Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Nov 11, 2011

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While most G.I. Bills cannot be used to pay off student loans directly, the money from the Montgomery G.I. Bill (MGIB) can be used for anything school-related. The MGIB is a very large and often under-used benefit offered to service members. The goal of the MGIB is to help soldiers or former soldiers acquire an education. As a result, the money from the MGIB can be used to pay off school loans.

 

The payment rate of the MGIB is adjusted once a year (on October 1), and is currently awarding a maximum of $1,473 per month. The monthly payment is given for up to eight semesters, or four years’ worth of education.

 

In order to qualify for the MGIB benefits, you must have:

  • Contributed $100 a month for your first year in active duty, or qualified for the Veterans Education Assistance Program (VEAP) conversion
  • Graduated high school or received your GED
  • Served at least two years on active duty

 

The MGIB can be used for many programs, but is commonly used to fund the following:

  • College
  • Business school
  • Technical school
  • Vocational school
  • Flight training
  • Licensing and certification exams

 

Most colleges and universities are VA-approved, but so are other institutions offering non-college degrees. Before pursuing education courses, search the Department of Veterans Affairs’ list of approved education and job trainings programs to make sure the school you hope to attend is a VA-approved school.