Finance

Forever GI Bill Offers More Money for STEM Studies

Serve in the U.S. military, get a college degree afterward. That’s long been the promise of the government and recent changes to make this benefit last a lifetime will continue under the Forever GI Bill.

The bill now provides more money for qualifying veterans that study STEM (science, technology, engineering, math) subjects.

The Forever GI Bill expanded the reach of the 1944 GI Bill (which was also expanded in 2001 as the Post 9/11 GI Bill), and provided access to free college tuition for most veterans and their families and extends the time they have to take advantage of the opportunity.

Where previously, veterans had 15 years after their discharge or release to use the benefits of the GI Bill, those benefits now extend for the remainder of the veteran’s life.

President Donald Trump introduced and championed the extension of the Harry W. Colmery Veterans Educational Assistance Act, now known as the Forever GI Bill in 2017, and President Joe Biden has continued that support.

What the Forever GI Bill Does

The Forever GI Bill extends the period in which veterans can access the educational program beyond the original 15-year time frame. It is available to any veterans who have been on active duty for 90 consecutive days, and now has no deadline to access the program.

The new law applies to any veterans who left the service after Jan. 1, 2013, and extended to the family of service members as well. Veterans who left the service prior to Jan. 1, 2013, have educational programs available to them under the post 9/11 GI Bill.

To further the benefits of the new bill, it grants veterans who are studying certain STEM (science, technology, engineering or math) majors funds to attend an extra year of school, although the funds for that extension are available on a first-come, first-serve basis.

The government has set aside $100 million for STEM scholarship benefits and qualifying veterans can earn up to $30,000 in addition to basic funding.

This includes the opportunities available in coding bootcamps, short-term educational programs which prepare students for job openings in mobile app development and programming languages, among other job types.

The Bureau of Labor Statistics offers the wide range of jobs available to anyone who can code in both public and private industry. The hourly wages range from about $40 an hour up to about $64.

What Can Veterans Get From the GI Bill?

While the “forever’’ part of the bill extends the coverage for, well, ever, the original bill services still stand.

Signed initially in 1944, the bill was designed to provide educational benefits to qualified service members and their spouses. It covers tuition and fees, housing to attend college, and funds for books and supplies.

But the new bill extends benefits beyond just the time period they can be accessed. The new bill includes monthly housing costs based on where the service member takes most of their classes, rather than the location of the school. If the service member is taking classes remotely from home, the housing stipend covers their home housing costs.

The new bill will extend its Yellow Ribbon Program coverage (updated in February 2022) to active duty members after Aug. 1, 2022. The Yellow Ribbon Program includes out-of-state tuition, private school or graduate school tuition that was not included in the Post 9/11 GI Bill.

Purple Heart recipients can also get full benefits under the new bill, regardless of the amount of time served. Previously, Purple Heart recipients had to serve at least 36 months to get 100 percent benefit under the Post 9/11 bill.

The new bill also expands benefits to National Guard and Reservists, as well as to family members and dependents.

How to Claim GI Bill Benefits

To check on your eligibility for GI Bill benefits, visit the Department of Veterans Affairs website.

You can apply for educational benefits online or in person at your local Veterans Affairs office.

Kent McDill is a veteran journalist who has specialized in personal finance topics since 2013. He is a contributor to The Penny Hoarder.


Source link

Show More

admin

Makes Noise is a blog where you can find all the juicy details on a variety of topics including health and fitness, technology, lifestyle, entertainment, love and relationships, beauty and makeup, sports and so much more. The blog is updated regularly to make sure you have all the latest and greatest information on the topics that matter most to you.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button