The funds for the My Career Advancement Account Scholarship program are based on the government fiscal year, which runs from October 1 to September 30. Therefore, it is important for spouses to plan how they will pay for their schooling throughout the year. Some important information about the My Career Advancement Account Scholarship program’s fiscal year is listed below.
There is a $2,000 fiscal year spending cap (a maximum of $2,000 can be used per fiscal year).
The $2,000 fiscal year cap is based on the start date of the course or program, not the date the financial assistance request is submitted or approved.
Spouses should pay close attention to the fiscal year dates, so they can plan accordingly for the next fiscal year.
If all of a spouse’s My Career Advancement Account Scholarship funds are not used within three years from the start date of the first course on their first financial assistance request, those funds will be forfeited.
The examples below show how the fiscal year cap can impact spouses’ My Career Advancement Account Scholarship funding. Examples are based on a new My Career Advancement Account Scholarship with $4,000.
Example 1: If only $1,000 is used in the first fiscal year of the My Career Advancement Account Scholarship, then $2,000 can be used in the second fiscal year, and $1,000 can be used in the third fiscal year, not to exceed $4,000.
Example 2: If only $300 is requested at the end of the first fiscal year, another $2,000 of My Career Advancement Account Scholarship funding can be used in the second fiscal year. The remaining $1,700 cannot be used until the third fiscal year.
Example 3: If only $500 is used in the first fiscal year of the My Career Advancement Account Scholarship and $500 is used in the second fiscal year, only $2,000 would be available to use in the third fiscal year. If $2,000 is used in the third fiscal year, the remaining $1,000 left in the account would be forfeited since it was not used during the first and second fiscal years.
If additional educational funding is needed, spouses should search for financial assistance resources on the MySECO site https://myseco.militaryonesource.mil/portal/content/general/295 or contact Military OneSource at 800-342-9647 for information on other financial assistance programs.