USAA loan

Short version (edited as of April 2011):

$25,000 "Pre-Commissioning Loan" from USAA (USAA.com)

They only check a credit score to qualify
Need to have a checking account with USAA and your Navy pay direct deposited into that account
As a naval officer you're eligible for USAA membership
Eligible for loan within 12 months of commissioning to active duty
Interest at 2.99% AS OF APRIL 2011, simple compounding
Payments automatically deducted from your account.
Have to sign and fax in a few forms
If you call USAA they will walk you through it.
You'll have money in a week, start to finish.

Long version:

So if you haven't heard anything about it yet, there is a loan available for all new officers entering active duty for $25,000 at 2.99% for 5 years from USAA, an online military bank. There was an email about it last year, but I haven't heard anything about it last year. So I just wanted to let everyone know it does exist and I got the 25,000 deposited in my checking account today. I figure it will help get me from the time they stop our pay in May to our first official paycheck in the middle of July, I am probably going to get a new car too, why not? haha, anyways if you are interested here's how you get the loan and the details MFA Degree as I understand them, if not you can delete the email now.

It is available to all new officers, as HPSPers we are eligible 12 months before we go active duty and at anytime while we are active duty, but it is only a one time shot, so if you apply and don't take the loan you don't have a chance to get it later on. I think that the timing works out that the current third years can take the loan now if they need it for fourth year.

It works out to a  $450 payment per month with a 6 month grace period and you can pay more at anytime to reduce the payback time and pay less interest. The payment is automatically deducted from your USAA checking account once per month. If you don't have enough money in your account, big surprise, the interest rate goes up, but I don't think that will be a problem given how much we are all getting paid.

You need a USAA account, I opened one solely for this loan earlier this year. Then you call them and fax your oath of office and a letter from the HPSP people saying that you are in the Navy (standard form, took like 2 days to get by email), they put the loan document on your USAA home page, you fax it back to them and I got the money the next day (sounds a lot more complicated than it really is). The website is USAA.com