Monday, November 11, 2013

Applying for Veterans Education Benefits

In honor of Veterans Day, we talked to a group of veterans about money management. Some had not yet applied for education benefits.

Thus, we compiled information about resources available to veterans to help cover their education expenses. The following information was obtained from the US Department of Veterans Affairs website.

The US Department of Veterans Affairs can help veterans cover the cost of furthering their education and skills through benefit programs that may pay tuition, housing, training, and other costs.

We found a surprising statistic - more than 60% of Veterans have not applied for benefits. VA's education and training benefits are provided through these key programs:

  • Post-9/11 GI Bill
  • Montgomery GI Bill
  • Survivors' and Dependents' Assistance
Veterans can use this Benefit Comparison Chart to determine the right benefit for you.

Once you identify the right benefit for your needs, apply. The Veterans Affairs website states that it only takes 30 minutes to apply online.
(See if you are eligible for one-on-one support, counseling, and training to boost your skills and build your career by reviewing VA's Vocational Rehabilitation and Employment program.)
Applying for education and training benefits is a three-step process:

  1. Collect and prepare the necessary paperwork, including:
    • Copies of your discharge or separation papers (the DD-214 or equivalent)
    • Documentation of an enlistment incentive or College Fund—sometimes called a "kicker"—although this isn't required to apply for the GI Bill
  2. Select a school.
  3. Apply.
Other tips given on the Veterans Affairs website include:
  • Plan ahead and apply early—benefits can take a few weeks to process.
  • To secure housing benefits, plan to attend school for more than half time (e.g., seven out of 12 credit hours per term).
  • To attend a private or graduate school, inquire about the Yellow Ribbon Program. (VA benefits may not cover all expenses—under the Yellow Ribbon Program, schools make up the difference.)

In addition, the Department of Veterans Affairs provides the interest and aptitude assessment tool known as CareerScope at no cost to all eligible benefit recipients. CareerScope has been used frequently by Veterans to determine the best career path for transition to civilian life.

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