Nov 24, 2015
Financial Help for Veterans
The past 2 years I’ve worked a lot at the VA with some great veterans. Thankfully there are many resources available to help veterans pay for college, medical school and even home loans.
John Ridlehoover at VA Home Loans wrote the following to inform us all about some of these services.
If you are a veteran, definitely take advantage of these!
“There are many great benefits offered to veterans interested in returning to school. Specialty scholarships, military education programs, and the GI Bill are just a few of the ways veterans and activity duty military can fund their education.
Veterans and active duty are offered the choice between the Post 9/11 GI Bill and the Montgomery GI Bill. The Post 9/11 GI Bill is offered to veterans and active duty members who have served in any branch for more than 90 days. The Post 9/11 Bill provides funding for housing, books, lab fees, and other supplies. A one-time relocation allowance is also provided with the Post 9/11 GI Bill. The Post 9/11 GI Bill can be passed on to a family member if you are uninterested in attending college. Veterans qualified for the Montgomery GI Bill are allowed up to $1,564 per month.
In addition to the GI Bills, veterans are also offered several other education funding programs. If you are a veteran who has already attended school and have student loans, then the VA offers the Loan Repayment Program.
The Loan Repayment Program, in many cases, will pay off your entire loan, if you qualify. Be sure to look into other education assistance programs offered to veterans, including the Work-Study Program, the Top-Up Program, and the Veterans Educational Assistance Program.
While the GI Bill and other education funding cannot count as income when applying for a home loan, the VA loan has a lower income and credit requirement than any other loan. To apply for a VA loan, call VA Home Loan Centers at 888-573-4496.