Some clarifications on Falcon and Air Force Aid Society loans
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By Mary Lou Gorny
Hilltop Times editor
Now that seasonal pressures are upon family budgets and some families are seeing tough times right now, it is an important time to clear up any misconceptions about Falcon and regular Air Force Aid Society loans.
Ric Leon, Air Force Aid Society officer at the Airman and Family Readiness Center, wants those military members interested in extra help to look at their finances before the holidays rather than afterwards.
Falcon Loans are available twice in every Air Force career and are offered as a service to military personnel with zero percent interest as a means of helping them avoid high interest payday loans.
However, there are some misconceptions out there about these loans.
"The biggest one," Leon said, "is that there's no questions asked concerning the Falcon Loan.
The process involves a series of questions to make sure that everyone is on the level regarding what the money is going to be used for, he said.
Those interviews are necessary and only take about five to 10 minutes.
The next most common misconception is that the amount is unlimited.
"It's only $500 for a Falcon Loan and it has be repaid within 10 months," Leon said.
The last misconception Leon wants to clear up is the belief that a Falcon Loan doesn't have to be for a legitimate emergency reason. For a Falcon Loan the categories are exactly the same as for a regular loan. Some potential applicants have found out only upon applying that a Falcon Loan does have to fit in the emergency category.
A regular Air Force Aid Society Loan has to be for basic living expenses which can include rent, mortgage, food, phone, utilities, gasoline or vehicle expenses, car payments, car repairs or car insurance, emergency travel, or medical or dental reasons. These regular loans are available for larger amounts and for as many times as needed through an Air Force career and carry zero percent interest as well.
"The biggest convenience about the Falcon Loan is that no financial information has to be provided," Leon said,
He asks questions to make sure the need is real but Falcon Loans do not require documentation. Regular Air Force Aid Society loans are generally available with documentation.
Mark Burton, Personal Financial manager, sees cases both referred and self-referred at the Airman and Family Readiness Center. He helps clients with a financial assessment and then assists them as they come up with their own plan of action.
Leon indicates that he often sees Burton's clients coming out of his office laughing and smiling.
While financial matters are often stressful, both want potential applicants to realize that they are there to help.
That includes an atmosphere of support, sensitivity, humor and hope.
Among Burton's goals is that couples open up and talk about their finances with each other where they may not have before. "It's something that's not discussed. Parents don't talk to their children about it. It's almost like sex. It's the two things that aren't discussed in families. It becomes taboo."
He helps clients change their behaviors so they can see where their money goes and avoid spending and swiping mindlessly.
Emergency travel aid has some potential misconceptions as well, Leon indicates.
Family members can travel to funerals for mothers, fathers and those for their spouse's mother and father in general (not to mention that their spouse could travel to their own parents' funerals).
But grandmothers and grandfathers are an exception rather than the rule. Those would have to be special circumsvtances.
For Air Force and civilian personnel who are interested there are budgeting classes available held on a regular basis.
To contact either the Air Force Aid Society officer or Personal Financial manager call the Airman and Family Readiness Center at 777-4681.
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