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The Military Services and Your Education 

What Are The Options For Using Military Service To Help Pay For Your Education?

Commitment to the military means a lot.  In appreciation of those who serve in the military, the United States government instituted the GI Bill and the Montgomery GI Bill for Selected Reserve.  This education benefit can be earned by service in active duty, selected reserve, and the National Guard.  It is designed to help service members pay for the cost of their education or training.  Each program covered under the GI Bill depends on the service member’s individual eligibility and duty status.   These programs are similar, but administered differently.  Be certain to find out exactly what benefit(s) you are eligible to receive.  It will be worth the effort!

What You Can Expect From Your Military Service 

Your military service can lead to education benefits through the GI Bill of over $39,636. This amount is based on the 2007-08 monthly payment for full-time students. With a payment rate that increases each year on October 1^st, you are looking at a very substantial payment toward your education! 

Benefits earned through the GI Bill may be used to pay for a number of different educational programs, including:

·         College Courses

·         Business Courses

·         Vocational Courses

·         Distance Learning and Correspondence Courses

·         Certification Tests

·         Flight Training

·         Apprenticeships and Job Training (for Veterans and Reserve) 

In addition, the Veteran’s Administration also offers VEAP, which may increase your educational savings exponentially.  VEAP will add double the amount that is already in your educational savings plan.

To qualify, you must:

• Have entered service for the first time between January 1, 1977, and June 30, 1985
• Have opened a contribution account before April 1, 1987
• Voluntarily contributed from $25 to $2700
• Completed your first period of service
• Been discharged or released from service under conditions other than dishonorable 

There May Be Different Terms Offered By Each Military

Organization 

You may earn higher educational benefits if you are in the Army, Navy, or Marine Corps, and sign up for their College Funds by applying for what is referred to as the GI Bill Kicker.  This can increase your monthly GI Bill payment rate by as much as $950 monthly. The Air Force also has a GI Bill Kicker in the form of their GI Bill Buy-up program. It is even possible to earn the GI Bill Kicker in the reserves. 

Keep in mind that the amount you will actually receive is determined by a number of factors. 

• When you enlisted
• Length of enlistment
• Service joined
• Job chosen
• Location of service 

To find out which benefits apply to you under the GI Bill, you should consult with your enlisting officer.

Things To Remember About Military Service Benefits 

The benefit entitlement period is from 1 to 36 months.  This depends on your number of monthly contributions.

You are given 10 years from release of active duty to use VEAP benefits. Any portion of your entitlement not used after the 10-year period will be automatically refunded.

To qualify for the GI Bill, you must

·         Contribute $100 monthly for the first 12 months that you are on active duty.

·         Have completed High School or an equivalency certificate.

·         Have served at least two years of active duty.

The monthly payment rate is determined by your student status and your duty status.

Financial, Tax and Legal Disclosures

NextStudent does not offer tax, legal or investment advice.  Nothing contained herein is intended to serve as tax, legal or investment advice.  We urge you to consult with experts in these fields before taking any action based on the information contained on our site.