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Financial Resources for Veterans

June 23rd, 2014

Financial Resources for Veterans

Whether you’re on active duty at home, deployed, or a Veteran of the U.S. Military, there are financial benefits in place to help you save money, get an education, and buy a home. Many Veterans never take advantage of these benefits because they don’t know about them. In addition to financial programs, there is a Personal Financial Management Services office located in your local military and family support center that can help you to access these benefits. These offices can also aid you in other areas of financial planning for free. These services can also be accessed over the phone at 800-342-9647, or online.

Educational Benefits Obtaining a college education increases your earning potential for your entire career, and puts you in a position to have a more successful financial future. GI bills provide up to 36 months of educational support for active duty military, for those who have served a certain amount of time, or who have been discharged on disability. These bills can provide for tuition, housing, and other expenses as well, depending on what you qualify for. For Veterans and Reservists, there are additional educational benefits available. The Veterans Educational Assistance Program and the Reserve Educational Assistance Program provide help with educational expenses for those who qualify. Housing Benefits Buying a house is often the biggest investment a person will make in their lifetime, and getting the best loan terms on your mortgage is a major part of maximizing this investment. There are several types of mortgage benefits available to Veterans to help improve their terms and the affordability of homeownership:
  • Purchasing: Special VA housing loans can waive down payment and mortgage insurance requirements. They can also be used for cash out refinance loans.

  • Refinancing: When lower interest rates are available, refinancing programs can help you to improve the terms of your current VA loan.

  • For Disabled Veterans: Grants are available to disabled Veterans for building homes with adaptations, or for adding adaptations to your existing home.

  • Federal Trust Land: Veterans who are Native American can qualify for special VA loans to build on Federal Trust Land.

Savings and Retirement When saving for a down payment on a home, for retirement, or in order to reach any of your other financial goals, it pays to be active military or a Veteran. Special savings accounts are available for deployed military that offer a 10% interest rate for the duration of the time that you are receiving hostile fire pay and are deployed outside of the U.S. The Thrift Savings Plan, available to Federal employees, offers high interest rates on savings contributions that can be pulled directly from your paychecks. These types of savings plans help you to store up a nest egg more quickly, and make your money work harder for you.  

See http://www.consumerfinance.gov/servicemembers/planning/#save

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