Did you know that you could apply to a school loan if you are a veteran or a relative of them? The following article talks about all the details you need to know about school loans for veteran.
If you have served in the military at one point in your life, then the country owes a great deal of debt to you for protecting its people and territory. For this reason, various privileges and benefits are offered to you and your dependents that would cover your everyday expenses like housing and education that are not offered to the general public, but only to you.
School loan for veterans are made available to veterans, such as yourself, and your dependents (spouse and children). What you have to understand though is that school loans for veterans vary greatly from grants and scholarships because the latter are like “free money” which are given or awarded to deserving applicants. On the other hand, school loan for veterans, as the name suggests, are loans that need to be paid after graduation or at the end of the academic year depending on the contract and obviously, these are only provided to living veterans and to their families. When you apply for school loan for veterans, you can opt to apply to include all expenses including tuition, books and living expenses while you or your spouse or children is studying in school.
School loan for veterans that will be utilized for spousal assistance can be applied for 10 years after your discharge from the service while children between the ages 18 to 26 are eligible for school loans for veterans. In order to be eligible for the loan, you need to show your discharge certificate (or death certificate, if veteran has died) or any official document that will list the veteran as a POW or MIA. If dependents will be applying for the school loan for veterans, marriage or birth certificates should also be provided.
Student loan for veterans is interest free loans. Nevertheless, they need to be paid on the agreed or contracted date to prevent adverse consequences. You can choose from different payment plans that will best suit your financial capacity. Adjustment for “special financial situations” are also provided for students who experience loss or reduced income so you don’t have to worry much about being indebted and not being able to follow the payment plans. Of course, all considerations can only be processed if you will communicate with the agency responsible for your scholarship so they can make the necessary evaluation of your financial situation and make the necessary adjustments.
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