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Financial benefits for military members and their families

Joining the military could have its benefits — both in the long run and short term. If you are a veteran, a loved one of a military member, or considering the military, here are listing of financial benefits for military and families.

Education Benefits

Service members may be eligible for the GI Bill. This bill has been set in place to assist service members in helping pay for college. The education benefit may be transferred to a service member’s dependent or spouse. During the past few years, there have been many changes to the GI bill through the Forever GI Bill Act, which passed August 2017. This act expanded the use of the previous GI Bill for some service members to utilize the education benefit for life opposed to the previous 15-year limitation. For more information concerning the GI Bill, please visit here.

Student Loan Repayment Options

New recruits may be eligible for student loan repayments through the Military College Loan Repayment Program (CLRP). This program provides a benefit of up to $65,000 of existing student loan debt. This program is available to particular military branches. The amount of repayment depends on the individuals’ loan, status, and also existing amount. For more information, visit military.com.

Burial Benefits

The VA will provide monetary benefits toward the burial expenses for service members.  These benefits are available for a service-related death and non-service related death. For service-related deaths, the amount the VA will pay is up to $ 2,000. Also, if the service member is buried in a VA cemetery, some additional costs may be reimbursed.

For service members who perish due to a non-service related death, the VA may pay up to $796 toward burial and funeral expenses. There are specific requirements; therefore, it is essential to check with the VA regarding the benefits.

Home Loans

Another benefit service members and eligible spouses can count on are low-interest VA home loans. VA offers loans to help build, buy, or repair a home. Qualified service members may obtain these loans with no down payment. Also, service members are eligible for cash-refinance VA loans to help with funding individual goals, such as education, home repairs, and more. To qualify, service members can connect with a financial institution of their choice and provide their Certificate of Eligibility (COE). For more information, visit VA’s website.

Grant Programs

Financial Hardships – The Veterans of Foreign Wars organization provides financial grants up to $1,500 for service members and families that are experiencing a hardship. The program is available for financial difficulties as a result of deployment or military-related activity. For more information, visit Unmet Needs eligibility criteria.

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