Many use their Cow Loan to purchase the ring: Each year is different. For the class of 2002, the amount was $24,000 at 1%APR . Payments started in August after they graduate in 2002. They will be paying it off for 60 months, at $420 a month directly deposited from their paycheck. If the cadet already has poor credit, he/she could be denied, or receive a smaller amount. If they already have credit cards they are required to pay them off with this loan.