If have never used your GI Bill before, there are some simple things that everyone who is eligible for the MGIB should be aware of. For first time users the whole deal can be frustrating and confusing.
It can take over eight weeks for your GI Bill benefits to be processed, after you turn in your application. So it is beneficial to apply soon, to make the delay less in actually receiving your benefits.
Here are five facts that can be helpful to know:
-The MGIB is not Federal Financial Aid. The benefits paid to you under the Montgomery GI bill are not financial aid, not in the traditional sense. The benefits that you receive are not included or considered by your University or College, because it is not paid to you through them but paid to you directly. The aid you receive through them will be dealt with separately, including any grants or loans you may get from traditional financial aid.
Ten-Year Limit. You have a ten-year limit to use your MGIB benefits. When you separate from the service your â€œten year clockâ€ starts, and you have ten years to use your benefits. If you are recalled to active duty at any time, for longer than ninety days, your clock â€œresetsâ€, and the ten-year period starts over. After the ten-year period the benefits you would have been eligible for are returned back to Uncle Sam, and you lose out.
A Benefit Month can mean something other than a month. The term â€œMonth of benefits,â€ is a term used to describe the benefits that you are eligible for. While it does normally coincide with a calendar month, it sometimes can be for a different time period, it all depends on the circumstances. The MGIB Bill Pays according to the Number of Credits. A full time student will be able to receive the full benefit they are eligible for, while a student taking less than a full time credit load will be eligible to receive considerably less. It all depends on the amount of credits.
Using your benefits you can start and stop. Many people operate under the mistaken belief that once you start to receive your MGIB benefits that if you quit you are out of luck. Nothing is further from the truth. You can start and stop your MGIB benefits at any time, without penalty.
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