Cash Savings / Pay As You Go
529 College Savings Plans are valuable for their tax benefits and the ability to transfer them between family members. This is especially important if you have a long time frame to work with as we have in my family.
But 529 plans also lock up your money for college-related expenses. I prefer to maintain flexibility whenever possible. So it may not be a great idea to lock up all your savings in a 529 plan where it cant be touched without paying taxes and penalties if used for non-qualified educational expenses.
So our plan is to use 529 plans, but also have some savings and investments in taxable accounts .
Having cash in savings and other investments is more flexible than relying solely upon a 529 plan, as the funds can be used for other needs if they arise. . You do pay taxes on all the earnings in your taxable accounts, but the flexibility may be worth it for many people.
Education Opportunities Covered By Post 9/11 Gi Bill Transfer Of Benefits
A family member having a Post 9/11 GI Bill transfer of benefits can use them for most of the same programs covered by other GI Bills. Training must be conducted at a VA-approved education facility but the course of study can be either at a degree-producing school or a non-degree facility, including vocational, technical, flight, on-the-job and apprenticeships.
A GI Bill transfer of benefits can also be used as reimbursement for the cost of certain licenses, certifications, or certificate tests, along with paying for training. Also, certain college entrance tests are covered, like the GMAT.
Some military members are fortunate enough to have two GI Bills the Montgomery GI Bill Active Duty that they paid for, and the Post 9/11 GI Bill which is free for serving after September 10, 2001. However, when it comes to a transfer of benefits, only the later can be given to an eligible family member.
But because of this rule of transfer, a servicemember having both GI Bills must relinquish ownership of the MGIB-AD before making a Post 9/11 GI Bill transfer of benefits request. If not making a transfer, the servicemember has a choice of using all 36 months of their MGIB-AD, switching GI Bills and using an additional 12 months of Post 9/11 GI Bill benefits, or switching right away to the Post 9/11 GI Bill and getting only the remaining unused MGIB months of eligibility and not the additional 12 months.
Your Gi Bill Benefits: Everything You Need To Know
What is the Post-9/11 GI Bill?
The Post-9/11 GI Bill is a generous education benefit for the latest generation of service members and veterans. It includes payment of tuition and fees, a monthly housing allowance and a stipend for textbooks and supplies for up to 36 months. The GI Bill traces its history back to World War II when the Servicemens Readjustment Act was enacted to provide education and training, home loan guarantee and other benefits for veterans. Revamped several times to aid veterans of war and peacetime, the GI Bill as we know it was signed into law by President George W. Bush in 2008 and went into effect the following year. Portions of the GI Bill were updated again in 2017 under the Harry W. Colmery Veterans Educational Assistance Act, better known as the Forever GI Bill.
Who is eligible for the GI Bill?
If you have served on active duty for at least 90 days since Sept. 10, 2001, you are eligible for Post-9/11 GI Bill benefits whether youre still in the military or have already separated with an honorable discharge. The amount of time you spent on active duty determines the percentage of total benefits you can receive.
Right now, the VA uses this scale to determine eligibility:
How to apply for your GI Bill
GI Bill certificate of eligibility
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Post 9/11 Gi Bill Non
If you are receiving benefits from the Post 9/11 GI Bill, the VA can pay:
The full in-state tuition costs of your non-degree education if you are attending a public school, or up to $24,476.79 per academic year if you are enrolled in a private school.
Again, how much you can actually receive are dependent on the factors we mentioned above. The payment for your tuition costs are sent by the VA directly to your school.
You are also entitled to receive a monthly housing allowance depending on the location of where you are taking most of your classes, as well as up to $83 per month for books and supplies.
These are paid to you directly every month via mailed checks or through direct deposit.
These benefits and rates are also applicable to qualified recipients of the Fry Scholarship. You can check out the current rates here.
Can I Get Educational And Career Counseling Through Va
You may be able to get free educational and career counseling through the Personalized Career Planning and Guidance program if you meet one of the requirements listed below.
One of these must be true. You:
- Are leaving active service soon, or
- Have been discharged within the past year, or
- Are a Veteran or dependent who is eligible for VA education benefits
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What Does The Gi Bill Not Cover
The Post-9/11 GI Bill might not cover all of your higher-education expenses in some cases. Some examples of what it wont cover are:
- The full cost of private or foreign school: Tuition assistance is capped at a national maximum of $26,043 per academic year at private and foreign institutions. The VA updates the limit each year.
