What is the Military Financial Assistance Program?

Military financial assistance programs are offered by each military branch.  Some of the programs are administered through national organizations like the Department of Veterans Affairs, while other programs are administered through specific military units.  You may be able to receive student loan repayments, cash bonuses, financial assistance matching funds or tuition reimbursement through the programs.

Through the Army and Navy’s student loan repayment programs you may receive up to $65,000 in financial assistance to finish your college education.  The Coast Guard and Marine Corps may pay up to $30,000 through their student loan repayment programs, while the Air Force pays new recruits as much as $10,000 a year through its student loan repayment program.  Other financial assistance programs offered by military branches include the Montgomery GI Bill, the Post 9/11 GI Bill, the Yellow Ribbon Program, the Reserve Educational Assistance Program and the Veterans Educational Assistance Program.  Your spouse and dependent children may have up to 36 months of their college or university tuition paid for through the government’s Survivors and Dependents Assistance Program.

The Montgomery GI Bill is a program you can participate in after you join the military.  After you enroll in the program, you may contribute up to $100 per month toward your college education; the military matches your contributions two-to-one.  For example, if you contribute $100 a month to your Montgomery GI Bill account, the military may contribute an additional $50 a month. 

One of the more familiar military financial assistance programs is the Post 9/11 GI Bill.  If you’re stationed on domestic soil the military may pay for up to 36 months of your school tuition.  If you’re stationed overseas you might also receive housing assistance payments from the Post 9/11 GI Bill.

Get a Quality College Education in the Military

As many people in and out of the military know, the cost of attending top private accredited colleges and universities often exceeds the cost of attending public accredited postsecondary schools.  Therefore, the military offers you the chance to receive financial assistance for college through its Yellow Ribbon Program, a program that pays up to $17,500 a year in private school tuition.  You may also get the entire cost of your four-year public school tuition paid for through the Yellow Ribbon program. 

If you’re in the military reserves you can receive as much as $570.40 to help offset the cost of attending an accredited college or university after you complete 90 days but less than one year of military service.  With two years of military service, you may qualify to receive up to $1,140.80 in financial assistance.  You must be a full-time student to receive these maximum payouts.  The money only covers the costs of tuition and school fees.  It does not cover the cost of college textbooks and other school related expenses.

After you retire from the military, the military may contribute $1 for every $2 you contribute to the Veterans Educational Assistance Program.  You must have joined the military between January 1, 1977 and June 30, 1985 to qualify to participate in the program.  Furthermore, you must have received an honorable discharge.

Joining the Army, Navy, Air Force, Coast Guard, Navy or Marine Corps gives you the chance to travel domestically and/or internationally, work with skilled professionals, become a part of rich military traditions and serve your country.  Additionally, you’ll gain work experience that you may be able to transfer to civilian jobs after you’re honorably discharged from the military.  Participate in military financial assistance programs and you may retire from the military with an undergraduate or graduate degree that may help you land senior positions at civilian organizations, jobs that can pay you attractive annual salaries.

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