While checking the Internet, many of us have come across websites through which we see military veterans asking strangers for financial help. This in itself reveals how lowly paid veterans in military service are. Low income means that they do not have sufficient money to take care of their health or education or any other life issue.
This is where the U.S. Department of Veteran affairs (V.A.) steps in. It provides financial help for veterans who are in dire need of it. Given below are some of the programs and schemes initiated by the V.A. as well as by some other government departments for the financial betterment of war veterans.
Veterans who are blind or have suffered severe burns or cannot use their hands and feet are eligible for grants under this program.
Ratings by U.S. Department of Veteran Affairs
Disabled veterans are rated by this department in accordance with their previous medical history. Based upon the rating, financial aid is granted. If the rating is low, he gets a lower monthly benefit.
If the rating is higher and if the veteran has a dependent in his family, the compensation will be much higher. The financial help given through these ratings is completely non taxable.
Patriot Express Loan
The U.S. small business administration offers financial help for veterans who want to start their business through patriot express loan. The U.S. SBA has a network of lenders throughout America.
These lenders offer loans, sometimes even without a collateral to the veterans for a business start-up, business expansion, funding working capital, purchasing machinery for the business, purchasing land for business, etc. Along with the loan, the SBA offers business training and counseling services as well.
A veteran can avail a loan of as high as $500,000 through this initiative. The interest rates on these loans are comparatively lower, making it easier for them to pay it back.
Vocational Training and Rehabilitation
Veterans who have become disabled during service and are no longer able to work in their field are provided financial help so that they can retrain in some other career. For example, if a veteran loses any of his body parts while serving as a soldier, and is now no longer able to work as one, may be given financial aid to retrain as a legal assistant.
Along with the training, any equipment that might be needed to function properly such as a wheelchair in case of loss of legs, is provided for too.
A veteran who is above sixty-five years of age, and has served at least ninety days in military service, with one day of service during war, and who has a low income, is eligible to get a pension. A spouse can qualify for pension if she has a low income and if she did not marry again after his death.
For his widow to get this pension, a veteran must have served in the military for at least ninety days. Dependency and Indemnity Compensation (DIC) pension can be availed by the widow of the veteran or by his parents, if they have low income and are dependents.
However, there are certain terms and conditions with regards to the veteran's service, for the parents or spouse to become eligible for the DIC pension.
To know about more options, a person should get in touch with the V.A. benefits office located in his city. To get the maximum benefits, take an appointment with a V.A. counselor and go meet him personally to check all the financial aid options.