GI Bill - those active duty military with dependents

http://www.military.com/money-for-school/gi-bill/new-gi-bill-overview#9

Benefit Transferability

Transferring Post 9/11 GI Bill Benefits: The Department of Defense (DoD) is authorized to allow individuals who, on or after August 1, 2009, have served at least 6 years in the Armed Forces and who agree to serve at least another 4 years in the Armed Forces to transfer unused entitlement to their dependents (spouse, children). The Department of Defense may, by regulation, impose additional eligibility requirements and limit the number of months transferable to not less than 18 months.

Transfer of Unused Education Benefits Under MGIB (Chapter 30), 1606, or 1607 to Family Members. The Department of Defense is authorized to allow individuals who have served at least 6 years in the Armed Forces and who agree to serve at least another 4 years in the Armed Forces to transfer unused entitlement to their dependents (spouse, children) under chapters 30, 1606, and 1607.

The Department of Defense may, by regulation, impose additional eligibility requirements and limit the number of months transferable to not less than 18 months.

NOTE: DoD must develop regulations and provide VA with eligibility information before the VA can make payments under this provision. The ability to transfer benefits is limited to those currently serving in the military with some limited provisions for those retiring over the next few years.

Comparing the Old and New GI Bill’s

The following table highlights the differences between the Montgomery GI Bill and the New GI Bill.

Post 9/11 GI Bill
Chapter 33

Payment Rate forFull-Time Student

A payment indexed to full in-state tuition for public schools. A lump sum paid directly to the school each term.

Duration of Program - 36 Month entitlement.

Living Expenses - stipend based on local BAH for E-5 with dependents – paid monthly avg. amount app. $1,200 a month.

Books and Fees - Up to $1,000 a year.

Eligibility Requirements - Active-duty service since Sept. 11, 2001.

Benefit Expiration -15 years from your last period of active duty of at least 90 days.

Transfer benefits to families


Enrollment fee - None

* In earlier copies of the Post 9/11 GI Bill, it was stipulated that members would be able to stop making enrollment payments for the MGIB. This stipulation was removed from the law. This means that those servicemembers who are currently paying the $100 a month enrollment fee will be required to continue making payments until the $1,200 enrollment fee is paid in full.



Basically, those of you that are active military with 529 (child college $$) funds that have suffered in the market, you can transfer your GI Bill to your children so they can use it within 15 years of your last active duty period.

We're going to take Catherine's money, such as it is now, in the 529 fund and transfer it to David and she's going to use Mike's GI Bill for basically a full ride through the college of her choice. The link is above for those of you wanting to take a closer look at the post 9/11 changes.