Grants for veterans are available to help military service members be able to live as comfortably as possible. When individuals leave the military, they may realize that they do not have the savings they need to purchase a home or open their own business. For these reasons, different types of veterans assistance programs are available.
Financial assistance for veterans comes in different forms, whether it be for housing or education. While different programs can sponsor these grants, they are sometimes offered through the federal government. Other times, independent businesses are responsible for making these initiatives a reality. Nonetheless, there are many options available in different locations. For these reasons, it can be overwhelming to find financial assistance for veterans. However, individuals who research opportunities can find different grants programs that best suit their needs, including:
- Veteran business grant programs.
- Veteran housing assistance grant programs.
- Veteran education assistance grant programs.
Each grant program will include specific eligibility requirements that veterans must meet to receive grant assistance and other benefits. Veterans are unrestricted to the number of grant programs that they may apply for. Therefore, it is essential that you review each grant program carefully.
About the Veteran Business Grant
Transitioning from active duty to life as a civilian can be stressful and financial worries can be an additional burden. If you are an entrepreneur, you may want to open up your own business. Except, the costs of jump-starting a new business can be overwhelming. Fortunately, a veteran business grant can help.
Depending on your circumstances, you may have different types of grants you can apply for. For example, there are certain business grants for disabled veterans that can help support you financially as your company grows.
The U.S. Department of Veterans Affairs (VA) offers a Vocational Rehabilitation and Employment (VR&E) initiative for qualifying veterans. If you qualify to receive help through this program, you can gain counseling and support to help you open your own business. You can also learn how to apply for other grants you may qualify for.
Furthermore, there are specific small business grants for veterans that could help you fund your next business. The U.S. Small Business Administration (SBA) can also connect you to independent grant options. The SBA manages different Veteran Business Outreach Centers, which can help connect you with funding opportunities in your area.
Learn About Veteran Housing Assistance Grants
There are different veteran housing grants you can apply for to help you finance your home or apartment. If you are disabled, you may be eligible to apply for the Home Improvements and Structural Alterations (HISA) grant. With this grant, you can receive the funds you need to make improvements on your home in order to make it more accessible.
You could also apply for the Special Housing Adaptation (SHA) or Specially Adapted Housing (SAH) grants. These funding opportunities are available through the VA. Additionally, housing help for veterans is also available in the form of loans. While not a grant, a VA loan can save you money long-term.
There are two different types of VA loans. The first comes directly from the VA, which means that you make your payments to the department directly. The other loan option is where an independent lender gives you the loan. In this situation, however, the VA guarantees the loan. As a result, you can usually have access to a lower interest rate.
Obtaining a VA loan through a private lender is by far the most common. However, you will still gain VA loan benefits, even if the VA is only guaranteeing your loan. For example, most VA loans do not require a down-payment. Additionally, closing costs are often reduced, and a VA loan eliminates the requirement of any mortgage insurance premium (MIP). These changes can effectively save you even more over the life of your mortgage.
Find Out About Veterans Assistance for Education
Various education grants for veterans are available to help service members afford college degrees. One of the most well-known of these grants is the Montgomery GI Bill (MGIB). This bill provides financial support to active duty members and military personnel in the Reserves enrolled in degree-granting programs and certificates.
The two main types of this program are the Montgomery GI Bill Active Duty and the Montgomery GI Bill Selected Reserve. Eligibility for educational assistance is based upon several factors, including your discharge status, your service obligation, add other qualifications. In some cases, you may be able to transfer some of your benefits to your spouse or dependent child to further their education instead.
You can apply for educational benefits online or by contacting your local Veterans Affairs office. You will need to provide information and documentation regarding:
- Your Social Security Number.
- Your banking information.
- Your education.
- Your military history.
- Basic information about the school you would like to attend or are currently attending.
The U.S. Department of Education also makes veterans assistance grants available to universities and nonprofits. To access these forms of support, you usually need to contact individual institutions to determine what funds can be available to you.