Your service in the U.S. Armed Forces may help you reduce the cost of getting an education. Eligibility and benefits vary, but here are a number of programs that are available to help you plan and achieve your educational goals. Visit their links for more detailed information.

• The Montgomery GI Bill

The MGIB Active Duty provides up to 36 months of educational benefits to active-duty veterans. Reservists may be eligible for the MGIB-Selected Reserve.

• Post 9/11 GI Bill

The Post-9/11 GI Bill provides up to 36 months of support for education and housing to individuals with at least 90 days of aggregate service on or after 9/11/01, or individuals discharged with a service-oriented disability after at least 30 days. https://www.benefits.va.gov/gibill/post911_gibill.asp

• VEAP/REAP

The Veterans Educational Assistance Program and the Reserve Educational Assistance Program are each contribution-based platforms that provide service members with educational funding. https://www.benefits.va.gov/gibill/veap.asp and https://www.benefits.va.gov/gibill/reap.asp

• Loans and Grants

There are three kinds of federal aid: grants, work-study, and student loans. Federal student aid is need-based. To find out if you are eligible, you must complete the Free Application for Federal Student Aid. https://fafsa.ed.gov/

Some states offer additional educational benefits to members of the military or their family members. https://www.ebenefits.va.gov/ebenefits-portal/ebenefits.portal?_nfpb=true&_nfxr=false&_pageLabel=BenefitsByState

There are also private loans, which are usually at a higher interest rate than the government loans. These loans do not have the same terms as federal student loans and the repayment terms may be significantly different.

• Scholarships

Scholarships for military personnel and family members are available from a variety of sources, such as military professional organizations and veterans service organizations. Some are need-based; others are awarded on merit. The National Resource Directory lists a wide variety of scholarships available. https://www.ebenefits.va.gov/ebenefits/nrd

The American Legion’s Need A Lift publication also lists a wealth of other resources to help further your education.

LEARN MORE:

This content was developed using advice from the Consumer Finance Protection Bureau. For further information, visit the U.S. government agency’s website at https://www.consumerfinance.gov/servicemembers/planning/