Being a member of the armed forces is a dangerous job. Soldiers typically have little to no say so in how often they will move all around the world, and how many times they will be deployed to war zones. However, service members have access to some lucrative benefits to offset the hazard and sacrifices of this profession. Their benefits range from a guaranteed paycheck, health care, and home loans to popular monetary educational assistance called the GI Bill.
The GI Bill is the Servicemen’s Readjustment Act of 1944. It was created after the World War II to help service members pay for tuition and various other benefits. In 1984 it was revamped and renamed to the Montgomery GI Bill, then it was revamped again in 2008 and called The Post 9/11 GI Bill. Nowadays, service members can choose between the two.
The GI Bill is used to help ease transition into the civilian career by helping eligible soldiers and veterans cover the costs associated with education or training. When you make the decision on which bill to choose, remember that this decision is not reversible and ONLY The Post 9/11 GI Bill is transferrable to dependents. Transfer must be made while the service member is still serving.
Provides 36 months of benefits for those who have served on active duty for at least 90 days after September 11 attacks. The benefits never expire thanks to the Forever GI Bill initiative from 2017. Tuition fees are paid directly to school, but monthly housing allowance and books/supplies stipend is paid directly to the student. The Bill can be transferred to immediate family dependents.
If your service member has already taken advantages of their GI Bill there are certainly other avenues your family is able to explore. Our sponsor Navy Mutual offers a variety of secure, low-cost annuities to help ensure your financial security down the road. As a non-profit serving the military community for over 140 years they want to make sure that you live your best financial life, from start to finish. Take advantage of their college savings calculator to find out how much you may need to save for college and when you are ready reach out to Navy Mutual and schedule a consultation!
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