Education in the Military
Bookmark and Share

Financial Aid in the Military

Financial Aid in the Military

Article Highlights:

  • Common military programs and how they affect each armed force branch
  • Information on tuition assistance and the Montgomery G.I. Bill
  • Read up on college funds and free credit boot camp hours
 
 
 
 
 

Written By: Grace W. - Date Posted: 5/5/2009 - Number of Views: 942 - Grade:   A+

Program What is it? Who is Eligible? Benefit
Tuition Assistance

Tuition Assistance is a military benefit that pays the cost of:

  • Tuition
  • Lab fees
  • Enrollment fees
  • Special fees
  • Computer fees

 

The Coast Guard will only pay for your tuition and lab fees.

Virtually all military service members are eligible. However, each service branch determines its criteria for eligibility.

The Marines will only cover those members who are on active duty.

The Coast Guard will also cover civilian employees.

Tuition Assistance can cover up to 100% tuition and fees not to exceed:

  • $250/semester credit hour
  • $166/quarter credit hour
  • $4500/fiscal year

The Navy has a 16 credit hour annual limit.

Montgomery G.I. Bill

MGIB provides up to 36 months of education benefits to eligible veterans for:

  • College
  • Business, technical or vocational courses
  • Correspondence courses
  • Apprenticeship/job training
  • Flight training

 

Active Duty members who have served at least two years on active duty.

You must be honorably discharged from Armed Forces.

You must elect to have the military take out $100/month in your first year of service.

You must have completed high school or have an equivalency certificate before you apply for benefits.

Up to $1,321 per month for full-time institutional education.

Benefits end 10 years from the date of your last discharge or release from active duty.

The Post-9/11 G.I. Bill’s benefits will end 15 years from the date of discharge, and will provide up to 100% of your tuition plus housing and book stipends.

College Funds

Increase tuition support when you combine the Montgomery GI Bill with funds from the Army, Navy, Marine or Coast Guard College Fund programs.

Have no prior service

Have a high school diploma at time of entry to active duty.

Have an Armed Forces Qualification Test (AFQT) score of 50 or higher.

Enlist with the college fund as part of the enlistment agreement.

College fund awards are competitive, and decisions are made on the basis of academic merit.

The Army fund increases the amount of support to as much as $70,000, the Navy fund increases the amount of support to as much as $50,000 and the Marine Corps fund increases the amount of support to as much as $30,000.

The Air Force doesn't have a College Fund Program.

The amount you receive is determined by a number

Free Boot Camp Credit Hours

You can earn four semester hours of college credit simply by completing boot camp.

You must claim your credits through your service branch and make sure your university accepts them.

Applying your military experience credits could save you as much as $600 and 5 months on a typical 3-credit college course.

Student Loan Repayment Program

The SLRP will help repay your education loans, which include federal education loans such as the Perkins, Stafford, PLUS, or Consolidation loans, but not private alternative loans.

Enlist with a high school diploma.

Have an Armed Forces Qualification Test score of 50, or higher.

Enlist in a critical military occupational specialty (MOS). Possess a loan that was made, insured, or guaranteed prior to entering active duty.

When you enlist, the Army will pay back up to $65,000 in qualified education loans (up to $20,000 for Reservists), the Navy up to $65,000 and the Air Force up to $10,000.

Each year 15% of the loan balance or $500, whichever is greater, will be repaid by SLRP.

 

 
 


Does this Article Make the Grade?

Ever wish you could play teacher and bust out the red ink? Now's your chance, we've given you the power to pass or fail the article you just read. Use it wisely.







Free Student Calculators

Get Custom Student Calculators for
Your School’s Website!

Put free, multifunctional calculators on your site in just a few easy steps.

Free Student Finance Sites

Need a financial literacy website but don’t have the resources?

As a Debt Free U Partner you can take our site and customize it with your school colors and logos - for free!

No Cost, No IT Expertise, and No Web Hosting Required

DFU Advocates

"Our students found Debt Free U to be a valuable resource. We're excited about our center’s collaborative efforts with Debt Free U aimed at strengthening the financial literacy skills of our students"
-Paul F. Goebel, Director of UNT's Student Money Management Center

What Do You Think?

Who or what is the primary source of your college funding?






Brain Still Buzzing? Try a Test or Quiz
Look for us on