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Montgomery G.I. Bill Aid and Other Educational Aids Available to U.S. Military Personnel

April 30,2013 by: Dallas Browne

Military Aid for their personnel as student aid is available in various types to help them in pursuing certain educational courses so that they could develop themselves in their military careers and also lead a better life with prospective employment after they leave the military. This military aid information specifically addresses the various educational aid programs to military personnel, veterans, and their dependents.

Montgomery G.I. Bill

The main military aid program for military personnel of the U.S. is the Montgomery G.I. Bill, Chapter 31. This is a vocational rehabilitation program intended to help eligible service members in active duty, as well as veterans retired due to service-connected disabilities. The G.I. Bill is aimed at developing gainful and suitable employment through vocational counseling, counseling on personal adjustment, training assistance, a specific monthly subsistence allowance when the beneficiaries undergo active training, and even employment assistance after they complete the training. The service member should have at least a 20% disability rating through a service-connected memorandum to be eligible to apply for services of vocational rehabilitation. Veterans should have a minimum of 10% disability rating and should also have received either a honorable discharge from the military or at least other-than-dishonorable discharge.

Other Loan/Grant Programs for Military Personnel

The subsidized Stafford direct loans have a monetary limit between $3,500 and $5,500 every year with 6.8% interest for both undergraduate and post graduate courses. The unsubsidized Stafford direct loan amounts vary from $5,500 to $12,500 per year for undergraduates and up to $20,500 for post graduates. The interest rate for undergraduates is 3.4% and it is 6.8% for post graduates. The Perkins loan is limited to $5,500 annually for undergraduates and to $8,000 for post graduates, the interest rate being 5% for both types of loans.

Pell Grant loan offers up to $5,500 annually to undergraduates. The Federal Student Education Opportunity Grant (FSEOG) loan limits are between $100 and $4,000 per year. The Direct PLUS program for graduate students and students pursuing professional degrees are eligible to receive the full cost of the education, less the other loan or aid amounts that the student is receiving. This program is available for both graduates and post graduates, with an interest rate of 7.9%.

The loan fees for subsidized direct loans and unsubsidized direct loans are 1%, while it is 4% for Direct PLUS program. All these loan and grant programs are through FAFSA application process and forms. Except the Perkins loan, which is disbursed as a school educational aid, all the other loans and grants are direct federal government programs.

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