Education is often a crucial step in starting down a new career path, but the cost of it all can be prohibitive. For military members transitioning into civilian life, it’s a particularly common obstacle. However, as one Green Beret-turned-entrepreneur notes, knowing the ins and outs of veterans’ benefits can make the difference in clearing that hurdle.
FRsix founder and CEO Fran Racioppi broke down some of the opportunities available to veterans going back to school on a new episode of Yahoo Finance’s Warrior Money, hosted by Patrick Murphy and Dan Kunze. Racioppi notes that while each benefit might only help partially cover education costs, utilizing multiple benefits at once can be a game changer in making school seem possible.
“First of all, you’ve got to educate yourself,” Racioppi says, noting that there’s only so much the branches of the military can do to make veterans aware of the benefits available to them. “There’s 200,000 people getting out. There’s only so much that the institution of the Army can do.”
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“There’s other organizations that are out there in all service components that can support and educate those who are getting out,” he adds.
Racioppi highlighted a few financial resources in particular that veterans can draw upon when looking to fund their education.
One place to start is the GI Bill. The program, which helps cover the cost of school or training for both veterans and their families, is an option available to most veterans. While the GI Bill initially began in 1944, the Post-9/11 GI Bill expanded the amount of benefits and lessened eligibility requirements for veterans who served any time after September 10, 2001.
Veteran Readiness and Employment services, or VR&E, is another invaluable resource. Formerly known as Vocational Rehabilitation and Employment, the program offers job training and skills coaching to veterans with service-related disabilities.
Most veterans who qualify for the Post-9/11 GI Bill at the 100% benefit level are also eligible for support from the Yellow Ribbon Program, which helps cover tuition costs beyond the GI Bill's maximum reimbursement level.
Racioppi recommends exploring all of these options. “Then you just start doing the math,” he says. “The schools have great resources, where they deal with this in the finance departments all day long... Very quickly, you start to see the path.”
Racioppi traces his journey from military service to entrepreneurship in his full conversation with Murphy and Kunze on Warrior Money.
Hosted by former Congressman Patrick Murphy and veteran investor Dan Kunze, Yahoo Finance’s Warrior Money is a weekly vodcast dedicated to uplifting military veterans transitioning into civilian life. Through insights from fellow veterans and high-ranking government officials, Murphy and Kunze are helping set vets up for success through financial education and inspiration.
This post was written by Nick Riccardo.