A benefit like a VA home loan is available to many service members who qualify. In addition, veterans can take advantage of things like VA education benefits, financial assistance and disability compensation. There are numerous ways for service members who have returned from the military to save money as they readjust to civilian life. Veterans are not required to apply for any VA benefits programs, but those who do can gain numerous financial advantages.
The GI Bill is one valuable benefit that veterans can take advantage of. It allows them attend school without worrying about finances. Spouses and dependents may also receive financial support for education. In addition, VA disability assistance programs allow veterans and their families to receive financial aid and be able to save money on medical payments and other bills. Thus, there are various ways for service members to save money when they apply for VA programs.
A VA home loan is available to those who have returned from military service. Home loans for veterans often have better terms and rates than traditional loans. They help make home buying or renovating accessible and affordable. VA loan rates are usually much lower than traditional home loans because VA loans are backed by the federal government, which is appealing to private lenders.
An option such as a purchase loan enables veterans to easily afford new homes or make improvements to existing ones. That is because with purchase loans, service members:
A cash out refinance loan is also an option. It enables veterans to take out cash loans to pay for debts and important purchases using their home’s equity. Other VA loan options include:
Typically, a Certificate of Eligibility is required when applying for a veterans home loan. It is usually required for all types of VA loans. This document proves a veteran’s service and duty status. And while many lenders require applicants to meet income and credit minimums, many veterans can qualify with a low incomes and credit scores.
VA health benefits are available to service members who meet certain requirements. After veterans apply for VA health care and get accepted, they can save on various medical services, treatments and medications. Health care services can cost thousands of dollars. However, with veterans health care, service members can obtain the following at reduced prices, or even for free:
A program called CHAMPVA, otherwise known as the Civilian Health and Medical Program of the Department of Veterans Affairs, helps military families afford healthcare costs. Although CHAMPVA insurance has eligibility restrictions, many spouses and dependents can obtain health assistance without paying for costly private insurance. On the other hand, spouses can apply for TRICARE if they do not meet the requirements of CHAMPVA. Benefits depend on applicants’ beneficiary category but most can receive:
Veterans home care is an affordable assistance option for service members who need long-term health care. Under this program, veterans can gain access to assisted-living centers or nursing homes without paying high out-of-pocket costs. In addition, this VA health insurance plan enables service members to obtain:
Veterans education benefits are an option for service members and their families. Utilizing VA funding for school and education programs can help veterans save thousands while earning a degree or certificate. With veterans education assistance, service members can use their funding for:
The Post 911 GI Bill allows veterans who served after September 10, 2001 to participate in an education program. Under this program, numerous school fees are paid for by the VA. This allows veterans to save thousands on their education. Service members may also be able to use benefits from the Yellow Ribbon Program. This option may be available for veterans attending private, graduate or out-of-state schools.
There is also spousal and dependents educational assistance available for many military families. Two programs under the GI Bill help spouses and children afford education. Family members can qualify for the Fry Scholarship and/ or the Survivors’ and Dependents’ Educational Assistance (DEA) program. Although qualifications require that the veteran in the household be deceased or disabled, families can still save on high education costs from VA education benefits.
Service members can obtain certain financial VA benefits. These include compensation for disabilities and assistance for low-income military families. These benefits provide assistance for veterans who are struggling financially.
VA disability compensation is a highly beneficial program for veterans who were injured or became ill on duty. Veterans whose conditions became worse while they on duty may also be eligible for compensation. Service members can receive special monthly compensation for both physical and mental health conditions. The Department of Veterans Affairs utilizes a chart of VA disability rates to calculate the amount of compensation a service member qualifies for. Typically, veterans with more than one severely limiting disability will qualify for greater compensation. This program can greatly assist veterans who were disabled and are no longer able to work and earn an income.
Although many qualify, veterans often ask, “what is a pension?” Essentially, a military pension is a need-based financial benefit paid to service members and/or their families. This program is primarily reserved for low-income veterans. Service members who require aid and attendance from a caregiver may qualify for a larger benefits package. In addition, a veterans pension may be even higher if a veteran is homebound. With a pension, military families can better manage their financial situation.