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Military Family Finances: Challenges and Strategies

Military families often face financial challenges due to frequent transitions and limited financial experience. Learn about resources for paying for education and making smart financial decisions.

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Military Family Finances: Challenges and Strategies

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  1. Why This Matters • Studies show that, on average, military families have higher amounts of debt and fewer assets than civilians • Challenges of military lifecan affect servicemembers’ finances: • Frequent transition and changes • Many servicemembers have little financial experience • Decisions have long-term effects • Getting the know-how is key to making smart financial decisions

  2. Paying for Your Education • While in the service • Tuition Assistance • TA Decide - Dodmou.com/TADECIDE • Voluntary Education Programs • GI Bills • As you leave the service • Transition Assistance Program • State veterans’ benefits • VA’s GI Bill Comparison Tool – Vets.gov/gi-bill-comparison-tool • Scholarship info on Military OneSource

  3. Paying for Your Education • Student loan basics • Supplement GI Bill benefits • Lifetime cap • Must repay even if you don’t finish • Federal loans: better rates than private loans • StudentAid.gov • Before you commit • What’s the interest rate and the total cost? • When repayment begin and how often will you pay? • How long do you have to repay?

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