US Military

Military Loan

Whether you are in the Army, Navy, Marine Corps, or Air Force, you can get the best loan or credit card rate in the nation through various institutions. Militarypay.com features some of the prominent aspects of the military Loan.

Types of Loans available under Military Loan schemes are:

• Mortgage Loan: Home Loans, Home Refinance Loan, Home Equity Loans.
  
• Credit Cards: Apply to the nationwide network and get the best card for your needs, Apply For Free!
• Auto Loans: Check out our easy online application
  

The rules blow mentioned has been taken from the Military Loan providers, however these rules remains almost same with most of the financial institutions.

*NOTE: Applications involving other than honorable discharges will usually require further development by VA. This is necessary to determine if the service was under other than dishonorable conditions.

You must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability.

You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.

If you were separated from service which began after these dates, you must have:

• Completed 24 months of continuous active duty or the full period (at least 181 days) for which you were ordered or called to active duty and been discharged under conditions other than dishonorable, or
• Completed at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early out), or have been determined to have a compensable service-connected disability;
• Been discharged with less than 181 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances for the convenience of the Government.

If you served on active duty during the Gulf War, you must have:

• completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable; or
• completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early out), or have been determined to have a compensable service-connected disability, or
• been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.

If you are now on regular active duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service.

If you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and

• were discharged with an honorable discharge; or
• were placed on the retired list; or
• were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service; or
• continue to serve in the Selected Reserves.

Individuals who completed less than 6 years may be eligible if discharged for a service- connected disability. Eligibility for Selected Reservists expires 09/30/2009.

• are an unremarried spouse of a veteran who died while in service or from a service connected disability, or
• are a spouse of a serviceperson missing in action or a prisoner or war.

• certain United States citizens who served in the armed forces of a government allied with the United States in WWII.
• individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service, and others.

Military Education Loan
To assist members of the military who have been reassigned or activated as a result of the recent terrorist attacks, the U.S. Department of Education directed lenders and colleges and universities to provide them with relief from their student loan obligations.

These actions apply to members of the National Guard and the Ready Reserves of the Armed Forces who have been called to active duty. The department's guidance relates to student loans made under the Federal Family Education Loan, William D. Ford Loan, and Federal Perkins Loan programs.

Under the department's guidance, lenders will automatically postpone the student loan payments of borrowers during the period of the borrower's active duty service. Borrowers with subsidized student loans will be eligible to have the federal government assume the interest payments on their loans while they are on military duty.

For military personnel called to active duty whose loans are not yet in repayment because they are currently students, or have only recently left school and are therefore in a grace period, the department has directed lenders to hold their loans in their current deferment status. Borrowers will not be required to make payments to their lenders during the term of their military service, as well as for a reasonable amount of additional time for the borrower to resume enrollment in school. In addition, borrowers generally receive a 6 to 9 month grace period after leaving school, and the department's action ensures that these students will not lose the benefit of this grace period as a result of their service.

In additional guidance, the department strongly encouraged colleges and universities to provide either a full refund of tuition and other institutional charges or comparable credit to students forced to withdraw from school to fulfill their military obligations. The department also urged schools to offer flexible re-enrollment options to these affected students and to other students who have been forced to withdraw from school as a result of the terrorist attacks.

The department's actions also relax requirements that schools return federal financial aid to the government when a student aid recipient withdraws from school. As a result of today's actions, students who withdraw because they are called to active duty or have been affected by the military mobilization, as well as others who withdraw as a direct result of the terrorist attacks, will not be required to return financial aid funds they received for books and living expenses.