Education Earned: Financial Aid for Veterans
You’ve served your country, now it’s time to see what Uncle Sam can do for you. Well when it comes to getting your college degree, he can do a lot. There are millions of tax-free dollars available to veterans and their dependents, consider it a thank you for your service. The Department of Defense, Department of Veterans Affairs and many states offer programs to help vets pay for college. There are also millions of dollars available in student loans and grants for members of the military.
The government’s foundation for educating veterans is the Montgomery GI bill, or MGIB. President Roosevelt signed the bill into law in 1944 after World War II. Since then, it’s estimated the GI Bill has helped educate more than two million veterans. The plan gives veterans a monthly stipend for 36 months toward higher education. To qualify you must have served at least two years on active duty and have your high school diploma or equivalent.
If you get money through the GI Bill, you can still apply for student loans, scholarships or grants. The tax-free money is not considered financial aid since it is sent directly to the veteran or service person. However,since it counts as income, GI Bill payments can reduce your eligibility for need-based financial aid. GI Bill money can be used for tuition, as well as fees, books and living expenses. Once you leave the military you have ten years to use your GI benefits. That means even after earning a degree, a veteran can put the GI Bill money toward independent study programs, continuing education classes, an apprenticeship of even to get a license or certificate in a particular field.
In 2009 congress updated the Montgomery GI Bill. The new Post 9/11 GI Bill provides education benefits for service members who have served on active duty for 90 or more days since Sept. 10, 2001. Tee new bill pays 100% tuition as well as a monthly housing allowance and up to $1000 a year for books and supplies. The Post 9/11 GI Bill cannot be applied to courses completed before July 2009.
Armed Forces Tuition Assistance, TA, is a benefit for eligible members of all the armed services. Each division can pay up to 100% of tuition expenses of its members. TA is not a loan, it’s like money a veteran has earned. Each arm of the military has its own criteria for eligibility, obligated service, application process. Unlike money from the GI Bill, tuition assistance is paid directly to the school.
Private scholarships and grants provide more than $300 million for members of the military, veterans and their families. Many scholarships are awarded to veterans fitting a specific description. Veterans of foreign wars, disabled veterans and veterans of Operation Enduring Freedom are just a few of the scholarships available. Even if you are getting money through the GI Bill, online college grants can be used to off-set the costs of books, fees, and living expenses.
Did you know you may have already earned college credit before you get there? Many colleges and universities will count years in the service as class credit. The American Council on Education, ACE, can help you and your school determine how many credit hours you earned while serving.
The government has programs in place to help military veterans and their dependents with grants for college. The GI Bill, Tuition Assistance, scholarships and grants offer money to help going to college affordable.
