Get the Financial Aid You Need
It's important to investigate all of your options for financial aid, because you may need to combine funding from different sources in order to pay tuition and fees. As a current or former member of the Army, Navy, Air Force, Marine Corps or Coast Guard, you may be eligible for more than one source of assistance. In addition, you may be able to combine these benefits with the non-military financial aid that civilian students receive, such as Stafford Loans, Pell Grants, and private scholarships.
Montgomery GI Bill
The GI Bill offers a cash education benefit that you can use for college, technical or vocational courses, correspondence courses, apprenticeship/job training, flight training, high-tech training, licensing and certification test, entrepreneurship training, and some entrance exams. Benefits may also be available for remedial, deficiency, or refresher training.
Veterans and active-duty soldiers who have served at least two years can qualify. Under the GI Bill, you receive benefits based on your training, how long you were/are in the service, your category, and any added benefits from the Department of Defense. Base monthly benefits are set by Congress and depend on your academic program.
For educational training effective August 1, 2009, benefits will be available under the Post 9/11 GI Bill for attendance only at an Institute of High Learning (degree granting institution).
Under the Montgomery GI Bill, you pay $100 a month during your first year of active duty to be eligible for the GI Bill. Eligibility for the program ends 10 years after your last date of discharge and the money can't be refunded if you choose not to use it. Only 57 percent of the soldiers who pay for benefits use them, according to FinAid.org--make sure you're one of them! The Post 9/11 GI Bill has no such buy-in requirement.
Reservists who agree to serve for at least six years have a separate GI Bill. As a reservist, you don't have to pay into the program, but you will receive a smaller benefit. Education benefits end 14 years after you become eligible for the program.
Tuition Assistance
Active duty soldiers can use the Tuition Assistance "Top Up" benefit under the GI Bill to supplement their Tuition Assistance benefit, which is offered through military services and doesn't always cover tuition rates. The money can be used to pay for courses at accredited colleges, universities, junior colleges, and vocational-technical schools. Soldiers who want to earn a degree or get their high school diploma can receive these benefits if they are approved by a military department and are also eligible for active duty GI Bill benefits.
Veterans Educational Assistance Program
Federal aid is also available for older service members who make contributions from their pay through the Veterans Educational Assistance Program (VEAP). The government matches your contributions on a $2 to $1 basis. Depending on the amount of your contributions, you can receive benefits for up to 36 months. To be eligible you must have entered the service for the first time between Jan. 1, 1977, and June 30, 1985, and have opened a contribution account before April 1, 1987.
Loan Repayment Programs
Enlisting in the military can help pay off federal student loans such as Stafford, Perkins, PLUS, and consolidation loans. The amount of the benefit depends on your branch of the military. To qualify, however, none of the loans can be in default. If you work in the healthcare field, you could be eligible for the Health Professionals Loan Repayment Program.
ROTC Scholarships
The Reserve Officers Training Corps (ROTC) can help you pay for a full-time college degree. There is no military commitment for the first year, giving you a chance to decide whether you want to commit to the military. Full ROTC scholarships can pay for almost all tuition, fees, and books. You are required to take a military science course and enter the service as an officer after graduation.
Other financial aid programs are available for members of the various branches of the military and their family members. Because you may be eligible for a variety of different benefits and aid programs, it's a good idea to discuss your options with an education service officer.
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