Where to look for financial assistance after military service
Finances can be challenging for anyone, especially those returning to civilian life after serving the country. Unfortunately, despite their sacrifices, many veterans and their families find themselves struggling financially.
And often, this is because they aren’t aware of the considerable financial assistance and benefits they have at their service.
If you previously served in the military and are looking for financial assistance, then you know it can be daunting to maneuver through the entire process, considering the amount of research that comes with it. To make this easier, there are various places you can go to in search of financial assistance. Here’s where you can look for help.
VA loans
VA loans are mortgages or home loans guaranteed by the U.S. Department of Veterans Affairs (VA) and issued by a private lender, like a bank, credit union, or mortgage company. A VA loan makes it easy for a veteran to purchase a house, and it generally doesn’t require a downpayment and features low-interest rates. Both qualified U.S. veterans and active-duty military personnel can apply for VA loans.
The VA loan guarantee indicates that the government will repay part of the VA loan to the lender if the borrower fails to make payments. This assurance reduces the risk for lenders, thereby making it possible for them to provide favorable terms.
When applying for a VA loan, seek assistance from a lender or real estate agent with experience in VA loans. This can improve your chances of getting the best out of this type of loan. Furthermore, make sure you know your way around the process associated with getting a VA loan. There are various online resources that explain the benefits, eligibility, and even the ability to calculate your VA loan amount.
Healthcare
Healthcare costs are pretty expensive. However, if you are a qualified veteran, you can get medical insurance benefits through the VA. Veterans are eligible for the Department of Veterans Affairs’ extensive medical benefits.
VA health benefits generally include basic medical care, wellness and preventive care, primary and specialty care, diagnostic care, immunizations, and inpatient and outpatient care services. You may also be eligible for additional benefits like dental care or other specialty care coverage options based on your unique qualifications.
If you have sustained injuries or conditions as a cause of service, the government will help cover your treatment. Nevertheless, you should have the necessary insurance to tap into these services.
Education and job placement
The Montgomery GI Bill Active Duty offers college or special training in job skills for veterans. Additionally, another opportunity exists called the Post-9/11 GI Bill for individuals who served in active duty for at least 90 days after September 10, 2001. Similarly, the Montgomery GI Bill Selected Reserve is for reservists who have a six-year obligation and are actively drilling.
Veterans who wish to pursue a degree can leverage the GI Bill to get assistance for tuition, books, and housing. You can sign up while in the service and receive up to three years of education benefits after service – the degree of benefits usually depends on the length of service. Sometimes, these benefits can also be passed to spouses or kids of veterans. Some many services and corporations specifically work to hire veterans and offer good benefits.
Financial grants
The Veterans of Foreign Wars Unmet Needs Program offers relief for veterans who are struggling financially. The program offers grants to active-duty service members, veterans, and families to support basic life needs. The financial aid provided varies but remains below $5,000 in the form of a grant. As it is a grant, and not a loan, you don’t have to repay the amount.
Other Veterans Programs also offer help for veterans, including grants and personal loans to active-duty service members, veterans, and families.
To make it easy for you, the creditor is paid directly. To date, the program has helped over 4,100 families and has offered around $6.3 million in financial aid. The grant can help you get back on your feet by helping you with household expenses, vehicle expenses, utilities, food, and clothing, as well as children’s well-being.
Be aware of tax changes
As a veteran, expect to pay a bigger tax bill. When in service, you would have had access to many tax benefits, such as the basic tax-exempt allowance for housing.
Even when you earn the same income, you might feel like you are taking home less pay. Therefore, you might have to bring in a few lifestyle changes and budgeting adjustments to make up for your fallen income.