- The full cost of an education in some cases: If you served less than 36 months, then youll receive a percentage of the maximum benefit. For example, if you served between 90 and 180 days, youll qualify for 50 percent of Post-9/11 GI Bill benefits.
- Additional education: The Post-9/11 GI Bill covers up to 36 months of college or career training. If you need more time because you transferred schools, switched degree programs or took on an advanced degree, then youll have to cover the costs.
- College closing: Your benefits wont reset if your school closes or the VA no longer approves the school.
Apply For Gi Bill Benefits Early
GI Bill benefits come in many packages and vary in the amount of money offered, depending on when and for how long you served. Under the Post-9/11 Bill, for instance, students have 15 years to use their funds if their service ended before January 1, 2013 and unlimited time if their service ended on or after that date. With the Montgomery Bill you have a 10-year limit. Be sure to research your options so that you know what to expect when you’re ready to go to school.
Applying to colleges and for GI benefits early is the best approach to take. For some veterans, the process may take up to six months, says Eric Kocian, assistant professor of criminology, law and society at St. Vincent College in Pennsylvania and a former veteran student. Familiarize yourself with the VA website to learn about the most appropriate GI benefit.
The VA even offers a GI Bill Comparison tool, which assesses the veterans resources available at specific colleges as well as how much of your college expenses your GI benefits will cover.
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Submit The Request For Benefit Certification Link
If you are admitted to a program at Syracuse University and you are ready to enroll, you will need to complete and send the Syracuse University Request for Benefit Certification form to the Office of Veteran Success each term you wish to use your benefits. After admission, the forms can be found online in your MySlice account, , in the financial aid section. You will need your SU NetID activated to use MySlice. If you have not already done so, with your SU ID number follow the online instructions at its.syr.edu to activate your NetID.
How Do I Apply For Gi Bill Education Benefits
You can apply for your GI Bill benefits online with VA at their new vets.gov website.
as soon as possible. When you first apply, it can take about a month to process your GI Bill application.
To get the process started:
- Gather the documents and information listed below that youll need to apply for education benefits.
- See what benefits youll get at the school you want to attend. Go to the GI Bill Comparison Tool.
- Work with a trained professional with a Veterans Service Organization who can help you pick the right program. Find an accredited representative.
What documents and information do I need to apply?
- Social Security number
- Bank account direct deposit information
- Education and military history
Once you are ready to go, you should start the application process.
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Start The Certification Process
This is a step where you tell UW-Madison what types of education benefits you plan to use. The courses you choose to take need to be certified in order to receive your full benefits.
There are more steps youll need to take in the future to complete the certification process, which will be explained on this page.
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How To Use Your Gi Bill Benefits
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs . More information about education benefits offered by VA is available at the official U.S. government web site at www.benefits.va.gov/gibill.
Any member of the military , veterans or veteran-dependents that qualify for GI Bill® benefits must apply for benefits through the VA’s website .
*After applying for benefits it takes 6 – 8 weeks before you will receive a Certificate of Eligibility in the mail. This Certificate of Eligibility is your proof that you are indeed eligible to receive funds under the GI Bill®.
Check the status of your application, via the GI Bill® hotline: 1-888-GIBILL-1 .
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Apply To Delgado And Schedule Your Classes
You will need to follow all of the steps required by our Office of Admissions and Enrollment Services. This includes submitting an application for admission, paying the application fee, taking a placement test, and scheduling.
Note: You can only be certified for courses that are required for graduation from Delgado Community College and it is your responsibility to assure that you are following your chosen program. It is strongly advised that you consult an academic advisor when scheduling.
Benefits Of Active Duty Montgomery Gi Bill
If qualified, you can receive up to 36 months of education benefits. The actual length of your monthly benefits will depend on several factors, including:
- Type of training or education you pursue
- Service length and your category
- College fund eligibility and
- Contributions you’ve made to a buy-up program.
The buy-up program allows you to contribute up to an additional $600 from your income while on active duty, increasing your monthly benefits when it comes time to finance your education. Total benefit increases vary by contribution, but at the $600 level, they can add up to $5,400.
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Who Should Use Your Gi Bill
Most people automatically assume they should give their GI Bill benefits to their children once they are eligible to use it. There is nothing wrong with this, and this is what I will most likely do. But make sure this is the best use of the benefit. You may find that you or your spouse are better off using the benefit now.
