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Falcon Loan (begins 3 March)
Click the following links to access a PDF file for download:
Background Information Regarding Falcon Loan (PDF)
Falcon Loan Program Q & A (PDF)
Air Force Aid Society’s Falcon Loan - It’s As Easy As 1-2-3! (PDF)
Print Only Version Application for Air Force Aid Society Financial Assistance (PDF)
NEW! Interactive Form Application for Air Force Aid Society Financial Assistance (PDF)
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Falcon Loan Program Questions & Answers
The Air Force Aid Society (AFAS) Falcon Loan Program is available at Airman & Family Readiness Centers (A&FRC). This program provides a streamlined process for Air Force personnel to receive an interest-free loan of $500 or less, repayable within 3 to 10 months or before ETS. Applying for a Falcon Loan is easy as 1-2-3:
- Download the application off the AFAS website at www.afas.org
- Get your Air Force ID card and current Leave & Earnings Statement (LES)
- Go to your Airman & Family Readiness Center (A&FRC)
- Provide Title 10 U.S.C. orders and a void check (Air Force Reserve/Air
National Guard personnel only)
- What is the purpose of the Falcon Loan Program?
- When will the Falcon Loan program begin?
- Who is eligible?
- Are Falcon Loans available to Air Force retirees or widow(er)s?
- Are AF officers eligible for a Falcon Loan?
- What is the repayment if I receive a Falcon Loan?
- Where should I go to obtain a Falcon Loan?
- Do I have to go through my commander, first sergeant or supervisor to apply for a Falcon Loan?
- What should I bring with me to request assistance?
- Can my spouse obtain an AFAS Falcon Loan if I am deployed?
- Who will the Falcon Loan check be made payable to?
- Can dual military member (Air Force) individually get a Falcon Loan?
- Can I receive a Falcon Loan through Army Emergency Relief Society, Navy-Marine Corp Relief Society, or American Red Cross?
- What if my financial need exceeds $500?
- Can I have a Falcon Loan and another loan from the Air Force Aid Society running concurrently?
- What if I do not qualify for a Falcon Loan?
- What is the maximum number of Falcon Loans I can receive?
- I am a Reservist/Guard on Title 10 U.S.C. orders and my time on active duty will expire prior to 10 months for repayment, am I eligible for a Falcon Loan?
Q: What is the purpose of the Falcon Loan Program?
A: Falcon Loans are interest-free loans of $500 or less, designed to meet the following types of short-term financial needs of Airmen on active duty who might otherwise have to resort to a high-interest lender:
- Basic living expenses - rent/mortgage, food, phone, utilities and gasoline
- Vehicle expenses – payment, repair, and insurance
- Emergency travel
- Medical and dental expenses.
Q: When will the Falcon Loan program begin?
A: Monday, March 3, 2008
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Q: Who is eligible?
A: All active duty AF personnel to include Air Force Reserve (AFRES)/Air National Guard (ANG) personnel activated under Title 10 U.S.C. orders who have no outstanding loan balance with AFAS are eligible.
- Personnel must not be listed on the AFAS Record on File (ROF), which signals a client’s history that must first be reviewed by HQ AFAS.
Q: Are Falcon Loans available to Air Force retirees or widow(er)s?
A: No. Falcon Loans are only available to active duty Air Force personnel and AFRES/ANG on Title 10 U.S.C. orders.
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Q: Are AF officers eligible for a Falcon Loan?
A: Yes. AF officers are not restricted from receiving a Falcon Loan, provided there is a genuine short-term need.
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Q: What is the repayment if I receive a Falcon Loan?
A: All Falcon Loans will be repaid by allotment, which must run for a minimum of 3 months or a maximum of 10 months; or by ETS if less than 10 months.
- Title 10 U.S.C. AFRES/ANG personnel will complete a Paymatic Authorization Form (a monthly deduction taken from member’s checking account) as a back up repayment whether still on active duty or deactivated.
