Veterans Education Benefits: Valuable, but Complicated!
Veterans' Education Benefits: Valuable, but Complicated!
As a veteran of the U.S. Military, you are entitled to powerful military education benefits. You are probably aware of the two major bills which provide you with these benefits:
- Montgomery Bill
- Post 9-11 GI Bill
These bills provide similar potential educational benefits at a high level – the chance to obtain a college degree at little or no cost. For many veterans, the post 9-11 GI bill provides a better benefit package, and the Yellow Ribbon program acts a supplement for those veterans seeking a college education at more expensive schools. To learn more about your specific benefits, click here.
However, the process for using these benefits can be very complicated:
- First, both GI bills include a maximum monthly or annual reimbursement , so expensive schools can sometimes result in significant out of pocket expense
- Second, both GI bills place a maximum on the amount of time you can draw on your benefits - 4 years if attending college full time
- Finally, your length of service, state of residence, school attended, program of study, and college’s attendance policies can all play a role in if and how you can use your military education benefits
Note - adjustments are made for attending college half-time or part-time. If you go to school half-time, you’ll get 8 years of veterans' education benefits. However, it does create some pitfalls. For example, imagine that you’re using your GI Bill benefits as a full-time student. Your schooling costs $20,000 per year, which is completely covered by your benefits.
However, after three years, you realize you want to change majors, and it will require attending an additional year of school. This presents a problem – your veterans' education benefits will run out, and you’ll have to take out $20,000 in loans or pay out of pocket to complete your college degree:
- Year 1: $20,000 fully paid by GI bill benefits
- Year 2: $20,000 fully paid by GI bill benefits
- Year 3: $20,000 fully paid by GI bill benefits – change majors
- Year 4: $20,000 fully paid by GI bill benefits – benefits run out
- Year 5: $20,000 in out of pocket payment or loans!
If you’re interested in learning more about how StraighterLine and online college courses can act as a resource for veterans, please contact us.
