Veterans Can Easily Fund an Online Degree
The new GI Bill makes online education even more affordable for veterans.
Post 9/11 Veterans Educational Assistance Act of 2008:
Who qualifies: honorably discharged veterans who served in the armed forces on or after September 11, 2001 who have at least served 90 days or had a service connected disability for 30 days. For full benefits, the serviceman must have served at least 36 months. Servicemen/women who have completed 3 to 35 months of active duty will receive partial benefits. Servicemembers have fifteen years to claim these benefits. Veterans must be pursuing a degree; certificate programs are not eligible.
How it Works: With help from the “Yellow Ribbon Program”, the government and a participating private institution/out of state college share the cost of tuition. Up to $2,000 will be paid for certification testing as well as an annual stipend of $1,000 to pay the cost of books and other education related expenses. Up to four years of tuition assistance will be provided.
Transferring Benefits: Servicemembers with at least six years of active duty service can transfer the unused benefits of the bill to their spouses so long as they agree to serve another four years. Those with at least ten years of service can transfer the benefits to a child.
Montgomery GI Bill:
Who qualifies: veterans who served for at least two years and had paid the $1200 during active duty who are pursing degrees, vocational training, flight training, or certificates. There are specific date requirements, visit the veteran’s affairs website for details. The plan applies up to 10 years after service. Servicememember must have received an honorable discharge and hold a high school diploma/GED.
How it works: Veterans pay a $1200 fee (100 dollar a month during their first year of active duty). The program has a 36 month limits (4 years) and doled out in increments that range from $1300-$1800 a month. The same terms apply to transferring benefits and are considered on a case by case basis.