For example, lets say you are a middle-enlisted member who enlisted for 6 years, then you transferred your Post-9/11 GI Bill benefits when you reenlisted for 4 more years. You decide to leave military service at the 10-year mark. If you werent able to use Tuition Assistance Benefits or otherwise complete your degree, it may be in your best interest to use the GI Bill for yourself. Improving your career prospects now will pay dividends for decades to come, and it is much more valuable than giving your children a future benefit.
The same situation applies to military spouses. Frequently moving from location to location can be difficult on a career, but it can be made easier with marketable job skills. If your spouse can attend college now and receive a degree that will help with employment potential, then do it.
Us Veterans Affairs Education Benefits
Eligibility for Veterans Affairs education benefits is determined by the VA. For additional information on eligibility criteria and application processes visit the U.S. Department of Veterans Affairs How to apply for the GI Bill webpage.
You must have proof of eligibility in order to use your VA education benefits at Dallas College.
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Does The Gi Bill Cover Public And Private Colleges
The Post-9/11 GI Bill covers 100% of tuition and fees for in-state students at public schools. For private or foreign schools, the GI Bill covers a predetermined maximum dollar amount, which currently sits at $26,040 for the 2021-22 school year.
You can review the GI Bill resident rate requirements to see if you qualify for in-state tuition.
What Benefits Can I Get Through The Post
You can receive up to 36 months of benefits, including:
- Tuition and fees. If you qualify for the maximum benefit, well cover the full cost of public, in-state tuition and fees. We cap the rates for private and foreign schools, and update those rates each year.
- Money for housing . Well base your monthly housing allowance on the cost of living where your school is located.
- Money for books and supplies. You can receive up to $1,000 per school year.
- Money to help you move from a rural area to go to school. You may qualify for this one-time payment of $500 if you live in a county with 6 or fewer people per square mile and youre either moving at least 500 miles to go to school or have no other option but to fly by plane to get to your school.
Heres how well determine how much of the benefit youll qualify for:
The specific amount youll receive will depend on how much active service youve had since September 10, 2001. Well calculate this amount based on a percentage of the maximum benefit.
For example: If you had 90 days of active service since September 10, 2001, you would qualify for 40% of the maximum amount. If you served for 3 years, you would qualify for 100% of the benefit. So if your school charges $22,000 for in-state tuition and fees, you would receive $8,800 if you had 90 days of active service and the full $22,000 if you had 3 years of active service.
How Does A School Get A Program Approved For Gi Bill Benefits
State Approving Agencies are generally responsible for the approval of education and training programs in their respective states. They are the pathway into VA for a program’s recognition and identification as being eligible for the payment of VA education benefits. Colleges, universities, and other training establishments seeking to provide VA eligible training programs should begin by contacting their SAA. For a listing of all SAAs, please click here.
Following is a listing of general approval guidelines for programs of education broken down by various types of training programs. As stated above, for more information and approval assistance schools and training institutions seeking approval of their training programs for GI Bill benefits should contact their SAA.
“Educational Institutions” and “Institutions of Higher Learning”
Prohibitions to Approval
A list of prohibited programs and practices can be found primarily in 38 USC §3680A they include the following highlights:
- Programs must not be avocational
Exceptions: None The SAAs should not approve training of any kind that does not conclude with a standard college degree or certificate of training with a clear vocational objective or purpose.
- Private and not-for-profit educational institutions that do not offer a standard college degree must have been operational for at least two years
- Program enrollment by VA beneficiaries may not exceed 85%
When Do Parents Sign A Pin On A Fafsa
Your parent must have the Post 9/11 G.I. Bill for you to be able to use it. This is the only one that has the transferability option. Your parent must meet service requirements and make the transfer to you while still in the armed forces. Once you are eligible, the G.I. Bill will pay for expenses such as your full tuition and fees, a monthly housing allowance and an annual book allowance.
Verify that the college or training program you are interested in is approved under the Post 9/11 G.I. Bill. Most public colleges and universities are approved, but be certain by asking the school or checking with the Department of Veterans Affairs. Undergraduate, graduate, vocational, on-the-job training, flight training, national testing programs and tutoring are included in the programs that may be covered.
Apply to and register at the school or program you wish to attend. Submit any paperwork that is required and complete the Free Application for Federal Student Aid. You may qualify for additional financial aid on top of your parent’s G.I. Bill.
Apply to use your transferred benefits with the Department of Veterans Affairs using Form 22-1990e.This form is used once the benefits have been transferred to you. Ask your school if it requires any additional forms or paperwork in conjunction with your parent’s G.I. Bill.
Ask your school whether you qualify for a veteran deferment. This is a temporary extension of the payment deadline to allow your veteran benefits to process.
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