by Greg Dunn

Created on: April 20, 2009   Last Updated: July 26, 2009

You have served the Country honorably and upon being discharged; now considered a Veteran. Having earning the title "Vet", you are eligible to receive a vast range of benefits and services. To ensure these benefits would be available to former serviceman, on July 21, 1930, President Herbert Hoover signed the executive order establishing the Veteran's Administration. Today, The Department of Veteran Affairs (VA), a major cabinet post of the Executive Branch, is one of the largest federal agencies, with over 225,000 employees. When you include eligible dependents and survivors, over 60 million individuals qualify for VA benefits or services.

The mission of the Veterans Benefits Administration is:

To provide benefits and services to the veterans and their families in a responsive, timely and compassionate manner in recognition of their service to the Nation.

The following is a brief summary of the benefits and services a Veteran may qualify for.

COMPENSATION

If an injury that resulted as part of your military service has disabled you, you may be eligible to receive monthly compensation. The monthly amount paid ranges from $123 to $2,673 and is exempt from federal and state taxes. The amount you may receive depends how disabled you are. To qualify, you must be classified as at least 10% disabled.

PENSION

If you are a wartime veteran with limited income, permanently and totally disabled, or at least 65 years old, you may qualify for a monthly pension. The VA's pays the difference between your countable family's income and the federal established yearly income limits. Veterans with no dependents, their yearly income must be less than $11,830; Veterans with a dependent $15,493 (you may add another $2,020 for each additional child). There are many additional different situations which you may qualify for. Medical and Education expenses can be taken into account when determining your countable income.

HOME LOAN

As a veteran, the VA offer numerous home loans services. One of the most popular is VA guaranteed loan. This guaranty protects a lender up to a certain percentage of the loan. The loan can be used to buy, build or repair a home. It is a huge incentive for lenders to lend and for veterans to buy a home.

EDUCATION AND TRAINING

Eligible veterans who are in VA approved educational or vocational training may qualify for the Montgomery GI Bill. Depending whether the veteran was active duty or reservist will determine the

• 1
• 2
• Next Page >>