Do Special Loan Services Exist for Veterans Waiting for Their Post 9/11 GI Bill Monthly Housing Allowance?
Q: Is there any special loan services for veterans waiting for GI Bill BAH? I can’t keep getting credit checks for loans only to get shot down because I “don’t have an income” nor a cosigner because at this rate my credit score will go down. I need money for rent and food! Due to school processing application time I can’t touch a fed student loan for at least 8 weeks! Any ideas? Please help!!!
A: Unfortunately, there isn’t any loans you can get through the VA. Right now applications are taking around 8 weeks to process, but as the VA brings their Long Term Solution software online, processing time is getting shorter.
One tactic that some GI Bill students have been successful using is if you have an eviction notice, send a copy of it in to the VA. Many times that will speed up the processing and get your money to you faster. It seems to give your application a priority and gets it processed faster than others in the system.
Once you get your first payment, then you can expect to get the rest of the payments for that semester shortly after the first of each month. However, know the process will start over again at the beginning of each semester, so plan ahead for the lean times.
If you are not working right now, see if you can find a part-time or temporary job where you can earn at least some income. Also, many schools offer a work-study program that can generate some money to help you out.
Whatever you do, stay away from some of the “quick loan” places. While they can provide a short-term solution now, it comes at a very high cost – usually triple digit interest, which just ends up getting you deeper in debt in the long run.
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