Decision Time: How to Use the GI Bill to Your Advantage
There are a number of factors to take into consideration when deciding how to use your GI educational benefits. If you are eligible for more than one version of the GI Bill, your first choice will be deciding which one to use. The information below will highlight some of the differences.
Basic Tuition Reimbursement
When it comes to tuition levels, the Post-9/11 GI Bill is usually the best option from a strictly financial perspective. It is designed to pay up to the maximum that public colleges charge in each state for undergraduate studies. It also helps pay for housing and school supply costs. This is in contrast to the MGIB which only pays a flat rate for tuition and expects you to cover the balance. However, if you are getting a free ride at a state college already you may actually get a higher total payout using the MGIB. This is because the Post-9/11 version pays your tuition directly to the college rather than to you.
Licenses/Certifications
The MGIB will permit you to divert tuition funds to pay for testing. This allows you to take as many tests for licenses and certifications as you want. In contrast, the Post-9/11 bill only pays for one test (and it won't pay for national tests like the CLEP). However, the cost for that one test is not deducted from your tuition reimbursement.
Non-Traditional Education
The MGIB is the plan that currently offers reimbursement for correspondence courses (these give you a certificate rather than a degree) and on the job training (OJT). There are some exceptions if you qualify for both the Post-9/11 version and the MGIB. Also, if the training or online courses are part of a degree program they might be covered under the newer benefit program. You will not receive housing or book/supplies stipends for online courses or OJT programs under either bill.
Accelerated Payments
Some types of tuition (such as that for high-tech degrees) can be very expensive. These might include courses in engineering, mathematics, physics, or advanced computer sciences. Veterans who are eligible under the MGIB can request an upfront payment for 60% of their tuition costs each semester instead of their usual monthly funding. You should only choose this option if you are sure you will be seeking a career in a related field such as aerospace design or biotechnology, etc.
Additional Funding
If you are eligible for the maximum benefit under the Post-9/11 GI Bill you may also be able to access Yellow Ribbon benefits. This program allows colleges to split the difference with the government for any tuition costs above what the GI Bill normally pays for. Each school gets to decide for itself if it will participate in this program. Openings are only available to a limited number of students at a time, so getting your application in early is critical. This additional funding makes it possible for qualified veterans to go to private universities or graduate schools that might otherwise be out of reach.
Checklist
That is a lot of information to digest all at once. Here is a checklist that might help you determine what GI Bill education benefit to choose:
Do You:
- Want to go to a public college in your home state? (Either program)
- Need a place to live while you go to school? (Post-9/11)
- Want to attend a private or graduate school, or out-of-state university? (Post-9/11)
- Need help paying for school supplies? (Post-9/11)
- Need to take national tests such as the SAT or the CLEP? (MGIB)
- Want to take expensive courses in preparation for a high-tech career? (MGIB)
- Want to take courses online to get a certificate rather than a degree? (MGIB)
- Need to get training on the job so you can work and learn at the same time? (MGIB)
- Want to get multiple licenses and certifications? (MGIB)
Each person's situation is different. You will need to sit down and add up all your expected costs to figure out which program will give you the maximum benefit.