4 Major Financial Incentives for Military Veterans
Here are just a few benefits you can expect after serving your country.
Military service is a noble profession, as it often entails risking one’s life for the good of countless others. Even those who perform more genteel roles in the military must survive grueling training in order to graduate boot camp, meaning that no one comes out of military service without some degree of hardship. That’s why the military provides many benefits in return for the hard work and dedication of servicemen and women. Here are just a few benefits you can expect after serving your country.
Better Mortgage Loans
The majority of the benefits offered to veterans are aimed at giving retired service people the materials with which to build a better life. With that goal in mind, the Veteran’s Administration, or VA, offers former soldiers with mortgage loans aimed at improving their station in life after retirement. There is no established minimum credit score for a VA loan, and loan officers will take a closer look than just that number when assessing your case. A VA loan can also be repaid in as much or as little time as it takes, meaning that you are permitted to pay the loan off as quickly as possible with no arbitrary penalties. The interest rates of VA loans tend to be lower than traditional bank loans, as well.
Free Treatment for Long Term Injuries
The VA and the Veterans Health Administration offer soldiers who are injured in the line of duty with free medical care for the duration of that injury, and the same applies to mental health conditions. This provides an essential service to veterans, as the work of a soldier is fraught with physical and mental danger. Without this vital service, many veterans would end up paying thousands of dollars seeking treatment for some injuries, or they end up foregoing treatment out of financial necessity. This would result in a much poorer quality of life undeserving of a national hero.
Government Banking Alternatives
Banks are typically run by corporations, but military service can grant service men and women access to government run banking establishments. These banks offer special benefits to those enrolled with them, that prove beneficial both in general and for active members of the military specifically. For example, military banks often forego monthly fees and offer interest on checking accounts, in addition to savings accounts. Military banks also offer higher than average interest rates. Military debit cards also allow withdrawal around the world with no additional fees, which makes this a great asset for travelers such as active personnel.
Free College Tuition
Military service can afford service people with the ability to attend a college at no cost. This is valuable for a number of reasons. For starters, it proves to be a potent incentive for young people to join the military right out of high school, as the next step in their education will be rendered free of charge. It also helps to expand the options available to a veteran post retirement. This is especially important when considering that readjusting to civilian can be extremely tricky as is. One way of making that transition easier is to provide additional education that can contribute to a wide array of career options and the skills with which to pursue those options.
There are yet more benefits available to military personnel and veterans, each with the goal of transforming the lives of these brave men and women for the better in the wake of monumental commitment and sacrifice. With these benefits, in addition to above average wages, servicemen and women can thrive after their retirement from the military.
Soldiers are asked to carry the ultimate burden, to risk their lives for the greater good. Military work is hard work, and the military does what it can to repay that hard work with financial security moving forward. The benefits listed above, while only a portion of those available, show a clear pattern of offering freedom to those who fought for the freedom of others with their lives on the line.