GI Bill Benefits

• The GI Bill was enacted in 1944 to benefit returning veterans of the Second World War by providing them with the resources to pursue an education, purchase housing and return to civilian life. The most well-known benefit of the legislation is the assistance service members receive toward their education, which helps veterans to pay down loans or pursue a college degree. In addition, the bill provides housing benefits like low-cost loans both for veterans buying a new home and those working their way through college.
  
  

Basic Allowance for Housing

• Under the Post-9/11 GI Bill, veterans attending school on military-based tuition assistance may also receive a stipend to help finance the cost of their housing. This benefit helps support veterans in pursuing their education by making housing near their educational institution more affordable. Educational housing benefits in the GI Bill are based on the Basic Allowance for Housing, which uses local real estate and rental data to determine the amount of assistance available.
  
  

VA Home Loan

• Also included in the original GI Bill are benefits that help reduce the cost to veterans purchasing a new home. This benefit operates by guaranteeing the home loans provided to service members and their families by private lenders. As a result of this federal guarantee, lenders feel more confident that their loan will be repaid and can offer lower interest rates or down payments. This helps make veterans' loans much more affordable.
  
  

Specially Adaptive Housing Grants

• The GI Bill provides some housing benefits in the form of grants, which, unlike loans, are not paid back. The Specially Adaptive Housing Grant benefits veterans with special housing needs due to illness or disability. The grant awards provided by this program help pay for the costs of upgrading or modifying a home to address specific needs. Funding may also be used to finance modifications to the home of a family member where the service member is residing temporarily.