College & The GI Bill

• First find out if your parents can/will transfer the Post 9/11 GI Bill. If you have never heard the term “GI Bill” don’t fret. It is nothing to be afraid of and is quite helpful if you start the process earlier versus later: The Post 9/11 GI Bill provides a service member who has served at least 36 months after September 11, 2011 benefits that can cover the full cost of college for up to 36 months.
  •  It is important to note that a service member going to school can receive up to 48 months; however, their dependent(s) are only eligible to receive 36 months
  • 4 years of additional service are required as soon as the GI Bill benefits have been transferred to a dependent. I implore you to persuade your parent(s) to transfer their benefits as soon as it becomes available to do.
  • Also, the 36 months can be divided among multiple dependents however the service member sees fit. You cannot add new beneficiaries after your service member has left the military.
  • Transferred in one-month increments
  • Benefits are not eligible to dependents until service member has served at least 10 years and must be used before the dependents reach age 26

 You may also want to look into your own state’s 529 plan, which can save you money and will reduce state income tax. Also,  any withdrawals for college purposes are tax free. Click here for more information regarding state income tax benefits and a 529 plan.