AER doesn’t charge late fees for its zero interest loans, but it does require you to repay them. Your payment amounts will be determined by your AER officer. Active-duty soldiers and families can pay by paycheck allotment, which AER can set up for you. You also can pay online or through check or money order.
Subsequently, can the army help with debt?
Military OneSource provides free financial counseling and financial management programs covering: … Debt consolidation and debt management. Assistance with housing issues. Guidance on savings, investing and retirement plans.
Similarly one may ask, how do I check my AER loan balance?
On the AER website, www.armyemergencyrelief.org, click on ‘MANAGE YOUR LOAN.” If “MANAGE YOUR LOAN” is not visible, click on the drop down next to “Assistance” and choose “Manage Your Loan.” Page 5 5 2. Next, click on “View Your Loan.” This will direct you to our loan portal to view your loan history.
How do I pay off my AER loan?
Check, Money Order, or Bill Pay
AER accepts personal checks, cashier’s checks, money orders, and electronic bill pay from your personal bank. Please include “Army Emergency Relief”, our address, and your Client ID with your payment.
Log into myPay. Select “Allotments” For EFT Allotments, you can START or CHANGE or STOP an allotment amount and STOP an existing allotment. For Home Loan and Navy Mutual Aid Service allotments, you can only STOP or CHANGE money amounts.
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) Subtract one from the subsequent result.
Applicants fill out a request form and provide documentation showing their needs. 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.
AER’s most powerful program. Company Commanders or First Sergeants can approve financial assistance up to $2,000.
Army National Guard and U.S. Army Reserve Soldiers that are activated in response to COVID-19 are eligible for financial assistance from Army Emergency Relief (AER) for basic living expenses such as rent, utilities, and food, and personal transportation costs such as car payments, auto insurance, and fuel.