New GI Bill Benefits
(Post-9/11 GI Bill)
Beginning at the end of June, 2009, service members had the
ability to log on and transfer their post-9/11 GI Bill benefits to any (or all)
of their family members. Visit the official
Benefits Transfer website.
Online Scholarship Search
Benefits Under the Post-9/11 Veterans Education
Assistance Act
This new benefit will cover the full cost of
education at any public school in the country and many private schools. To
qualify for the benefits, a veteran has to have served at least 90 days of
active duty post-9/11 and have remaining entitlement. Only post-9/11 active duty
service counts toward this benefit. Any remaining Chapter 30 or 1607 entitlement
can be converted into this new education benefit. There is no requirement to buy
in to qualify, and the benefits last for 15 years after separation.
This benefit discards the outdated benefits
system and replaces it with a WWII style GI bill that provides upfront tuition
payments directly to the school, and provides a book/supply stipend of $1,000
per year and a monthly living stipend. The tuition payments can be used at any
public or private school but are capped at the cost of the most expensive public
school in the state. However, more expensive private schools offering a
veterans-only scholarship will see that scholarship matched dollar for dollar up
to the full cost of tuition.
The monthly living stipend will be based on the
Department of Defense Basic Housing Allowance (BAH) for that region. The stipend
will be pegged to the E-5 with a dependent rate for the zip code of the school.
Reservists will continue to receive a percentage
of the active duty rate based on the length of their active duty service.
However, this new benefit will allow reservists to accumulate active duty
service from multiple tours (more service = higher benefits). Lastly, all
reservists called to active duty will now have 15 years to use their benefits,
no longer just those who have 8 years of active duty or select reserve.
| 90 Consecutive Days: |
40% (Tuition, Books/Supplies and
Living Stipend) |
| 6 Cumulative Months: |
50% (Tuition, Books/Supplies and
Living Stipend) |
| 12 Cumulative Months: |
60% (Tuition, Books/Supplies and
Living Stipend) |
| 18 Cumulative Months: |
70% (Tuition, Books/Supplies and
Living Stipend) |
| 24 Cumulative Months: |
80% (Tuition, Books/Supplies and
Living Stipend) |
| 30 Cumulative Months: |
90% (Tuition, Books/Supplies and
Living Stipend) |
| 36 Cumulative Months: |
100% (Tuition, Books/Supplies and
Living Stipend) |
| Time to Use Benefit: |
15 years (see above) |
| Buy In: |
None |
Transfering your GI Bill Benefits to your Family
Chapter 33 (the new, post-9/11 GI Bill) allows the Secretary of Defense to
provide currently serving troops the opportunity to transfer education benefits
to a spouse or to one or more of the individual's children. The Secretary of
Defense is about to issue regulations on how this program will be implemented.
However here are some of the baseline requirements.
To qualify for transferability a service member must:
-
Qualify for the education benefits themselves
-
Served at least 6 years on Active Duty or in the National Guard or Select
Reserves
-
Agree to commit to 4 more years of service starting Aug 2009. EXCEPTION:
Preliminary reports from DoD’s pending rules state that if a veteran is
retirement eligible, than no additional service will be required. If a veteran
is less than 4 years to becoming retirement eligible than that veteran just
needs to finish the years remaining to retirement eligibility (e.g, 18 years in
the service, 2 more years are required).
-
Have a spouse or dependent to transfer benefits to
The ability to transfer benefits will start being available August 2009. A
service member may transfer part or all of their remaining education benefits as
they see fit between their family members. Family members will also benefit from
any enlistment kickers the service member was entitled to.
The VA recently announced that in order for a child to qualify for transferred
benefits, they must be under the age of 23 and if they are over the age of 18
they must already be enrolled in college. IAVA is currently working diligently
to expand eligibility to adult children.
There are different rules on how a spouse vs. a dependent can use this new
benefit. A spouse will have up to 15 years after the service member discharges
from the military to use their transferred benefits, while a child will have to
the age of 26 to complete their education. A spouse can begin using the benefit
immediately, while a dependent must wait till the service member has completed
ten years of service and the dependent has completed high school or turned 18
years old. Lastly, a spouse using the GI Bill while the service member is still
on active duty will not receive the monthly living allowance and a dependent
will be entitled to the full benefit.
Military Spouse Finance Guide
A Military Spouse Finance Guide: Financial Advice for the Homefront provides
real-world information and easy-to-implement solutions for those who want to
effectively manage their family's finances. With tips and examples that can be
used throughout a person's military and civilian life, the Military Spouse
Finance Guide is a comprehensive look at how to control your money, rather than
having your money control you.
It is always a good idea to save money for "a rainy day."
Take a look at our Military Emergency Savings
Plan article for advice on setting money aside for emergencies and
contingencies that come up - an especially good idea to accomplish before a
service member deploys.
Military Pay Calculator |
Military Retirement Calculator |
Organize your Finances --
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How do I get my free
annual credit reports?
An amendment to the federal
Fair
Credit Reporting Act requires each of the major nationwide
consumer reporting companies to provide you with a free copy of
your credit report, at your request, once every 12 months.
To order your free annual report
from one or all the national consumer reporting companies, visit
www.annualcreditreport.com,
call toll-free 877-322-8228
Military PCS
PCSing soon? Are you looking to sell your home?
Perhaps you are looking for a new home to buy or rent.
militaryhomesforsale.com
is the place to go. Here you can list and browse homes for sale and rent.
By selling your home "by owner" you save a lot by avoiding the high commission
rates that realtors charge. With an easy to navigate, powerful search
interface, this website is the premier for-sale-by-owner website! Check
out the new changes to the military PCS reimbursements.
Whether it's your first move or your twenty-first move, read the
PCS Lessons Learned
Military4Life.com
Military
Resumes