Education

GI Bill Benefits For Dummies

2) Montgomery GI Bill

The MGIB is another GI Bill option. Most recruits are talked into paying $100 a month for the first year of service to “buy in” to the MGIB. This $1,200 payment allows service members to receive college benefits for up to eight semesters of schooling after they have separated from active duty. The amount of benefits paid out each month will depend on a member’s length of service, type of degree or certification program they are pursuing and if they contributed to the $600 Buy-Up program that is offered while they were still on active duty.

The MGBI can be used for traditional college programs as well as certification programs and even some flight training or entrepreneurship training. My husband used part of his MGIB to complete a course to become a certified personal trainer. It paid the course fees as well as the testing cost. In return it took two months off of what is left of his benefits. This GI Bill does not cover BAH or books, but if you are not depending on those two stipends while you are attending college, it might be the right one to use.

3) Yellow Ribbon Program

When you’re starting to look into colleges you may find that the private university you are accepted to does not offer reduced tuition for military students so your benefits do not stretch as far as you need them to. If that is the case the Yellow Ribbon Program is there to help. This is a program that colleges can participate in that makes extra money available to military students. The college essentially covers the gap between GI Bill benefits and the tuition and fees that are left over. This money is paid directly to the college. If you are getting close to the end of you GI Bill benefits it is worth looking into if your college participates in the Yellow Ribbon Program to help you finish your degree with as little out of pocket cost as possible.

For more information on your education benefits, included the requirements that need to be met if you plan on transferring them to a dependent, please check out the U.S. Department of Veterans Affairs Website.

Check out the list of Military Spouse Friendly Schools.

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