The GI Bill is one of the most valuable benefits veterans have available to them when the separate from the military. The GI Bill can go a long way toward helping veterans earn their degree, and with that, the opportunity to increase your income potential. But the GI Bill doesn’t always offer enough benefits to complete a college degree. The high cost of college can be a contributing factor. But that isn’t the only reason, especially for veterans who are eligible for the Post-9/11 GI Bill, which covers tuition up to the cost of the most expensive state school. The biggest limitation with the GI Bill is the amount of benefits, which are capped at 36 months. It is possible to complete a college degree before you run out of GI Bill benefits, but sometimes it can be incredibly difficult, especially for those working on more advanced degrees.
Before we start: there are two primary versions of the GI Bill available to active duty veterans and some Guard/Reserve members: the Montgomery GI Bill (MGIB) and the Post-9/11 GI Bill, or GI Bill 2.0. (Some Guard and Reserve members are eligible for these programs based on their service record, while other Guard and Reserve members may be eligible for different GI Bill programs). It’s important to note the difference in these benefits to understand how to use them to your advantage.
The Montgomery GI Bill offers veterans a flat monthly stipend that is paid directly to them each month based on the number of hours of school they are attending. That is not the case for veterans using the Post-9/11 GI Bill. The payment for classes goes directly to the university, with a housing and book stipend going to the student. This difference is important when paying for and completing your degree.
Before we start: there are two primary versions of the GI Bill available to active duty veterans and some Guard/Reserve members: the Montgomery GI Bill (MGIB) and the Post-9/11 GI Bill, or GI Bill 2.0. (Some Guard and Reserve members are eligible for these programs based on their service record, while other Guard and Reserve members may be eligible for different GI Bill programs). It’s important to note the difference in these benefits to understand how to use them to your advantage.
The Montgomery GI Bill offers veterans a flat monthly stipend that is paid directly to them each month based on the number of hours of school they are attending. That is not the case for veterans using the Post-9/11 GI Bill. The payment for classes goes directly to the university, with a housing and book stipend going to the student. This difference is important when paying for and completing your degree.
Tips to Complete Your Degree with the GI Bill
The goal, of course, is to complete your degree while you still have GI Bill benefits available. Doing so will minimize your out of pocket expenses and help you get back into the work force in a minimal amount of time. Completing your degree within the benefits period requires a plan and hard work. But it can be accomplished. Here are some tips:
Load up on classes each term. The more classes you take each term, the more quickly you will complete your degree. The downside on loading up on classes with the MGIB is that the monthly benefit is capped for full-time students. Students are required to pay for their classes out of their own pockets, and if their classes are more expensive than their MGIB benefits, they are forced to pay on their own. The Post-9/11 GI Bill works differently because payments are sent directly to the school. In this case, students can load up on classes and the courses will be paid for with the Post-9/11 GI Bill. 12 hours is considered a full time course load at most universities. Students can complete their degree more quickly if they take 15, or even 18 hours per term. This requires more work and balance, but it can save students a lot of time and money in the long run.
Original Article Published Here: How to Pay for School When You Run out of GI Bill Benefits
No comments:
Post a Comment