Information on the GI Bill - Military Financial Assistance

The GI Bill for Military Financial Assistance

Most Americans know that going to college is a big part of a lifetime goal. The downside is that the cost of higher education is constantly on the rise, and a combination of various grants, loans, and scholarships sometimes just aren't enough to cover the expenses. The G.I. Bill was developed to assist those who serve in the United States military with their college expenses. It can also assist with vocational training, job placement, and technical training in lieu of college. It also helps those who are interested in flight training. The G.I. Bill was first adapted in 1944. Since then it has become a well known source of money for those serving and who have served in the military so that they can attend school once they get out.

Typically, the G.I. Bill will cover up to 36 months' worth of schooling. The compensation amount varies, but on average it is about $1,034 per month. For those who served in the military for 2 years or less, the monthly compensation is about $840 per month. These payment rates apply to those attending school or training on a full time basis. For those attending only part time, the monetary compensation is less. For a part time student who served over 2 years in the military, they will receive $517 per month. For those who served 2 years or less, their monthly amount equals $420. Typically a veteran has up to ten to fourteen years to use his or her benefits offered under the G.I. Bill. After that time, the benefits expire.

There are certain requirements that must be met in order to be eligible for the G.I. Bill. First, you must be active within either a branch of the US military or enrolled in the reserves for a certain period of time. There are various forms of the G.I. Bill, so it will depend on which one you are looking to qualify for. Most require you serve at least 2 years on active duty for minimum benefits, and 3 years or more to receive the maximum benefits. If you are a reservist, typically an enrollment period of 6 years with the United States Reserves applies. Speak with your local military enrollment office for more information. You may also contact the United States Department of Veterans Affairs, who can give you comprehensive information on the bill.

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