Are you financially ready? Servicemembers and military families face unique financial challenges, whether on active duty, returning to civilian life, or living as a veteran. In recent years, servicemembers have joined the ranks of those who are considered most vulnerable to predatory lenders and identity theft. Most military families today are not saving adequately for retirement, and many do not have an emergency fund.

Servicemember, spouse, children, standing in front of U.S. flag

Financial Well-Being of Servicemembers & Their Families

In this section, you will find information about financial resources and special protections for servicemembers and their dependents. 
 

  1. Fraud Prevention Center

    Are you protecting your financial information?

    Each year scam artists and identity thieves steal billions of dollars from unsuspecting consumers. These criminals use the phone, email, text messaging, postal mail and the internet to steal your information or trick you into handing over your money. 

    Learn how to recognize common scams, take action if you think you are a victim of fraud and learn what you can do to protect your finances from fraud.

  2. Military Education Benefits & Student Loans

    Most people paying for higher education take out student loans. Servicemembers, veterans, and their families have special options that could save them money and make them better off in the long run. Resources provided by the Consumer Financial Protection Bureau’s Office of Servicemember Affairs.

    Public Service Loan Forgiveness Program

    As a servicemember, you might be eligible for the Public Service Loan Forgiveness (PSLF) Program. The PSLF Program will forgive your remaining loan balance after you make 120 qualifying monthly payments while working for a qualifying public service employer, such as the U.S. Military. In addition, for a limited time, borrowers may receive credit for past periods of repayment that previously did not qualify for PSLF.  For more information, and to see if you qualify go to the Federal Student Aid office.

  3. Financial Readiness Resources

    Find resources devoted to educating you about a variety of personal money management topics.

  4. Financial Counseling & Assistance

    A credit counselor or money coach can help you set up a budget, review your expenses and track your spending so you can achieve your goals. Learn more about the services available through your installation.

  5. Dealing with Debt Collectors

    For servicemembers, trouble with personal finances can put their duty status, potential promotions and even military career in jeopardy. Their first instinct may be to hide or ignore the situation and hope it goes away. But that can make things worse. Instead, servicemembers should take action to protect themselves – and protect their rights, by knowing what’s OK for a debt collector to do and what’s not. The resources below are provided by the Consumer Financial Protection Bureau’s Office of Servicemember Affairs.

  6. Rights for Servicemembers & Their Dependents

    Members of the armed forces make great sacrifices in order to protect our nation. Congress has enacted a number of laws specifically designed to protect the civil rights of servicemembers and their families.

  7. LEARNING ACTIVITY: Misadventures in Money Management

    Misadventures in Money Management, presented by the Consumer Financial Protection Bureau, is an easy-to-use resource for servicemembers and their families that will help them understand their options in the financial marketplace so they can avoid the most common mistakes.

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