First off, I am a veteran of the U.S. Navy. I served 6 years as a nuclear machinist mate. I have a disability rating of 10% due to hearing loss and tinnunitis from working in the engine room. I was also the veteran's representative at the University of Connecticut Avery Point for two semesters. I believe I have adequate knowledge of veteran's benefits.
There are definitely more benefits after military service than while you are serving. The list is long and not every benefit applies to every veteran. To top that there are both federal and state benefits available to veterans. While there may be some argument on how well we are taking care of our most prized citizens there are many avenues a vet can take to get help. The following is a list of the most popular benefits and how they are structured.
1) The GI Bill is the creme de la creme of veteran's benefits. There is no single benefit that will help a vet more than the GI Bill. Most of our men and women serving in the armed forces have a basic high school education. Military life is hectic to say the least and while there are programs in place to attain degrees while serving, very few actually take advantage of that. So when it comes time to leave the service most service members are ill equipped to land a higher paying job due to lack of education. The GI Bill pays the recipient 36 months of full-time benefits which amount to around $1000 a month. That's a nifty $36K for school. The cost to buy into this program is $100 a month for your first year in service. Not a bad return on investment.
Now a days there are add-on packages and bonuses associated with the GI Bill, paying even more money to help the vet to get a higher degree to match their work experience. These bonuses are known as kickers and can be bought into while the veteran is still on active duty. For an extra $600 the vet can purchase $5400 worth of extra benefits.
2) VA Home Loan This benefit is also a great benefit to have outside of the service. Most home purchases require a down payment to get in the door. In case you don't know military members are not among the highest paid people in the work force. Scrounging up that down payment can be a hassle. The VA Loan all but guarantees the vet a house. Assuming the vet has landed a decent job and has a decent credit score the VA Loan is not actually a loan. Nope, it promises the bank that gives the loan that the federal government guarantees a portion of the loan in event of a default. Essentially that is the same thing a cash down payment does, it lessens the risk to the bank. All the vet needs is to be honorably discharged and a certificate of eligibility which can be certified at any VA office. Presto instant house.
3) VGLI (Veteran's Group Life Insurance) This is available to recently separated members of the armed forces. Offering very competitive rates and coverage specifically for veterans. This benefit allows the veteran to carry over their life insurance from when they were in the military (also known as SGLI) to civilian life.
4) Burial in a VA National Cemetery Not exactly the best benefit to think about but a handy one when the time comes. There are some eligibility requirements but most veterans that are honorably discharged will meet the criteria. This benefit can provide peace of mind to the family of the vet as burials often run into the thousands of dollars.
5) Head of the Line privileges at the Small Business Administration This benefit helps when a vet decides to go into business for themselves. Using the Small Business Development Center the vet can craft a business plan for free then submit to the SBA for the loan guarantee. Once the business plan is submitted the vet jumps to the front of the line, ahead of other business plans being proposed. This is called veteran's preference.
These are the five more popular benefits available to veterans. Most benefits require an honorable discharge and proof of separation (DD-214). There are many more benefits available to veterans such as medical care, job search, prescriptions, and others. Please check www.va.gov for a complete comprehensive list of benefits available to veterans and their dependents.