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Financial Resources
The Servicemembers’ Civil Relief Act (SCRA)
A federal law that gives offers valuable legal protection to all military members as they enter active duty. The SCRA applies to interest on consumer loans, lease terms and some court proceedings. For more information visit this site.
Consumer Credit Counseling
Seeks to help consumers use credit widely and offer assistance to families under financial stress. They will work with your creditors to arrange a plan that will help you pay off the debt. Site is sponsored By the National Foundation for Credit Counseling , a national credit counseling network, call 1-800-388-2227.
Credit Report
A Credit Report is an inventory of every loan and credit card you have ever had, including your payment history. Banks and other financial institutions will use the information to decide whether they wish to give you a loan or change your credit card interest rates and spending limits. You have a right to know what is on your Credit Report. Mistakes happen. Reviewing your credit report yearly will prevent small errors from becoming large problems. For more information on how you can get a copy of your own credit report by visiting the Federal Trade Commision’s website.
Tax Preparation Support and Guidance
Family members of deployed soldiers can also make an appointment with JAG to have a professional review their income tax returns for free. There are several income tax credits and filing options available to deployed soldiers and their families. A free copy of the Armed Forces Tax Guide can be found or reviewed at this site . Contact the Judge Advocate General (JAG) Corps with any questions concerning your tax returns.
The National Military Family Association Newsletter, Article #10 , online for more information on how tax rules affect military service members and their families. Detailed information is available at the IRS site.
Download the IRS Clarification – Employer Support of the Guard and Reserve (ESGR) for information on reporting differential pay, healthcare and retirement account payments by civilian employers during deployment.
Free Tax Preparation
Scholarships and Grants
There are a surprising number of scholarships and grants available not just for teens entering college but for military spouses. Note: Many have deadlines. If you miss this year’s deadline you may be able to apply for next year.
Available Scholarships – General
Newman’s Own: Grant for Groups that Support Military Families