Q: Where should I go to obtain a Falcon Loan?
A: You may only receive Falcon Loans at the A&FRC located at most Air Force installations.
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Q: Do I have to go through my commander, first sergeant or supervisor to apply for a Falcon Loan?
A: No. These small loans are to meet short-term needs without implication that the person is facing a bigger problem that might impact a person’s welfare or ability to perform the mission.
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Q: What should I bring with me to request assistance?
A: You will need to provide the following documents:
- Application for Air Force Aid Society Financial Assistance (available at www.afas.org or the A&FRC)
- Air Force ID card
- Current LES
- Title 10 U.S.C. orders and a void check (AFRES/ANG personnel only).
Q: Can my spouse obtain an AFAS Falcon Loan if I am deployed?
A: Yes. In addition to a power of attorney (POA), your spouse should bring the following to the A&FRC to request assistance:
- Application for Air Force Aid Society Financial Assistance (available at www.afas.org or A&FRC)
- Air Force ID Card.
Q: Who will the Falcon Loan check be made payable to?
A: Falcon Loan checks will be made out to the Air Force member (or spouse with POA) who will sign the application to certify funds will be used for the stated purpose(s).
- Exception for Emergency Travel: AFAS has an agreement with Carlson Wagonlit Travel Agency for members requiring emergency travel. When this option is used (Purpose Code 045), an electronic ticket will be issued and the original check will be maintained in the AFAS case file.
Q: Can dual military member (Air Force) individually get a Falcon Loan?
A: Yes. Each person can get a loan of $500 or less.
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Q: Can I receive a Falcon Loan through Army Emergency Relief Society, Navy-Marine Corp Relief Society, or American Red Cross?
A: No, not at this time. Falcon Loans can only be obtained from an AFAS office located in the A&FRC.
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Q: What if my financial need exceeds $500?
A: Falcon Loans are for financial needs of $500 or less. If your need exceeds the $500 limit you should work with the AFAS caseworker at the A&FRC who will expand the same application form to address your needs in more depth to see what total assistance is needed.
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Q: Can I have a Falcon Loan and another loan from the Air Force Aid Society running concurrently?
A: Yes. It is possible that after you receive a Falcon Loan you might have a new need that can be addressed using the standard loan/grant process. The combined loans must be paid in full before receiving a second Falcon Loan.
If you have a regular AFAS loan with a remaining balance, you are not eligible for a Falcon Loan. You may still request emergency financial assistance using the application form, which would involve the standard loan process of developing a budget with an AFAS caseworker and defining the actual need.
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Q: What if I do not qualify for a Falcon Loan?
A: Every situation is unique. You are encouraged to request financial counseling and assistance from the Air Force Aid Society caseworker at the A&FRC who can best help you define your need.
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Q: What is the maximum number of Falcon Loans I can receive?
A: You could be eligible to receive two Falcon Loans, but the first one must be repaid before the second loan is authorized. Falcon Loans are designed to meet short-term emergency financial needs, and are not intended to be a revolving line of credit. After two Falcon Loans, requests will have to be addressed by the Society through the standard process for AFAS financial assistance.
- Again, you must have the first Falcon Loan paid in full before receiving a second Falcon Loan.
- If your financial situation involves substantial debt that cannot be remedied in one or two short term $500 Falcon Loans, you should consider sitting down with a financial counselor to:
- Review your budget
- Identify cost saving measures
- Develop a financial plan
Q: I am a Reservist/Guard on Title 10 U.S.C. orders and my time on active duty will expire prior to 10 months for repayment, am I eligible for a Falcon Loan?
A: Yes. AFRES/ANG personnel on active duty under Title 10 U.S.C. orders at the time of application, regardless of the expiration of term of service, are eligible to receive a $500 Falcon Loan.
- AFRES/ANG personnel will be required to repay the Falcon Loan by allotment or Paymatic Authorization Form (a monthly deduction taken from member’s checking account) within 10 months whether still on active duty or deactivated.