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Hero Memorial Committee of Silvis, 1968-2001

1955-01-31 Summary of Benefits for Veterans with Service and their Dependents Page 3

HIGH SCHOOL TRAINING. A veteran pursuing high school training after release from active duty may receive educational assistance allowance without a charge against his basic entitlement. Also a veteran or a person in service who must pursue additional secondary school training such as refresher courses or deficiency courses needed to qualify for admission to an appropriate educational institution may receive educational assistance allowance without a charge against his basic entitlement. 

APPLICATION. Application forms are available at all Veterans Administration Offices, active duty stations, from local representatives of various veterans organizations, the Red Cross and American Embassies in other countries. 

RESTRICTIONS, The educational allowance is not payable in some instances if the veteran is also enrolled in a course paid for by the United States Government under the provisions of any other law where the allowance would constitute a duplication of benefits from the Federal Treasury. However, if the identity of such Federal funds is lost by being combined with funds from other sources, they are no longer considered a duplication of benefits from the Federal Treasury. A determination will be required on each application for the Veterans Administration Educational assistance allowance where a veteran student receives educational assistance from other sources. 
A change of program may not be approved for a veteran where his program has been interrupted or discontinued due to his own misconduct, neglect, or lack of application. This restriction may be removed if there exists a reasonable likelihood that there will not be a recurrence of such an interruption or failure to progress. 
Any type course which is avocational or recreational in character may not be approved unless the veteran submits justification showing that the course will be of bona fide use in his present or contemplated business or occupation.
Open circuit television or radio courses may not be approved unless the veteran is enrolled in a program, pursued in residence, leading to a standard college degree, which includes subjects offered through open circuit television and the major portion of the course requires conventional classroom attendance. 

LOAN GUARANTY BENEFITS

Eligible veterans and servicemen may obtain GI loans made by private lenders for homes and farms or for farming purposes. In certain designated areas, direct loans can be made by VA for homes and farmhouses. 

ELIGIBILITY. Veterans of at least 181 days' continuous active duty, or discharged for disability, any part of which occurred after January 31, 1955. Persons whose military service consisted of "active duty for training," are not eligible. 
Persons on active duty at least 2 years even though not discharged, are eligible while their service continues without breaks. 

DURATION OF VETERANS' ELIGIBILITY. Each eligible veteran has a minimum of 10 years from the date of his separation from active duty. He will be eligible for an additional year for each three months (90 days) of active duty up to a maximum of 20 years. 
A veteran released because of service connected disabilities will be eligible for the full 20 years from the date of his discharge or release. No veteran's eligibility will expire before March 3, 1976. 

ENTITLEMENT. For a veteran or serviceman, VA may guarantee a home loan made by a private lender up to $12,500 or 60 percent of the loan, whichever is less. For a farm real estate loan other than for the acquisition of a home, the guaranty may not exceed $4,000 or 50 percent of the loan; and for non real estate farm loans, the guaranty may not exceed $2,000 or 50 percent of the loan. This means you have a better chance to borrow at a favourable interest rate, with little or no down payment and a long term repayment possibility. 
Entitlement derived from service after January 31. 1955. cancels unused entitlement derived from World War II or the Korean conflict. Entitlement may be reduced by used World War II or Korean Conflict entitlement. However, under certain circumstances. entitlement previously used can be disregarded. 

PURPOSES OF LOANS. Loans may be for the purchase of homes; to make alterations, repairs or improvements in homes already owned and occupied; to purchase farms or farm supplies or equipment; to obtain farm working capital; or to refinance delinquent indebtness on property to be used or occupied by the veteran as a home or for farming purposes. Direct loans may be made by VA, however, only for the purchase of homes and farmhouses. Business loans are not authorized under the new law. 

AMOUNT OF LOANS. There is no maximum on the amount of a guaranteed loan. Direct loans made by VA may not exceed $17,500 as a general rule. 

INTEREST RATE. The current maximum interest rate on guaranteed loans is 7-1/2% per annum. This rate is charged on direct loans made by VA.

MATURITY OF LOANS. Home loans can be made for a maximum of 30 years, farm real estate loans for a maximum of 40 years, non real estate loans for a maximum of 10 years. 

FEE REQUIRED. A fee of 1/2 of 1 percent of the loan amount must be paid to VA in case of loans for veterans and servicemen. This fee is in addition to the allowable closing costs. The fee will not be required, if, when the loan is closed, the veteran or serviceman was also eligible for a loan based on World War II or Korean conflict service. The loan fee may be included in the loan amount. However, in the case of direct loans the fee may not be included in the loan if it would result in exceeding the maximum direct loan amount. 

LIABILITY FOR REPAYMENT. Loan benefits are not a gift. If the VA loses money because the loan is not paid as agreed, such loss will be a debt the veteran or serviceman owes the Government. 

