Sputnik

Not sure I'd base lifelong financial decisions off what I read on an internet forum, but I'm pretty sure you are correct, the $1200 buyin is now gone. If you already paid in you can get it back--sort of. At the very end of your college, after you've already received the 36 (or whatever it is) tuition payments, you get one more repaying the $1200. Something like that. Basically the only way you can get the refund is to fully use the benefit.

This thing is so amazing it really hasn't sunk in to me yet.

jousteagle

You are correct in saying that no one has to pay anything to be eligible.

Standby for exact details on transferability. DoD is setting guidelines on transferability (whereas VA runs the program).

From what I've read, if you've served 6 years and agree to serve another 4 years, then you can transfer the benefit to your spouse. The same article said that if you serve 10 years, then you could transfer the benefit to your kids. What is unclear is how they count the 10 years. 6 years plus 4 more years equals 10 years (eligible for transfer to spouse). The line about "serving 10 years and able to transfer to kids" is unclear. Serve 10 years since when? How much of past service versus how much of future service is required has yet to be fully detailed.

But yes, you're right...it does sound like a good deal. We just need a few more details to see exactly what will be required for transferability. Imagine a 20 yr AD retirement, now with the possibility of having a kid's college paid for (tuition + books + lodging).

Sputnik

I'm glad it got signed, but for full disclosure keep in mind Bush had said repeatedly he'd veto it because it cost too much and would hurt retention. Same reason McCain was against it.

Maybe I read the vote tallys wrong but I thought Bush backed down after he saw it going through house and senate with veto-proof majorities.

Webb has always been a personal hero, this just elevated his ranking that much more.

GunshipGuy

Haven't been a big fan of Webb myself, but this helps a little. Granted, Bush may have seen it coming and did a repeat of the healthcare bill back in '03/'04--sign on to get some mileage out of it for himself and his party. But I wasn't hearing anything about transferability until he began pushing it, so I gotta give him credit for that.

Sputnik

Huge fan of Webb, but you got a point on transferability. It hasn't really sunk in yet that I may have just put a kid through college 15 years before my oldest is even eligible. That is pretty amazing.

fallujahff

This is such a good benefit--wish I could go back in to the Marines for this one--when I did the MGIB I got $12,000 for college--that's it--still needed to take some loans--

Marvin

As long as your kids can all graduate from college in a total of 36 months for ALL of them.

The benefit is for a total of 36 months -- you can use it all yourself, or you can use some and transfer the rest to your spouse or kids (assuming you meet the 10-year-rule). So you can at least pay for part of one of your kids' college tuition.

I'm pretty sure that if you use it yourself, you are also entitled to some living expenses (based upon BAH for that area) and up to $1000 a year for books, etc. If you transfer it to your spouse/kids, it is for tuition only based upon the in-state tuition rate where you live. The money is paid directly to the school.

Here's a good link with an overview:

New GI Bill Overview - Education - Military.com

zondaracer

My question is how much will it cover for civilian flight training? The old GI Bill was up to 60% after PPL. Also, if I use it for flight training, will I get my $1200 back? To get more of flight training covered, should I move to a state that has a higher cap on the GI Bill? After I'm out of the AF, will they pay me the BAH if I'm using the GI Bill for flight school?

MalteseX

Yes......HOWEVER

No payment to be eligible...ie the $1200 for the Montgomery GI Bill is not applicable here. No payment into it.

AFA Grads and ROTC scholarship are eligible. But the time calculation for benefits is the time served AFTER your commitment for the original AFA or ROTC ADSC. In other words, you owed 5 years for AFA---your clock for the GI Bill begins at 5 years and 1 day etc. So you would need 36 mos of Active duty after the 5 years to be fully eligible.

MalteseX

I don't know about payment for flight training. However, no BAH unless you are a full time student. (don't know exactly what the definition of a full time student is, but I know that a 3/4 law school student does not get BAH). So I'd assume the flight training is less than that.