Use Your Military Education Benefits TodaySince the first version of the GI Bill was signed into law by President Franklin D. Roosevelt in 1944, active service members and veterans have had the opportunity to make their dreams of higher education a reality. The bill was originally written to assist veterans who were returning from World War II and were having a difficult time re-entering the workforce. Since then, generations of soldiers, seamen, airmen, and marines have used their GI Bill benefits to put a college education within their reach.
Depending on your situation, there are a number of GI Bill programs you may qualify for. These include:
Both the Montgomery GI Bill (MGIB), and its younger cousin, the Post-9/11 GI Bill, are valuable educational benefits for servicemembers and veterans.
There are two versions of the Montgomery GI Bill: one for active duty soldiers and veterans and the other for members of the Reserves and National Guard. Normally, when you see the MGIB referenced, it refers to the active duty version (MGIB-AD, Chapter 30). The Montgomery GI Bill-Selected Reserves (MGIB-SR, Chapter 1606) refers to benefits for members of the Reserves. While qualifying and paying into these versions of the MGIB differ, the benefits that are paid out are essentially the same.
Since 1984, the MGIB was the main GI Bill that helped thousands of servicemembers and veterans get an education and go on to rewarding civilian careers.
Today, the maximum monthly MGIB benefit is $1,368/month for up to 36 months. This timing allows servicemembers who are attending school nine months a year earn a four-year degree. Members of the military are eligible for maximum MGIB benefits after three years of active duty service. Reservists are eligible for full MGIB-SR benefits after:
Those who participate in the optional Buy-Up program can increase their total benefits by an additional $5,400 after only a $600 contribution.
The MGIB pays for a wide range of education programs, including:
To be eligible for the MGIB, servicemembers have to sign up while on active duty and contribute $1,200. Once enrolled in the program, $100 per month for 12 months is deducted from the servicemember's monthly pay. Benefits can be used once two years of service are complete.
In order to receive payments, school enrollment must be verified via the VA GI Bill WAVE (Web Automated Verification of Eligibility) system. Monthly checks are then sent directly to the servicemember, and he or she must then pay tuition and fees.
The MGIB does have a delimiting date. All education benefits must be used within 10 years from the servicemember's discharge date or any unused benefits (as well as the initial $1,200 contribution) will be lost. MGIB-SR benefits, on the other hand, generally end the day the reservist separates from the service, but there are a number of exceptions that can extend benefits for select individuals. Reservists would be advised to discuss their options with a VA representative before leaving the Select Reserves.
While the Post-9/11 GI Bill still has that new-GI Bill smell to it, it isn't for everyone. The GI Bill that will provide the most benefits depends on the individual's education goals. The New GI Bill generally doesn't pay for non-degree producing programs, such as:
However, if one plans on getting a degree from a college or university, the Post-9/11 GI Bill may provide a higher level of benefits than the Montgomery GI Bill. Some of its benefits include:
The Post-9/11 GI Bill also differs from the MGIB in two other ways. With the new VA GI Bill, servicemembers can transfer unused benefits to their dependents. Montgomery GI Bill benefits can only be used by the servicemember who is enrolled in school.
The other difference is the delimiting date. Servicemembers have 5 more years to use New GI Bill benefits after the discharge date than those who use the MGIB.
While the New GI Bill is getting all the press, for many veterans and servicemembers, the trusty old GI Bill is still a good choice.
Find GI Bill Rates for Your Home StateThis easy, 10-step cheat sheet will guide you through the new GI Bill:
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