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Boost to College Funding Plan

April 8th, 2010 at 05:51 am

I'm feeling pretty confident that we have a plan to pay for at least four out of eight years of college. I researched the new Post 911 GI Bill. It appears that my husband is eligible. I will have him call to confirm.

The Post 911 GI Bill provides 36 months (I'm guessing this is equal to 4 years at 9 months each) of tuition and fees at any college or university up to the in state maximum. It also provides $1000 annually for books. And housing in some cases. If my husband were to get his master's degree, the housing wouldn't apply since we already receive it.

The cool thing about the bill is that the service member can transfer any number of months to their spouse and dependent children up to the 36 months. In our case divide them evenly to our girls with 18 months each! Or one thought that pops into my mind, use the benefits for our older daughter and save only for our youngest daughter since we have more time. Or the opposite, pay for the first since tuition may be lower than for the second. Hmm.

I'm not clear if the housing would apply to the girls, but I think that it might. Wow! I'm blown away at how much easier this makes paying for college seem. Instead of trying to pay half of their college, we might luck out and be able to pay for most of it, with the help of this new bill of course.

It's nice to think the girls will see benefit from their dad's hard work and service in a very tangible way. A college education. Smile

2 Responses to “Boost to College Funding Plan”

  1. LittleMsMom Says:

    As with ALL Military Benefits, I would say use them as soon as you can, If your Husband is going to go to college use it for him, then save for the girls (they might not go - or because of their fathers service there are many scholorships for them).

    If he does not use it then use it on the first daughter to attend, then save for the second. The 529 account I have you can change the beneficary anytime so you could save all 50/50 then if one daughter uses all the gi bill up you could move the money in the 529 to the other daughter. Too many people I know save the gi bill for some future plan (instead of using it right away) then something comes up and then never use the benefit before the time limit pops up.

    Has you husband used any GI Bill benefits (non-post 9-11)? If he has then you would subtract that number of months from 48 to see how many months would be left to transfer up to a max of 36.

  2. creditcardfree Says:

    LittleMsMom, I don't think he was eligible for the GI Bill he was only a reservist (TPU) for the first 15 years of service and did not ever pay into the system. He did receive payment for his bachelor's but that was under another program.

    The limit is 15 years following last day of service, but does not apply to dependents, although they can't use after they turn 26.

    We will definitely consider the use of it for DH, if he decides to get his master's degree. He seemed more excited for the benefit to go to the girls though!

    Thanks for the scholarship idea, too. I do need to remember those are out there as well. Smile

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