Minneapolis spokesman. [volume] (Minneapolis, Minn.) 1934-2000, 1946-03-08
Dear Joe
RY JAMES +. HICKS

Nilklblts
II you were on active duty on
or after September l6, 1910, and
after serving 30 days or more ended
up with an honorable discharge or
u blue discharge Eyes, said blue
discharged you are eligible for loans
under the Serviceman's Readjust-
ment Act.
II you only served 30 days and
received discharge for a disabil-
ity incurred in line Of duty you
still are eligible.
The government doesn't make the
loan. Joe-a bank OF some other
lending agency does that and the
government guarantees that IL you
don't pay all the money back, It
will at least pay half Of 1t back
for you after you have ruined your
credit and gone bankrupt.
II you borrow the money from
an approved loan agency, you don't
have to get the OK Of the Vet
Grams Administration before you
get the dough. An approved agency
is an agency which is subject to
state or Federal supervision.
You can ask any lending agency
you run across for loan, IL IL
IL under state or Federal super
vision and IL It's not don't bother
with it, Joe, because you can find
plenty Of agencies which are-and
you may get n better deal.
Under the first CT bill you could
only borrow $1,000. but now the
bill has been fixed up so that you
can borrow up to $4,000 IL you get
the loan on real estate.
Don't let anybody tell you that
you cant make two loans from
Uncle Sam. That's not true. Give
u look and have a learn.
II you want a combination or
a split loan, you can borrow 1000
on "A montreal estate deal "a deal
where you don't buy land or a house,
Joe), such as buying n taxicab. and
still borrow up to 1000 In buying
n new home.
You see when you borrow the
thousand on the cab you only use
90 per cent Of your loan benefit.
and II you take the other 30 per
cent for real estate, that's OK by
Uncle Sam. However, you couldn't
go back and borrow $1,000 to buy
another cab, Joe, because that
would be the same kind Of loan
you made the first time.
Loans for the purchase Of a home
or business real estate must be
amortized chats a fifty dollar
word that means financed In my
book so as TO be repaid within 20
years.
You get forty years to pay off
loans for the purchase Of farm
real estate, while all other loans
must be paid off in ten years.
II the loan company gets your
papers in shape and sends them
to the Veterans Administration in
Washington In the proper form, it
doesn't take over few days to get
action. but, frankly, Joe, buying a
house is big order and you should
spend lot Of time looking around.
You have ten years under the act
to make up your mind.
While you are in borrowing
mood, Joe. II you are taking voca-
tional rehabilitation under Public
Law 10. which Is the law covering
disabled veterans, you also can Dor
row 800 directly from the Vet
Grams Administration in order to
get started in your training.
Just in case you are confused on
Public Law l6 and Public Law
3i6. here is breakdown Of them
both.
Public Law l6 covers vocational
rehabilitation and training Of men
who were disabled in the service
and are eligible to receive a PEN
sion.
In your training under Public
Law ID, the VA picks the course
II thinks best for you and sends
YOU to school. This Is considered
a full time course and II you are
injured while taking it. the VA
must compensate you for II,
In case Il is difficult for you to
get to the school the VA will pay
the cost Of your transportation to
and from school and. as We said
above, you can also borrow 500
to get yourself together when you
start the course. That's Public
Law l6.
Public Law $40 Is the one COM
monty called the CT Bill Of Rights.
Among other things Il covers the
education and training Of the boys
who didn't get hurt.
Under this bill you are allowed
to choose your own course. you
may take a part time course and
you may break your neck playing
foothall--it's OK with the VA
only you will not he compensated
for q broken neck.
You can't borrow the 800 under
the CT bill. and you must get to
school the hest way you can be-
cause II you're hale and hearty. il
does not authorize transportation.
But IL it's education Won want