3 Financial Perks for Veterans
Business Coaching: Veterans Business Outreach Centers, run in cooperation with the Small Business Administration, offer startup boot camps and other free resources for entrepreneurs (go to sba.gov/vets). It can be almost like a "mini-MBA," says Davy Leghorn of the American Legion's Employment and Education division.
School Money: It's no secret that vets get 36 months of educational expenses under the Post-9/11 G.I. Bill. Not as well-known: You can transfer the benefit to family members — but with a catch. To get that portability, you usually have to serve four more years from when you sign up for it, explains William Finch, a financial educator at the Military Officers Association of America. So if you want college money for your kids or spouse, ask for it ASAP.
Housing Money: Your VA loan entitlement lets you get a no-money-down, competitive-rate home loan. But you might not be aware that you can reuse the entitlement once the old loan is paid off. And is the first loan still outstanding? If you didn't use the full benefit, Finch says, you can apply the remainder toward a new purchase.
— Meenal Vamburkar