Veterans of the U.S. military service occupy a proud place in America’s culture. As a thanks for their service, many organizations—beyond the U.S. Department of Veterans Affairs—offer financial assistance to former servicepeople. From reduced-cost mortgages to tuition payments, tax breaks, and even recreation discounts, veterans have many options to save money.
In fact, veterans in the financial industry provide tips and resources about how to save and prepare for the future. These are useful resources to keep in mind.
Many of these benefits don’t kick in automatically: Veterans have to search them out. Plus, they may vary by state, come with eligibility requirements, or offer different levels of assistance. Still, the upsides can be huge.
Here are 10 important financial benefits for veterans to know about—and how to get started with them:
1
VA-Backed Mortgages
Buying a home may be part of the American dream, but it doesn’t come cheap. Securing your mortgage with a VA-backed home loan can help.
Here’s how it works: As with a regular mortgage, you’ll borrow from a private lender and need to meet income and credit-score requirements. Unlike a regular mortgage, the VA will guarantee a portion of the loan. Since that means less risk for the lender, you’ll often get better terms and interest rates. There’s a good chance you can even avoid a down payment. You’ll also have fewer closing costs and can skip paying for private mortgage insurance. Refinancing? You’ll find options for that, too. Stipulations apply, of course, but overall, this is a win-win.
2
Education with the GI Bill
Like housing, education can also be wildly expensive. That’s why, since 1944, the GI Bill has been helping qualified veterans cover the costs of school or training, plus extras like housing, books and supplies, and sometimes even the cost of moving.
Assistance levels can differ based on factors like your length of active-duty service and if the school is public or private. But whether you’re looking at undergraduate, graduate or technical programs—or even taking classes at home—the GI Bill may offer financial support that can last up to 36 months. Lots of rules apply, so take a deeper dive.
3
State Benefits
Veterans will find a wealth of benefits at the state level (here’s a directory) to help lower the cost of expenses like property taxes, education and recreation (free hunting and fishing licenses, anyone?).
Rules, requirements and benefits vary widely by state. New York State, for example, offers property tax exemptions based on your length of service, plus perks like an unlimited E-Z Pass for disabled veterans. In Arizona, resident veterans can get (among other things) 50% off at state parks.
4
Hardship Resources
It’s a challenging time for many people, but when the financial strain is related to military service, veterans have some extra support.
The USA Cares Emergency Assistance program, for example, provides grants (average amount: $650) to those struggling with rent, food or utilities. For families with minor children, the American Legion Temporary Financial Assistance offers grants to help with basic monthly expenses. Other programs offer financial support for housebound assistance or medical bills for certain disabled veterans. Explore all the programs.
5
Educational and Career Counseling
Finding jobs or pursuing additional education is essential for veterans launching their post-service lives, and the VA offers free counseling to help figure out the next steps. To be eligible, most veterans need to have left active duty within the past year (or will be leaving within six months).
If you’re accepted, a career counselor can help you figure out the best jobs for you, either in the military or civilian life. Or you can consult an academic counselor to help find an educational or training program.
6
Tax Help
Tax time is no joke—rules are always changing, and accountants can be expensive. But a VA-IRS partnership has your back with IRS-certified volunteers, whether you want basic information or need assistance preparing your taxes. Depending on your income level, you may be eligible for free software or to get your tax preparation done for free (something they’ve done more than 1.3 million times at 8,000 tax preparation sites since 2015).
7
VFW Grants
The Veterans of Foreign Wars organization and its Unmet Needs program offers grants. When veterans find themselves in financial difficulties due to military-related activity or injury, these grants offer up to $1,500 to help with basic life needs. Only certain expenses are eligible for payment, like basic living expenses and medical bills. But since it’s a grant, not a loan, you don’t have to repay a dime of it.
8
Veteran Credit and Debt Help
Want to buy a home but have a less-than-stellar credit record? One VA-approved lender, Veterans United, may be able to help, through a free program for veterans called Lighthouse. Their advisors work with you to correct any errors on your credit report and suggest steps you can take to bolster your credit score, all with the goal of securing a mortgage. It’s a program that more than 40,000 veterans and servicepeople have used to turn around their credit and close on a home loan.
9
Veteran Entrepreneur Portal
Are you interested in starting a business after your time in the military? The VA has put together resources for you on accessing funding, growing your business and even franchising opportunities. The Veteran Entrepreneur Portal lists all the information you’ll need and also links out to the U.S. Small Business Association so you can find what you need to get up and running.
10
Investing Education for Veterans
If you are looking to make investments—or avoid investment—during your time as an active member of the military, the U.S. Securities and Exchange Commission has a dedicated resource website to help you protect your investments. The resources they offer, including this tip sheet that details 10 savings and investing tips, will be helpful for veterans as well as active servicepeople.
Rich Beattie is a former executive digital editor of Travel + Leisure and has written for outlets such as The New York Times, Popular Science, New York Magazine and SKI.
Preparing for life after service is a process. Know that you’re not alone. And, with these great tips in hand, veterans have access to an abundance of services and support to guide them along. Read on to learn the 10 Questions to Help Accurately Calculate Retirement Savings.