MyCAA stands for Military Spouse Career Advancement Accounts Program. It is a scholarship designed to help military spouses by providing the money they need to pursue career educational opportunities. That includes licenses, Associates Degrees, and certificates.
Where does MyCAA funding come from?
The MyCAA program receives funds from the Department of Defense. Through it, eligible spouses can receive up to $4000 to help them achieve their educational and career goals. The idea behind this program is to help military spouses get the training they need to work in a number of portable career fields that they can pursue despite the unique challenges that come with military life.
Military spouses need to be aware, however, that these funds do not cover everything. They do not reimburse for anything or pay for most supplies. They also do not cover non-academic courses or courses not included in the spouse's Education and Training Plan. Anything that would typically be covered by an employer, anything for a private license, or most extras involved in the education will not be covered either. This fund is specifically for tuition.
The MedCerts program has been MyCAA-approved because it offers certificates that are nationally recognized. This helps military spouses pursue careers in high-demand industries no matter where they are stationed. The training is also 100% online and self-paced so that spouses can learn on their own terms without having to drop out due to a permanent change of station.
Is MyCAA taxable?
One of the most common questions among military families is about MyCAA tax information. Fortunately, MyCAA tax info is relatively straightforward. Since MyCAA funding is classified as a scholarship, it is not taxed. This means that you will not owe any MyCAA taxes during or after your education through the fund.
Even though the MyCAA tax info might seem simple, it is important to note that the funds can be locked. If the military spouse fails or withdraws from a course that the government paid for through MyCAA, the account can be suspended. This means that the spouse will not be able to use further MyCAA funding until they meet for education counseling through the Spouse Education and Career Opportunities department.