Who qualifies for Aer?
Almost all active-duty soldiers and their dependents qualify for AER help, as well as military retirees; widows and orphans of soldiers who died on active duty or after retirement; medical retirees and their families; and members of the Guard and Reserve who have been activated for more than 30 days.
Can the Army help pay off debt?
The Loan Repayment Program (LRP) is a special incentive that the Army offers to highly qualified applicants entering the Army. Under the LRP, the Army will repay part of a Soldier’s qualifying student loans.
How do you get Aer?
To calculate AER: Divide the stated interest rate by the number of times a year that interest is paid (compounded) and add one. Raise the result to the number of times a year that interest is paid (compounded)
What is an AER loan?
Army Emergency Relief (AER) is a private, nonprofit organization that was created to help Soldiers and their Family members who experience financial emergencies. AER provides funds to help Soldiers with immediate financial needs with rent, utilities, emergency travel, etc.
How do I get an emergency soldier home?
If you are experiencing an immediate life-threatening emergency, call 911. To speak to a Red Cross Emergency Communications Specialist call 1-877-272-7337. You can initiate a request for Red Cross emergency assistance for members of the military currently serving on active duty by using the online self-service tool.
Can you have two AER loans?
There is no loan dollar cap, though soldiers are limited to two AER loans per year without command approval. Troops, regardless of rank, can also go through their commander for an immediate loan approval of up to $1,500.
Can you get kicked out of the Army for being in debt?
Military members who repeatedly fail to make payments or honor their debts can receive various punishments up to and including being discharged. The maximum punishment is a Bad-conduct discharge, forfeiture of all pay and allowances, and confinement for 6 months.
Does the military pay off parent PLUS loans?
The Army will only repay the remaining original unpaid principal, less taxes on qualifying loan(s). Interest (even if it has been re-capitalized into principal) will not be repaid. Additionally, payments made under the LRP are considered taxable income in the year(s) that payments are made.
What is AER rate?
AER stands for Annual Equivalent Rate, and it’s a type of interest rate for savings accounts. AER is calculated based on the interest, bonuses and charges on your savings account across a 12 month period. If your AER is variable, the amount of interest you’ll earn will change, either going up or down.
How fast is an AER loan?
within 48 hours
There’s no limit on the amount you can borrow. And if you qualify for a loan through AER, you may receive your loan funds within 48 hours of your request.
What qualifies for Army emergency leave?
Within the regulation authorization of emergency leave can be granted when: (1) The soldier’s presence will contribute to the welfare of a terminally ill member of the immediate family when the expected date of death is within the month. (2) Because of the death of an immediate family member.
What is considered immediate family for emergency leave army?
Immediate family includes: father, mother, brother, sister, spouse, spouse’s parents, children or someone who actually reared the Marine or Sailor (in loco parentis).
How to get an army Aer loan?
Allotment: Also known as an automatic deduction from your paycheck.
What is Army relief program?
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What is Military Assistance Program?
– Filing complaints – Avoiding scams targeting military and veterans – Improving money management skills
What is Army Emergency Relief?
Army Emergency Relief (AER) is a private, nonprofit organization that was created to help Soldiers and their Family members who experience financial emergencies. AER provides funds to help Soldiers with immediate financial needs with rent, utilities, emergency travel, etc.