucket. This is a 6 month time period where their name is put in a bucket. It essentially means that during that time period they are eligibale for deployment. So Top Gun was placed in the January-June bucket. Technically he could be told on the very last day of May that he is going to deploy and then he would be gone for 6 months. But once June comes we know he's "safe" until the next time he's placed in a bucket.
UPDATE: There are not just 2 buckets Jan-June and June-Dec. It can be any 6 months at a time. Top Gun just informed me that roughly JAG's are placed in a bucket once every 2 years.
Living On base verse Off base
You will receive a BAH, basic housing allowance. That dollar figure will be determined by base location, rank, year's of service, and whether the JAG has any dependents. With this allowance you can live off base and rent a house for less than your BAH and pocket the difference. Where as if you live on base the BAH goes directly to the housing office. So even though I live in roughly the same kind of home on base as the Major and Colonels do, whose BAH is likely $3000+ and our BAH is $1500+, the entire BAH is given to the housing people. Essentially if you live on base no matter rank, year's of service, etc. ALL of your BAH is forfeited.
As a JAG, Top Gun and I have never heard of you having to live on base when first starting out. If you stay in and you become a SJA (usually they're Colonels) then you are required to live on base.
The decision to live on or off base is completely up to you when first starting out. It'll depend on where you are stationed. We have chosen to live on base to start off so we could better get acclimated to the military lifestyle. I wouldn't have changed that decision. With that said, wherever we head next I plan on living off base b.c our BAH will be higher and we'll likely be able to afford a nice home and have some extra BAH left over.
As a JAG, Top Gun and I have never heard of you having to live on base when first starting out. If you stay in and you become a SJA (usually they're Colonels) then you are required to live on base.
The decision to live on or off base is completely up to you when first starting out. It'll depend on where you are stationed. We have chosen to live on base to start off so we could better get acclimated to the military lifestyle. I wouldn't have changed that decision. With that said, wherever we head next I plan on living off base b.c our BAH will be higher and we'll likely be able to afford a nice home and have some extra BAH left over.
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