With thousands of Coast Guard service members and families facing financial hardship as a result of the ongoing government shutdown, USAA and Coast Guard Mutual Assistance (CGMA) are teaming up to help those service members and families in need.
With the support of a $15 million donation from USAA, CGMA will disburse interest-free loans to Coast Guard personnel with the assistance of the American Red Cross Hero Care Center electronic fund distribution process. Effective 16 January 2019, Coast Guard service members with dependents will be eligible for interest-free loans up to $1,000, while service members without dependents will be eligible for up to $750.
The CGMA loan assistance is designed to cover an estimated two weeks of shortfalls due to not being paid, such as housing, essential utilities, food and child care and is available to all Coast Guard service members.
Coast Guard service members needing assistance should visit www.cgmahq.org.
“USAA’s mission is to be there for our members when they need us most,” said USAA CEO Stuart Parker. “This initiative, together with our efforts directly supporting members, will help thousands of Coast Guard families.”
“Since 1924, the mission of CGMA is unchanged—to help members of the Coast Guard family in their time of financial need. They are feeling that need now more than ever,” said RADM Cari Thomas, USCG (ret) CEO, CGMA. “This incredible gift makes a difference in the lives of Coast Guard men and women. And it will position CGMA to respond during this time of uncertainty for those that rely on Coast Guard paychecks and pensions: active duty, reservists, civilian employees, retirees and annuitants.”
“The American Red Cross has a long history of providing help during emergencies to members of our military, and we are proud to partner with Coast Guard Mutual Assistance and USAA to administer support to the Coast Guard community during this time of financial stress,” said Koby Langley, senior vice president of the Red Cross Service to Armed Forces.
In direct support of members, USAA is offering a one-time, low interest loan1 to active Coast Guard, National Oceanic and Atmospheric Administration Corps, Public Health Service Corps personnel whose pay is disrupted. The loan interest is 0.26% APR, but may fall to as low as 0.01% APR with an optional Automatic Payment Plan.2
USAA is also making available additional special offers to help all members affected by the partial government shutdown. Members may be eligible for the following:
- 60-day payment deferral on consumer loans (auto, personal, etc.)
- 90-day payment deferral on credit cards, interest will continue to accrue
- Special payment arrangements on auto/home insurance premiums3