ADDITIONAL INFORMATION. The above information summarizes the loan guaranty program. VA Form 26-1880. "Request for Determination of Eligibility and 

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HIGH SCHOOL TRAINING. A veteran pursuing high school training after release from active duty may receive educational assistance allowance without a charge against his basic entitlement. Also a veteran or a person in service who must pursue additional secondary school training such as refresher courses or deficiency courses needed to qualify for admission to an appropriate educational institution may receive educational assistance allowance without a charge against his basic entitlement. APPLICATION. Application forms are available at all Veterans Administration Offices, active duty stations, from local representatives of various veterans organizations, the Red Cross and American Embassies in other countries. RESTRICTIONS, The educational allowance is not payable in some instances if the veteran is also enrolled in a course paid for by the United States Government under the provisions of any other law where the allowance would constitute a duplication of benefits from the Federal Treasury. However, if the identity of such Federal funds is lost by being combined with funds from other sources, they are no longer considered a duplication of benefits from the Federal Treasury. A determination will be required on each application for the Veterans Administration Educational assistance allowance where a veteran student receives educational assistance from other sources. A change of program may not be approved for a veteran where his program has been interrupted or discontinued due to his own misconduct, neglect, or lack of application. This restriction may be removed if there exists a reasonable likelihood that there will not be a recurrence of such an interruption or failure to progress. Any type course which is avocational or recreational in character may not be approved unless the veteran submits justification showing that the course will be of bona fide use in his present or contemplated business or occupation. Open circuit television or radio courses may not be approved unless the veteran is enrolled in a program, pursued in residence, leading to a standard college degree, which includes subjects offered through open circuit television and the major portion of the course requires conventional classroom attendance. LOAN GUARANTY BENEFITS Eligible veterans and servicemen may obtain GI loans made by private lenders for homes and farms or for farming purposes. In certain designated areas, direct loans can be made by VA for homes and farmhouses. ELIGIBILITY. Veterans of at least 181 days' continuous active duty, or discharged for disability, any part of which occurred after January 31, 1955. Persons whose military service consisted of "active duty for training," are not eligible. Persons on active duty at least 2 years even though not discharged, are eligible while their service continues without breaks. DURATION OF VETERANS' ELIGIBILITY. Each eligible veteran has a minimum of 10 years from the date of his separation from active duty. He will be eligible for an additional year for each three months (90 days) of active duty up to a maximum of 20 years. A veteran released because of service connected disabilities will be eligible for the full 20 years from the date of his discharge or release. No veteran's eligibility will expire before March 3, 1976. ENTITLEMENT. For a veteran or serviceman, VA may guarantee a home loan made by a private lender up to $12,500 or 60 percent of the loan, whichever is less. For a farm real estate loan other than for the acquisition of a home, the guaranty may not exceed $4,000 or 50 percent of the loan; and for non real estate farm loans, the guaranty may not exceed $2,000 or 50 percent of the loan. This means you have a better chance to borrow at a favourable interest rate, with little or no down payment and a long term repayment possibility. Entitlement derived from service after January 31. 1955. cancels unused entitlement derived from World War II or the Korean conflict. Entitlement may be reduced by used World War II or Korean Conflict entitlement. However, under certain circumstances. entitlement previously used can be disregarded. PURPOSES OF LOANS. Loans may be for the purchase of homes; to make alterations, repairs or improvements in homes already owned and occupied; to purchase farms or farm supplies or equipment; to obtain farm working capital; or to refinance delinquent indebtness on property to be used or occupied by the veteran as a home or for farming purposes. Direct loans may be made by VA, however, only for the purchase of homes and farmhouses. Business loans are not authorized under the new law. AMOUNT OF LOANS. There is no maximum on the amount of a guaranteed loan. Direct loans made by VA may not exceed $17,500 as a general rule. INTEREST RATE. The current maximum interest rate on guaranteed loans is 7-1/2% per annum. This rate is charged on direct loans made by VA. MATURITY OF LOANS. Home loans can be made for a maximum of 30 years, farm real estate loans for a maximum of 40 years, non real estate loans for a maximum of 10 years. FEE REQUIRED. A fee of 1/2 of 1 percent of the loan amount must be paid to VA in case of loans for veterans and servicemen. This fee is in addition to the allowable closing costs. The fee will not be required, if, when the loan is closed, the veteran or serviceman was also eligible for a loan based on World War II or Korean conflict service. The loan fee may be included in the loan amount. However, in the case of direct loans the fee may not be included in the loan if it would result in exceeding the maximum direct loan amount. LIABILITY FOR REPAYMENT. Loan benefits are not a gift. If the VA loses money because the loan is not paid as agreed, such loss will be a debt the veteran or serviceman owes the Government. ADDITIONAL INFORMATION. The above information summarizes the loan guaranty program. VA Form 26-1880. "Request for Determination of Eligibility and 3