Inside the new GI Bill
Posted
Aug 04 2009, 11:00 AM
by
Karen Datko
Rating:
The Post-9/11 GI Bill that took effect with much fanfare will provide many veterans and military members with expanded educational opportunities.
Contrary to some reports, the older Montgomery GI Bill isn't going away with the advent of the new bill and, in some cases, may still be the better option. But for many, the new law will cover the full cost of a college degree.
We love the idea that people who have served their country are rewarded with a paid education. It's also good for the nation as a whole.
The original G.I. Bill of Rights, which expired in 1956, had huge ramifications for the country, the Chicago Tribune explains: "By providing World War II veterans with money to go to college, the original GI Bill transformed the American campus from a preserve of children of affluence into a broad highway to the middle class."
Here's how the new bill works:
Generally, members of the military, National Guard and Reserve who have at least 90 days of active-duty service after Sept. 11, 2001, are eligible for the bill's benefits. The amount of the benefit is based on length of service. Those with three years are entitled to the full amount.
Here's another important component: Those who have been in the military for a specified amount of time can transfer their unused benefits to a spouse or children. Children must use it by age 26.
Also:
- The bill provides yearly tuition and fees up to an amount equal to those charged to in-state students by the most expensive public university in each state. Thus, the benefit varies state to state. Right now, the California public university system, which charges fees in place of tuition, is in kind of a no-man's-land, but that's being remedied.
- If you want to attend a more expensive school, the Yellow Ribbon Program may help. Some universities have elected to split the extra cost with the VA.
- Generally, you're eligible for a monthly housing allowance.
- You'll also get a yearly $1,000 book stipend.
The older Montgomery GI Bill might work better for some military members, particularly those who are still on active duty. Military.com explains:
Choosing to switch to the Post-9/11 GI Bill is irrevocable, making sure it best suits each individual's needs before switching is critical. For most, the new GI Bill is a better deal; however, here are some reasons why the Post 9/11 may not fit your needs:
- The school you plan to attend is located in a state with low tuition rates and/or you plan to use your benefits to attend online courses.
- You plan to use your benefits to take vocational or technical training.
- You qualify for less than 100% of the Post-9/11 GI Bill based on the number of active-duty months served since Sept. 10, 2001.
- You have used more than half of your MGIB benefits. If you exhaust your MGIB before switching, you may be eligible for up to 12 additional months of Post-9/11 GI Bill benefits.
To compare the two laws, click here. Also, Military.com has a good explanation.
Still clear as mud? Here are additional resources that explain the new bill:
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Does military service still pay?
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Who's profiting from the Iraq war?
