How to Make the Most of the GI Bill

36 months of full-time education benfits for military personnel , by Erin Hasinger

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The Montgomery GI Bill (MGIB) provides up to 36 months of full-time education benefits to active duty and select reserve military personnel. Someone studying full-time at a college or university could potentially receive as much as $39,000 in educational benefits.

With all this free money available, it’s wise to think about doing everything you can to make the most of it. Here, we’ve outlined some things to consider that will help you maximize your MGIB benefits.

$600 Buy-Up

Many service members are eligible for the $600 Buy-Up Program. When you sign up to receive MGIB benefits, you make $1,200 contribution to the program through a years’ worth of $100 monthly pay deductions. For an additional $600, you can increase your monthly benefits by $150 each month and may receive as much as $5,400 in additional MGIB benefits. You must make your $600 contribution while on active duty, and you will not receive the increased benefit until you leave active duty.

Top-Up

Active duty personnel with two years of service who are eligible for MGIB benefits can use some of those benefits to supplement the military’s Tuition Assistance program. While tuition assistance may cover a percentage of the cost of a course, MGIB benefits can be applied to the difference. Top-up payments cannot exceed the standard MGIB monthly benefit.

VA Work-Study

Similar to the federal work-study financial aid program, the VA work study allowance program pays MGIB recipients the greater of federal or state minimum wage to work in a local VA office while receiving MBIB benefits. Work may include processing VA paperwork, working at medical facilities or National Cemetery Administration offices, or performing VA outreach services. There is no limit to the number of hours worked, although you cannot work a grand total of hours 25 times the weeks of enrollment. The money earned goes directly to you and is a great way to boost your income while in school, especially considering federal work study programs can be very competitive.

Army MGIB Transferability Program

Select active duty MGIB-eligible members of the Army may elect to transfer up to 18 months of full-time educational benefits to their spouse. This program is limited solely to the Army, and then only to those with specified critical skills. In addition, you must have served six years and reenlisted for another four years before your spouse is eligible for this benefit. The program is designed specifically to retain soldiers with specific skills.

Co-Op Programs

Many college programs require students to complete a co-op program. Science, computer and engineering fields, especially, often have students gain real-life work experience as part of the program. MGIB recipients who elect to complete a co-op program can continue to receive MGIB benefits. Students can divide their time between work and classes.

For example, a student could complete one full-time semester and work full-time the next semester; work during the day and take classes at night; or split their day evenly between work and school.  Full-time MGIB recipients can receive full-time benefits throughout the duration of their co-op experience.

Certification, Licenses and Exams

Don’t forget that your MGIB benefits can be applied to licensure, certification and standardized exams. If you have completed courses and still have benefits remaining, apply them toward a board exam to become certified in your field, or use them to take an exam such as the LSAT if you’re thinking about a professional or graduate program.

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