Grants For Veterans To Pay Off Debt - The transition to civilian life presents new challenges for military veterans, such as personal debt. Here are some high-profile debt relief teams that can help.
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Grants For Veterans To Pay Off Debt
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Lt. Gen. Raymond Mason, Chief of Army Emergency Response (left), discusses providing emergency assistance with Fort Stewart-Hunter Army Airfield Garrison Commander Col. Manny Ramirez (right) on July 20, 2021. (Photo by Molly Cooke, Fort Stewart Office of Public Affairs)
The transition to civilian life comes with new challenges, and most importantly, personal debt. A November 2020 study by the Consumer Financial Protection Bureau found that many veterans owed debt within six months to a year of separation from military service.
Thousands of these veterans, most of whom served in war zones in Iraq and Afghanistan, have reached out to nonprofits that support veterans.
"The transition from military life to civilian life is not a step in the right direction," said Trace Chesser, a veteran who is currently chairman and CEO of USA Cares, a nonprofit that provides emergency financial assistance to veterans. The easiest.
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Chesser said military service comes with a stable salary, an increase in annual living costs and room and board allowances.
"They are accustomed to the habit of securing a stable income and then they come out, they are unemployed and they are struggling with self-transformation," he said. These challenges can leave a veteran with a crisis away - for example, repairing a truck - from thousands of dollars in debt.
We have contacted a number of people who are highly rated by charitable organizations. Here are three ways these groups can provide short-term assistance and training for long-term financial stability.
Utility companies are about to cut off electricity if the bill is not paid. The landlord or bank threatens eviction or foreclosure. The lender is preparing to take over the car. These are typical cases run by USA Cares, which primarily serve post-9/11 veterans.
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The organization reports that it has helped more than 100,000 veterans and their families with a total grant of nearly $ 10 million since early 2003. Paying for a house, water, electricity and car is most of the relief that can be completed within 48 hours.
Other non-profit groups providing emergency assistance include Iraqi and Afghan Veterans, Afghan Veterans (IAVA), US Army Front House operations, and the Semper Fi Foundation.
The organization uses professional case staff to verify the financial needs of veterans. After a decision is made to help, the money is paid directly to the car mechanic, owner or other creditor. Many of these organizations also provide food and housing assistance.
This course focuses on how to reduce debt, create savings and save a family budget. Chesser said such skills are important in the first year after leaving the military. Veterans often need civilian credentials to do the work they did in the military, as police officers, doctors, or truck drivers. This can require additional training and time, leaving them vulnerable to late billing.
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Homefront Operations focuses on its financial advisory for the exchange of veterans enrolled in one of its housing programs. These veterans receive one-on-one financial counseling with case managers to learn how to reduce debt, save and improve credit.
"Most of our people who leave the military have little or no savings," he said. "Unexpected bills plunge them into an absolute crisis," Thomas said. "You have to set a budget and you have to stick to your budget."
The Veterans Affairs Department has resources for financial education, including consultants, that can help prevent foreclosure.
The National Nonprofit Fund for Credit Counseling, established in 1951, provides financial and debt counseling services to veterans. Military OneSource, a comprehensive resource for financial training, is now available to veterans and their families for up to 12 months after separation from the military.
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IAVA's Quick Response Force (QRF) has served about 9,000 veterans since 2012. In addition to providing immediate relief, the program aims to address the root of financial problems that may not involve money. IAVA reports that about 80% of those applying for financial assistance need additional assistance for other issues, such as mental health or physical disability.
IAVA Executive Vice President Hannah Sinoway said, "When you are dealing with that and struggling with brain changes, you are not capable of managing anything as effectively as your finances." "These people just stay up at night."
IAVA uses concierge software to help these veterans navigate a large but complex resource network. "We will educate our customers and inform them of the available resources," Sinoway said.
They don’t just provide a list of agents. IAVA staff can make conference calls to contact veterans directly with the appropriate service or agency or assist the veteran in completing the acceptance form. "We will make a warm transfer," Sinoway said.
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Sinoway said staff will also make follow-up calls to veterans and referral agents "to make sure veterans have everything they need," Sinoway said.
"We have been at the forefront of our program for many years and stopping the evacuation is a great day," Sinoway said. "But the better days are when I work with clients and they really walk," she said. "On the road to a more stable future."
David Tarrant has been writing about the military and military community for over 30 years, beginning with the fall of the Berlin Wall in Germany. He also covered the Gulf War as a result of 9/11 and its impact on military families through a two-decade deployment rotation. He also wrote about issues affecting active duty bases and the transformation of the Texas Veterans Community. His 2014 award-winning investigation into the abuse and neglect of wounded combatants in Fort Hood led to congressional and DOD action that improved care for wounded veterans. Injuries across the country.
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