Financial Aid Programs - the Abbreviated Version

Alright, so you've made the first big step and have decided to go back to school (yay!) Now onto the next big obstacle you need to get through: actually paying for school. The cost of going to school can be a big expense - you have to consider tuition cost, exams/licenses/ certificates that need to be paid for, books, supplies, etc. However, one HUGE benefit of being part of the military is that there are so many financial aid programs available to us, which at times can be somewhat overwhelming. In this post, I aim breakdown some of your financial aid options to make it a bit easier to tackle (source: military.com). 

So happy to be going to school - this could be YOU!

Post 9/11 GI Bill

This is probably one of the most well-known financial aid programs available to military members. There is a special provision in this program that allows servicemembers to share their remaining GI Bill benefits with immediate family members (that means you!) Only UNUSED benefits can be transferred to a family member (meaning if the servicemember has used 12 months of his/her GI Bill, then you are only able to use the remaining 24 months left of the benefit). There is other criteria the servicemember has to meet in order to transfer his/her GI Bill Benefits - this includes having at least 6 years of service already and an obligation to serve at least 4 more. Learn more about the GI Bill transferability HERE. 

A Quick Overview of the Post 9/11 GI Bill Benefits:

If  You  Are:	You Qualify for:	Tuition and Fees	Monthly Housing Stipend	Book Stipend	Able to Transfer Benefits	Yellow Ribbon	Relocation Allowance	Licensing and Certification Exams
On Active Duty		X		X *	X			X
A Guard or Selected Reserve Member		X	NOTE 1	X	X	X	X	X
A Veteran		X	NOTE 1	X	NOTE 2	X	X	X

*Beginning October 1, 2011

NOTE 1: All students on active duty, those pursuing half-time or less, are not eligible for the Housing Stipend. 

NOTE 2: You may only choose to transfer benefits while you are still serving in the military.

Please look HERE for more detailed information from www.military.com on what exactly is provided in the Post 9/11 GI Bill. 

MyCAA - Military Spouse Career Advancement Accounts

I've discussed MyCAA in my blog here because it is FAB and a great way to gain additional skills FOR FREE! It provides up to $4000 of financial assistance in either an associate's degree, license or certification. You can contact MilitaryOneSource for education counseling at 1-800-342-9647. Click here to learn more about the MyCAA program. 

Dependent's Educational Assistance (DEA) 

The Dependents' Educational Assistance (DEA) program offers up to 45 months of education benefits to eligible dependents of certain veterans. These benefits may be used for degree and certificate programs, apprenticeship, and on-the-job training. If you are a spouse, you may take a correspondence course. Remedial, deficiency, and refresher courses may be approved under certain circumstances. 

Click here to learn more about your eligibility and an overview of the Dependents Education Assistance Program. 

State-Provided Education Benefits

Educational benefits for families, particularly the children of deceased, MIA, POW,  and disabled veterans, may be available in some states. Military.com has developed an on-line general summary of educational benefits for veterans, surviving spouses and their dependents.

Click here to learn more about State Education Benefits.

Private Scholarships and Grants

Many times military family members will overlook the $300 million of military and veteran scholarships and grants. 


Military.com states the following misconceptions people have about scholarships and grants:


1) VA education benefits eliminate the need for scholarships and grants.
REALITY: Although the Survivor and Dependent Education Assistance program offers great benefits, it may not cover everything. There are hundreds of scholarships and grants specifically designed to help cover education related costs, so you don't have to.


2) Scholarships are too difficult to win and applying requires too much work.
REALITY: Some scholarships do require a written essay, but each scholarship and grant application varies widely. There are many that require only a short application! AND the payoff can potentially be really helpful - you could save hundreds of dollars just for taking a couple hours of your time to write an essay.


3) Scholarships are too difficult to find.
REALITY: Military.com offers a great online resource to help military members and their families find scholarships. Visit the Scholarship Finder today to find out which scholarships you can apply for and how you can earn free money for school!

NOT APPLYING FOR SCHOLARSHIPS IS LIKE TURNING DOWN FREE MONEY. 
So what are you waiting for?!