Hey not sure if this is the right place to ask this, but I'm a newly commissioned Officer thinking of picking up the Career Starter Loan of up to $25k. I don't plan on using it for any sort of living expenses and really want to see if I can use it as leverage for an easy/stable investment that could net me some gains upon paying it back.
Also, I heard its possible to take the loan multiple times throughout your career?
Any thoughts are appreciated. Thanks!
Career Starter Loan for Investing
byu/sozentime inMilitaryFinance
Posted by sozentime
3 Comments
I’d be careful about taking out a loan for the sole purpose of investing it. Remember that if your investment value goes to $0, you’re still on the hook for the loan. Sure the idea of putting it in a broad market ETF and making 10-20% sounds nice but there are no guaranteed returns, would you be able to stomach paying a $400-500/month payment if your investment lost half of its value? At most, I would recommend putting it in a HYSA and pocket the difference on interest.
What are the requirements to get the CSL? Certain credit score or anything?
What are the requirements to get the CSL? Certain credit score or anything?