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Written by Admin
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Monday, 08 September 2008 03:57 |
Contributed by my personal investment advisor Matt Bell (www.bellinvestmentgroup.net).
On June 30, 2008, President Bush signed the Supplemental Appropriations Act, 2008 into law. The primary provisions of the Act are a temporary extension of unemployment benefits and a new GI Bill. Included in the Act is a provision for up to 13 weeks of emergency unemployment compensation.
The new GI Bill, or so-called "Post 9/11 GI Bill," contains the most comprehensive education benefits package since the original GI Bill (the "Montgomery GI Bill") was signed into law in 1944.
Eligibility requirements include:
• Active duty servicemembers (including members of the Guard and Reserve) and veterans may be eligible if they have served at least 90 consecutive days on active duty (or 30 days if discharged for a service-connected disability).
• Eligibility for benefits extends 15 years from date of discharge or release from last period of active duty of at least 90 consecutive days (or 30 days if individual was released for a service-connected disability).
• Individuals who are currently eligible for educational assistance under the government's current program, the Montgomery GI Bill, can elect to participate in the Post-9/11 educational assistance program if they have not used up all of their entitlements, and they meet other eligibility requirements.
Educational benefits include:
• Benefits will be payable for approved programs of education including graduate and undergraduate education. Tutorial assistance benefits, reimbursement for licensing and certification tests, on-the-job training, correspondence courses, and other types of training may also be covered.
• Benefits will be payable for up to 36 months for education or training pursued on or after August 1, 2009.
• Tuition costs and fees will be covered for eligible servicemembers and veterans (up to 100% of the highest public college/university undergraduate tuition and fees rate in the state in which the student is enrolled). Veterans may also receive a monthly stipend for books and supplies (up to $1,000 per year) and a monthly housing allowance (the housing allowance is not payable for those pursuing training at half time or for distance learning). Full benefits will be payable for individuals who have served at least 36 months on active duty since 9/11 (30 days for individuals discharged due to a service-connected disability). Individuals who have 90 or more days of service but less than 36 months of service since 9/11 will receive partial benefits ranging from 40% to 90% of the maximum benefit available.
• Benefits may be transferable to spouses or dependent children in some cases (this option will likely be offered as a retention incentive to servicemembers who have served for a number of years).
This information was developed by Forefield, Inc. an independent third party.
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