One of the best benefits that many military veterans have is the GI Bill. Unfortunately, many veterans don’t take advantage of this benefit. There are many reasons people don’t take advantage of the GI Bill – not enough time to go to school, no desire for more education, or no need. But this is costing them a lot of money! Many people aren’t aware that they can make money by using the GI Bill!
How to Make Money with the GI Bill
The GI Bill pays veterans based on how many hours of classes they are taking, based on a prorated scale of full-time, ¾ time, ½ time, and ¼ time. (Rates for Active duty military members are capped at tuition costs). Check out the current MGIB rates for more info.
GI payments are intended to be used for school related costs, but there is no stipulation on how the money must be used. In fact, a check is written directly to the veteran to be used how and when the veteran wants to use it.
This means that is your tuition costs less than the full time GI Bill rates, you can keep the difference. This may be hard to find unless you are going to a Community College or State School. But there are other ways you can make money with the GI Bill.
If your tuition costs are covered, you can still receive the GI Bill
If your tuition is covered by an employer’s tuition assistance program or via a scholarship, you can still receive full GI Bill benefits! I have a friend who is currently taking advantage of this benefit and is earning over $1,300 per month while going to school. His employer is covering the cost of his tuition, and he is earning his full GI Bill benefits. This is money in his pocket! The same thing goes for scholarships. If you have a full-ride scholarship, the GI Bill is money in your pocket!
Note: Sometimes employers limit educational benefits to those who use the GI Bill. In this case, you would need to choose between employer tuition assistance and the GI Bill.