People who choose to enroll in the U.S. Armed Forces are making an enormous sacrifice on behalf of their country. They are often away from home for months at a time, in limited contact with the people they love, and their safety may be in danger. Since veterans do so much for the country, it’s not surprising that many private lenders want to give back through VA student loans.
Financial support for education is part of the package of benefits veterans receive. The Post-911 GI Bill provided by the Veterans Administration (VA) is just one of the ways military members can gain an education without going into debt.
Through this program, military members who meet certain eligibility requirements can receive stipends that can cover:
- School fees
- School supplies
Those who don’t want to attend school, but who want to support a beloved family member’s desire for an education, can even transfer their benefits. However, a study conducted by Excelsior College suggests that 70 percent of those who receive VA education benefits use them for their own educations.
The VA benefit program has proven enormously popular, and a story produced by Marketplace suggests that some $30 billion in benefits had been distributed just five years into the Post-911 GI Bill. Even so, there are some students who might still need financial help in order to go to school. The GI Bill covers the cost of an in-state program, for example, but those who want to stretch and spread, or go to a private school, might face a funding gap as a result. VA education loans can help them to do just that.Many so-called “VA loans” for college students are actually sold in the private marketplace by companies that want to pitch in and reward service people that have done so much for the country. These loans often have favorable terms available only to veterans, such as low interest rates and few origination fees. The loans may also have fewer credit restrictions, and come with a few enhanced benefits that make repayment a little easier. Each loan from a private company might work a little bit differently, however, so those people who want to take advantage should be sure to read the fine print and understand the benefits and drawbacks before they sign up.
Our Scholarship Center can even help you to find more funding options you can use in order to augment your VA benefits, so you’ll need less in loan funding. All our tools are free and confidential. Just click to get started.
- For some students, the programs offered through the VA benefit program may cover the total cost of college. Others, however, may need to look for additional sources of funding.
- SimpleTuition offers a loan comparison tool that helps prospective borrowers to compare and evaluate private loan options available on the marketplace.
- Do your research before applying, but once you find a loan that matches your financial profile, we can help you begin your loan application.
- Always remember to exhaust other sources of funding before borrowing private loans.