Federal Grants for Veterans

grants-veteransThe U.S Department of Veterans Affairs (VA) offers medical and hospital care services, educational aid, housing, as well as job training opportunities for veterans and servicemembers.

Here’s a list of government grants/benefits that VA provides to improve quality of life of veterans.

Compensation

Dependency and Indemnity Compensation (DIC): This monetary benefit is payable to a child, parent or surviving spouse of a servicemember who died during active duty, while on active or inactive duty for training or from service-connected disabilities. It’s a tax-free compensation that offers parents income-based benefits.

Disability Compensation: Another monetary benefit that’s tax-free and is made payable Veterans with disabilities as the result of injury or disease occurred during active military service. Also, compensation is paid for post-service disabilities that are associated with or secondary to disabilities while in service and for disabilities recognized to be linked to situations of military service.

Special Monthly Compensation (SMC): This tax-free compensation is paid to Veterans, their spouses (and those surviving), and parents.

For Veterans, SMC is made payable to special circumstances such as specific disabilities (ex. Loss of one leg). For spouses, this compensation is pair based on the need of aid by another individual.

Education and training

There are VA-approved educational institutions that can help Veterans with enrolment and school fees.

Scholarships such as the Pat Tillman Military Scholarship and the expanded Fry Scholarship enable Veterans to and their surviving spouses to afford higher education.

The Pat Tillman Military Scholarship covers direct funding of tuition and fees, and books and living stipend for eligible veterans, servicemembers or military spouses who wish to pursue undergraduate, graduate or post-graduate degrees as full-time students at a public or private, US-accredited institution. The Choice Act of 2014 expanded the Fry Scholarship which provides study-related expenses to surviving spouses of servicemembers who have died on active duty after September 10, 2001.

Housing loans

VA provides Veterans, servicemembers and eligible surviving spouses become homeowners. The federal agency offers home loan guaranty benefits and other housing-related programs to help you purchase, build, or repair your home for your own personal occupancy.

VA-approved private lenders provide the home loans, where VA guarantees a portion of the loan, enabling the lender to offer you with more reasonable rates and terms. Benefits include Purchase Loans, Interest Rate Reduction Refinance Loan, Native American Direct Loan (NADL) Program, and Adapted Housing Grants.

Life insurance

VA offers life insurance benefits to provide financial security and protection to your family, given the perils involved in military service.

Servicemembers’ Group Life Insurance (SGLI): This low-cost group term life insurance program is provided for servicemembers, where coverage may be extended for up to two years if the servicemember is disabled at separation.

Veterans’ Group Life Insurance (VGLI). This insurance enables Veterans to change your SGLI to a civilian program of lifetime renewable term coverage after being separated from service.

Family Servicemembers’ Group Life Insurance (FSGLI): This insures the spouses and children of servicemembers with SGLI coverage. Dependents are automatically covered for free.

Servicemembers’ Group Life Insurance Traumatic Injury Protection (TSGLI): This insurance is SGLI’s automatic feature that offers payments to servicemembers who suffer physical losses, such as blindness, amputations or paraplegia, due to traumatic injuries while on active duty.

Service-Disabled Veterans’ Life Insurance (S-DVI): This life insurance grants coverage to Veterans who have been awarded a VA rating for a new service-connected disability in the past two years. Disabled Veterans are qualified for free coverage and have the chance to acquire additional life insurance.

Veterans’ Mortgage Life Insurance (VMLI): This mortgage life insurance renders protection to disabled Veterans eligible for a VA Specially Adapted Housing (SAH) grant.