The G.I. Bill of rights provided veterans with financial assistance for education, government guarantees on low cost loans and overall improvements in care. In 1944 Congress passed legislation that would provide returning veterans with benifits for education and training as well as loan guarantees for homes, farms, or businesses and fair pay for unemployment. On June 22, 1944, President Roosevelt signed the G.I. Bill of Rights, formally known as the Servicemen's Readjustment Act.