(Economic transformation) The provision of mortgages for veterans

Question 1

What was the GI Bill of Rights otherwise known as?

Answer 1

The 1944 Selective Servicemen’s Readjustment Act

Question 2

What did the GI Bill of Rights do?

Answer 2

Gave grants to veterans to improve education, learn new skills or set up a business when back from war to aid the economy.

Question 3

How much was given for starting businesses?

Answer 3

$2,000 loan

Question 4

What gave support to veterans wanting to buy their own homes?
How?

Answer 4

The Federal Housing Authority

Mortgages of up to 90% and low interest

Question 5

A housing boom was created.

What did this do in turn?

Answer 5

Benefitted feeder industries.

Question 6

Give evidence of a housing boom.

Answer 6

By 1956, 4.3 million home loans made with combined value of $33 billion.

Question 7

Give evidence of the GI Bill of Rights being used to aid with veterans’ education.

Answer 7

Out of 7.8 million returning servicemen, over half attended colleges & technical schools using grants provided.