Veterans Education Benefits

Transitioning from military to civilian life can be a big leap. But did you know that the Post-9/11 GI Bill offers veterans a golden ticket to higher education? If you're looking to jumpstart your college journey, understanding these benefits is your first step. Let's dive in!

Key takeaways

• The Post-9/11 GI Bill offers significant educational benefits to eligible veterans
• Choosing the right institution can affect your degree completion and future earnings

Understanding the Post-9/11 GI Bill

The Post-9/11 GI Bill (PGIB), signed into law by President George W. Bush in 2008, is a game-changer for veterans seeking higher education. This bill provides financial support for tuition, housing, and books to veterans who have served on active duty on or after September 11, 2001 (or a qualifying dependent), with a 15-year limit to use the benefits.

A brief history

In 2017, the Harry W. Colmery Veterans Educational Assistance Act, also known as the "Forever GI Bill", expanded these benefits even further. It removed the previous 15-year limit for veterans whose service ended after January 1, 2013, giving these veterans and their dependents unlimited time to use their education benefits.

Eligibility and how to use it

So, who's eligible?

• If you've served at least 90 days of active duty post-9/11 (either all at once or with breaks in service), you're likely in luck!
• You received a Purple Heart on or after 9/11
• You served at least 30 continuous days on or after 9/11, and were honorably discharged with a service-related disability
• You’re a dependent child using transferred benefits from a qualifying veteran

Between 2009 and 2019, about 2.7 million enlisted veterans were eligible for these benefits.

Steps to get started

1. Apply through the VA: Head over to the VA's website to start your application.
2. Choose a school: Consider factors like degree programs, veteran support services, and graduation rates.
3. Enroll and notify: Once accepted, inform your school's certifying official to process your benefits.

Financial impact and benefits

Education isn't cheap, but with the PGIB, the federal government has your back. Nearly $100 billion was budgeted for the program between 2009 and 2019!

What you get

• Tuition coverage: Up to 100% of in-state tuition costs at public institutions.
• Monthly housing allowance: Based on the cost of living where your school is located.
• Book stipend: Up to $1,000 per year to cover books and supplies.
• Money to move: If you are moving to a highly rural area to attend school, you may qualify for a one time relocation stipend of up to $500

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Combining GI Bill benefits with other financial aid

While the Post-9/11 GI Bill provides substantial support, you might still need additional funding to cover all your educational expenses. Understanding how to leverage other financial aid options can make a significant difference.

Applying for federal student aid

Don't forget to fill out the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for other grants, loans, or work-study programs. Even as a veteran, you might qualify for federal student loans with favorable terms. Remember, FAFSA grants aren't taxable, so they won't affect your tax liabilities.

Exploring scholarships

Numerous scholarships are available specifically for veterans and their families, like the Edith Nourse Rogers STEM Scholarship. There's no limit to the number of scholarships you can receive, so apply to as many as possible to reduce your out-of-pocket costs. Learn more about scholarship limits.

Understanding private loans

If you need additional funding beyond what the GI Bill and federal aid provide, private student loans might be an option. However, be cautious and read the fine print carefully to understand the terms, interest rates, and repayment plans. Here's how to read the fine print easily.

Choosing the right institution

Where you go matters a lot. Degree completion rates and future earnings can vary based on your choice.

Six-Year Degree completion rates

• 77.5% at four-year nonprofit institutions
• 67.4% at four-year public institutions
• 46% at four-year for-profit universities

Earnings after graduation

Post-graduation earnings should be a significant factor in choosing schools. Due to higher post-graduation salaries, 90% of nonprofit schools have a positive median return on investment. When it comes to for-profit schools, though, that figure drops to just 41%.

Educational and career outcomes

Using your PGIB benefits not only helps you graduate but can also boost your GPA and income.

• Higher GPAs: Veterans averaged GPAs 0.40 higher than civilian peers.
• Increased earnings: Those who used their benefits earned $1,700 more per year than those who didn't.

TuitionHero Tip

Did you know that the original GI Bill significantly increased college completion rates among World War II veterans? It helped many achieve educational goals they thought were out of reach.

Dos and don'ts of veteran education benefits

Why trust TuitionHero

TuitionHero helps veterans maximize their education benefits with resources on leveraging the Post-9/11 GI Bill, scholarships, and financial aid. We also offer guidance on choosing schools and managing additional costs to support your academic success.

Frequently asked questions (FAQ)

How can I extend my education benefits beyond the 15-year limit?

Thanks to the "Forever GI Bill", veterans now have unlimited time to use their benefits. This means you can go back to school whenever you're ready without worrying about a time limit. Just make sure you qualify for the Forever GI Bill - only veterans whose service ended after January 1, 2013, are eligible.

Can I transfer my GI Bill benefits to a family member?

Yes, in some cases, you can transfer unused benefits to a spouse or child. This typically requires additional service commitments, so check with the VA for specific guidelines.

What if I want to attend a private or foreign school?

The PGIB can still help! It provides up to a certain amount per academic year for private and foreign institutions. Always verify the exact figures with the VA.

What happens if I need to take out a private student loan?

While the GI Bill covers many educational expenses, you might find yourself needing additional funds. If you're considering a private student loan, it's crucial to understand what you're getting into.

Private loans often require a co-signer and might come with variable interest rates. Be sure to explore how you can qualify for a private student loan and compare lenders carefully.

Will applying for federal student loans affect my GI Bill benefits?

No, applying for federal student loans or grants does not affect your GI Bill benefits. In fact, using both can help cover expenses that one alone might not. Remember to complete your FAFSA to access federal aid.

Can I refinance my student loans after graduation?

Yes, refinancing can be a smart financial move to lower your interest rates or adjust payment terms. However, consider whether refinancing will hurt your credit and weigh the pros and cons before making a decision.

Final thoughts

Your service has earned you valuable education benefits. By understanding and maximizing the Post-9/11 GI Bill, you're setting yourself up for academic success and a brighter future. So, what are you waiting for? Take the leap and invest in yourself!

Source

• Post-9/11 GI Bill Basics
• The Forever GI Bill
• GI Bill Eligibility Assessment
• GI Scholarships
• Veterans Who Use Their Benefits
• Veteran GPA
• PGIB Higher Earnings
• College Graduation Rates: Full Statistics
• For-Profit vs. Nonprofit Colleges: What’s the Difference?