American citizens everywhere owe our nation’s active military members and Veterans our utmost respect and appreciation. Despite the endless sacrifices they have made for our country — and for us to be free citizens — many Veterans and their families end up in places of financial struggle.
Here are 10 military financial assistance programs to help alleviate the pressure Veterans and their families face with their finances. This list is made up of programs, grants, and organizations that all have the purpose of providing financial assistance for Veterans undergoing financial pains.
1. AAFMAA’s Military Financial Planning Services
The last thing military Veterans should be worrying about is the state of their finances. That’s why military financial assistance programs are so valuable. Important financial decisions can be difficult for anyone, but the overwhelming military lifestyle can make them even more complicated for military members, Veterans, and their families. AAFMAA’s Military Financial Planning Service is a wealth management program designed to help make financial decisions easier.
2. AAFMAA’s Investment Management
When it comes to investment management, understand this can be a continual process of clarifying your financial goals. This process often involves monitoring and adjusting investments over time depending on how your goals or needs change, which can be complicated. AAFMAA’s Investment Management program is available to help make investing easier for Veterans and their families.
3. AAFMAA’s Trust Services
AAFMAA’s Trust Services are available to help military members, Veterans, and surviving spouses understand what a trust is, what types of trust they are, and how to manage their trusts in the most beneficial way. Many people create trusts to provide for their immediate families, but there are many reasons you may want to consider a trust. AAFMAA helps Veterans determine the best course of action for them.
4. VFW’s Unmet Needs program
The Unmet Needs program at VFW is available to help American military families struggling with unexpected financial struggles. The program offers a financial aid grant of up to $1,500 to help assist Veterans and their families with basic life needs. It is a grant and not a loan, so repayment is unnecessary. Check out the program’s website for more information and to check the eligibility criteria.
5. Armed Forces Foundation
The Armed Forces Foundation is a non-profit organization with the main goal of offering comfort and aid to American Veterans everywhere. According to their website, the Armed Forces Foundation’s mission is to “help by providing financial & non-financial assistance to Veterans of all eras in appreciation and recognition of their sacrifices.” They help with financial support but also career counseling, recreational therapy programs, assistance with housing, and more.
6. Folds of Honor
The Folds of Honor Foundation offers financial assistance for Veterans and their families in the form of educational scholarships. The scholarships can be applied now or held on behalf of young children until necessary for the child’s enrollment. The scholarships can be used for tuition, school books, room and board, equipment necessary for coursework, or any other expense required by education.
7. The Consumer Financial Protection Bureau
While not specifically designed for military members or Veterans, the Consumer Financial Protection Bureau has a military and Veteran program. They have a central mission of making financial products, services, and markets workable for all Americans — including Veterans and their families. They help Veterans and their families with financial issues such as filing complaints, improving money management skills, and avoiding scams specifically targeted at military servicemembers and Veterans.
8. Operation First Response
The purpose of Operation First Response is to assist all branches of America’s Wounded Heroes and Disabled Veterans, as well as their families. This response program provides financial assistance. According to their website, “Services are provided from the onset of injuries or illness, throughout their recovery period and along their journey from military life to the civilian world.” The amount of financial aid varies between cases. It is based on the needs of the individual, ranging from groceries, clothing, rent, utilities, and more.
9. National Military Family Association
Today’s military spouses and families face numerous challenges that make continued education or training especially difficult. The National Military Family Association recognizes that and strives to make it easier for military spouses and children to complete programs and establish their careers. Scholarship funds are available to help with tuition, fees, and even room and board for a wide variety of education types.
10. USA Cares
USA Cares assists all branches of military services, all ranks, and all components. They help post 9/11 active service personnel, Veterans, and family members by providing both financial and advocacy assistance. Treating all members with respect, privacy, and dignity in appreciation for their services, USA Cares doesn’t charge fees or accept repayment. The program relies on donations for funding.
These military financial assistance programs are meant to provide aid for Veterans in need as a way to thank them for their service and show respect for their sacrifices. If you’re a Veteran, don’t hesitate to reach out to a trusted financial planner and apply for the aid you need.
Financial Planning, Investment Management, and Trust Services provided by AAFMAA Wealth Management & Trust, a North Carolina Limited Liability Company wholly owned by AAFMAA. Physical address: 639 Executive Place, Suite 200, Fayetteville, NC 28305. Information provided by AAFMAA Wealth Management & Trust LLC is not intended to be tax or legal advice and we encourage you to seek guidance from your tax and legal advisors. Past performance does not guarantee future results. Investments are not FDIC or SIPC insured, are not deposits, nor are they insured by, issued by, or guaranteed by obligations of any government agency or any bank, and they involve risk including possible loss of principal.
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