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Military Appreciation Month

posted on Thursday, May 28, 2020

May is Military Appreciation Month and it’s a great time to honor and recognize all of our service members. Midwest Heritage recognizes that serving in the military can come with financial stress. We have provided some great financial tips to help out all of our military men and women get through these times.

Utilize Government Assistant Programs: the US has developed a few programs that provide financial assistance to military members.

  • The Servicemembers Civil Relief Act (SCRA) of 2003:

    • Helps servicemembers focus on their job responsibilities without fear of adverse financial consequences for themselves or their families while they are training or fighting in battle.

  • Servicemembers qualify for deferment of federal loan: 

    • While on active duty or performing National Guard duty during a war, military operation, or national emergency, servicemembers can qualify for deferment of federal loans. It applies to direct loans, Federal Family Education (FFEL) Loans, and Perkins loans.

  • Federal Trade Commission and The Bureau New Protections:

    • The Federal Trade Commission (FTC) and the Bureau previously highlighted the new federal law that went into effect on September 21, 2018, requiring free security freezes and one-year fraud alerts at the three nationwide credit reporting agencies (CRAs).

If you would like more advice on how to manage your finances successfully feel free to reach out to any of our experts on our investments team. We can walk you through step by step and help you take total control over your finances. Click here to learn more.