Military veterans have a plethora of educational benefits available to them. Often times, you just need to know where to look to find the information (and money!) you need. Here are some of the options available to you:
Montgomery GI Bill (MGIB)
The 2008 GI Bill rates go into effect on October 1, 2007. The new rate is $1,101 per month, which makes veterans eligible to receive up to a total of $39,636. That’s not bad for buying into the GI Bill for only $1200!
The new rates are an increase from last year’s rate of $1,075. While the new rates do not reflect a substantial increase from last year’s rates, every raise is helpful to college students receiving the GI Bill.
Earn up to an additional $150/month on top of your GI Bill payment
There is another way to receive a larger GI Bill benefit. Eligible active-duty service members can pay into the GI Bill Buy-Up program (also known as the GI Bill Kicker Program), which will provide the service member up to an additional $150/month added to their standard MGIB pay rate. This can potentially increase the total GI Bill benefits by up to $5,400.
To receive this additional money, you must make additional payments into your GI Bill. To receive the maximum of an additional $150 per month, you must pay a total of an additional $600 into your GI Bill. However, you can add money in increments of anywhere from $20-600. Divide the additional amount you add to your GI Bill by 4 and this will be the extra amount you will receive in your MGIB payments every month. If you pay the maximum of $600, you will break even after only 4 months of receiving the full GI Bill benefits. For more information, contact your educational office.
If you are unsure whether or not you are eligible for the GI Bill, you can check your eligibility at the VA GI Bill eligibility website.
Additional Veterans Educational Benefits
You may be eligible for additional educational benefits. One of the best sources to find out what your state offers is through your state’s website or from Military.com’s State Veterans educational benefits guide.
There are many private scholarships available to veterans. There is no way for me to list them all, but you should be able to find out about many of them by contacting your school’s financial aid office. Many schools also offer their own scholarships for veterans. Again, check with your school’s financial aid office for more information. And remember, if a company requests a payment as part of a scholarship application, it’s most likely a scam! Stay away!
Good luck in finding the funds you need to pay for your school. You’ve earned it!