Definition of 'Qualified Reservist'
To qualify for these benefits, reservists must meet certain requirements, such as having served at least 60 days of active duty or 120 days of inactive duty training, and having been discharged under honorable conditions. Reservists must also be members of the National Guard or Reserves at the time they apply for benefits.
Educational assistance benefits for qualified reservists include the Montgomery GI Bill, the Post-9/11 GI Bill, and the Reserve Educational Assistance Program (REAP). The Montgomery GI Bill provides up to 36 months of education benefits, while the Post-9/11 GI Bill provides up to 36 months of education benefits for veterans who served after September 11, 2001. REAP provides up to 12 months of education benefits for reservists who are called to active duty for more than 90 days.
Home loan benefits for qualified reservists include the VA Home Loan Guaranty Program and the VA Interest Rate Reduction Refinance Loan (IRRRL). The VA Home Loan Guaranty Program allows qualified reservists to purchase a home with a VA-guaranteed loan. The VA IRRRRL allows qualified reservists to refinance their existing VA-guaranteed loan to a lower interest rate.
Health insurance benefits for qualified reservists include TRICARE Reserve Select and TRICARE Retired Reserve. TRICARE Reserve Select is a health insurance plan for reservists who are not on active duty. TRICARE Retired Reserve is a health insurance plan for reservists who have retired from the military.
Qualified reservists are eligible for a number of other benefits, including tax breaks, job training, and preferential hiring. For more information on qualified reservist benefits, please visit the Department of Veterans Affairs website.
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