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Veterans' Educational Assistance Plan (VEAP)
Benefits received under VEAP include the veteran's voluntary contribution while on active military duty and matching funds provided by the VA. The VA contributes $2 for every $1 contributed by the veteran. The portion of VEAP contributed by the VA shall be treated as unearned income. The veteran's contribution is treated as follows.
Exempt
The veteran's contribution, or one-third of the benefit amount, when the veteran is pursuing an education is exempt.
Nonexempt
When the veteran withdraws his/her contribution, these funds are no longer earmarked specifically for educational purposes and must be counted as property.
Verification
An award letter or the “Military Verification and Referral Form” (MC 05) can be used to verify VEAPs.
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