Christian Military Payday Advance
The Christian military payday advance loan is a way that a member of the Armed Forces can cover money emergencies that crop up unexpectedly before his next wage. These quick notes can often be secured within minutes at a local company that specializes or within twenty four hours when applying online. Just like the civilian version of these contracts, the veteran version is available to those who are employed and have an active checking account. For the majority of corporations who handle these accounts, there are no credit score checks and no debt to income ratio inquiries. This leaves one who has a less than stellar credit record or who already may have strangling debt payments free to apply for the fourteen day notes, with payback schedules based on his next wage date.
A paycheck advance lending agreement has been labeled by the Armed Forces as predatory in nature because of the incredibly high interest rates. And in many cities where there military bases, ventures who specialize in them pepper the landscape around the bases. In fact, studies have shown that members of the Armed Forces are three times more likely to have taken out these types of funding than the civilian population and that one in five soldiers has used them at least once. One of the main reasons that they are used is more likely as a stop gap measure is because the average salary for these men and women is quite low with the average salary being around twenty thousand dollars and some making no more than seventeen thousand dollars annually. Additionally, are men and women are most likely to use these services are young and inexperienced at handling money. Sadly, too often their family suffers as a result.
One of the reasons paycheck advance companies loves to camp in front of Armed Forces bases is because issuing a note is a much less risky situation than its civilian counterpart. The civilian demographic that uses the services is many times more at risk of losing employment than a soldier ever will. One of the reasons given by paycheck advance companies for such high interest rates and fees is high risk nature of its customers. Studies point out that the transient nature of many of those using debt often produces defaults on loans, driving up the costs to recover wayward fellows. But members of the Armed Forces have a job week in and week out and even if they go overseas his family remains near the base and the Internet allows the paying of bills even from thousands of miles from home. "All scripture is given by God and is profitable for doctrine, for reproof, for correction, for instruction in righteousness." (I Timothy 3:16) Not only that, but in their basic training and ongoing instruction, members are urged and commanded to pay their bills on time, thus creating a perfect hothouse environment for the note issuing ventures.
On the civilian side of this story are the absolutely bizarre interest rates that are charged for these fourteen day rates, but not if they are paid back on the fourteenth day. A one hundred dollar debt may only cost a person, the sum of one hundred and forty dollars. But in some states, if the civilian does not pay back the monies in full and statistics show that only two to three borrowers in five do so on time, the annual percentage rate can reach eleven hundred percent! These scenarios have been ripping apart families so much that the 2007 Military Authorization Act enacted by Congress and implemented by the Department of Defense ordered this lending practice be limited to 36% interest for all personnel. Additionally, these ventures were ordered to stop paying off other credit accounts that veterans might have and refinancing them with even higher interest notes by the payday lender. Many other provisions in this law were also enacted to further protect them from such predatory practices.
It is not surprising to discover that two in five borrowers for Armed Forces and almost three in five civilian borrowers cannot repay their fourteen day debts in full, which means that more interest and costs are added on and the obligations begins to mount. But the question begs the answer: where are these people who live hand to mouth and have almost no savings going to find help to handle costly emergencies? Service men and women may make more than the law will allow for welfare and government assistance as well as many civilians. Yet the income is not enough to pay the high costs of living even if there are no amenities in the budget. Churches may have some limited help, but probably as a onetime small gift, and usually only for those who attend its services. As much pain and burden that this practices bring, the the companies offer some relief, even if only temporarily. Non-profit organizations, churches, banks, social agencies and other interested parties must step up their efforts together and individually to provide some education for the tier of the American population that struggles how to make ends meet.
Christian Military Student LoansMilitary student loans are one of the few ways the country can say thanks to the hundreds of thousands of men and women who have served and are now serving in the various branches of government. If a citizen grows up in a family where serving was not a part of his heritage, there can be a distinct disconnect in terms of what sacrifices and pains families have gone through to protect our nation. Cheaper groceries on base and free medical care cannot begin to repay these brave families, but these special perks are a small token of a grateful country's thanks. Monies can be given to those who have served and they can also be available in some cases to family members of those who directly were in the business of guarding our country's security.
Military student loans are not really an issue at the country's major academies. At these schools, the US Naval Academy, West Point and the Air Force Academy, the training is specifically for future officers. Only the very finest students are admitted through the direct recommendation of the governor of the student's state. The education at these academies is completely paid for and the students can even receive stipends to help pay extra expenses. Time after time in the Bible, the Christian life has been likened to warfare against evil. "For though we walk in the flesh we do not war after the flesh: (For the weapons of our warfare are not carnal but mighty through God to the pulling down of strongholds.) (2 Corinthians 10:3-4)
In many instances, if an individual wishes to attend a military school of higher education, funds are available through the school of choice. The Citadel, Texas A and M, Virginia Military Institute and Virginia Tech are some of the excellent Armed Forces colleges in the nation that offer both scholarships and help to outstanding future students who show the capabilities of being able to withstand the academic rigors of these programs. In addition, the Military College Loan Repayments Plan enables students who enlist under the officer Candidate School program to have part of their obligations paid. The Army and Navy will repay up to sixty five thousand dollars of a student's lending agreements who graduate from college and join their branch as an officer. The Army will repay up to twenty thousand dollars of costs and the Air Force up to ten thousand dollars of repayment.
Not all people will be repaid through this program. Here is a list of those situations approved for partial repayment. Auxiliary notes Assistance, Stafford Loans, Parents Plus Loans, Federally Insured Student Loans, Perkins and Supplemental Notes for Students. To receive the assurance that one can actually be eligible for partial repayment, the student must have had no Armed Forces record, must enlist for at least four years, and many other requirements. A prospective fellow should check with each branch to ascertain the qualifications repayment possibilities. Of course, the biggest provider of educational assistance is the Montgomery GI Bill, the successor to the old GI bill. For veterans, this law enables them up to ten years after discharge to receive benefits up to thirty six thousand dollars for training at either a college or trade school. Included in these approved types of schools are flight school and correspondence courses. Some schools offer an extra 20% off tuition for active personnel. Since there is a clock ticking on receiving some of these educational benefits, a person should not delay of receiving his inherent benefits. There is also a perk for holders after graduation.
If a Christian has fully graduated from a military college, or from any institution for that matter and immediately enters into active duty a special exemption may be available for repayment. Forbearance is the term used to describe the temporary freeze on repaying contracts. It is different than what is called deferment where even the interest is frozen. Instead, an active member is able to pay only the interest accruing on his lending agreements. This same forbearance exemption is available for med school students and those entering the AmeriCorps. Stafford lending agreements are the type available for such forbearance exemptions as well as parents paying for PLUS.
Assistance may be available nationwide for certain students, but there also some tuition assistance within certain states for the children of vets. For example, in Alabama, children of disabled veterans can receive free tuition at state colleges and technical schools. In Illinois each county awards one scholarship to a child. In Kentucky there are tuition waivers for their children at state schools, while at Michigan there are twenty eight hundred dollar tuition wavers for children of disabled or deceased vets. In Wyoming there is free education for spouses and children whose death was service related. If the reader is a veteran, thank you so very much for your service to our country. They truly deserve all the benefits accorded to them.