Fort Belvoir, Va. (Oct. 9, 2014) - Families at Fort Belvoir and the local community learned how to properly transfer their GI Bill benefits to their dependents as well as financial aid tips and how to search for colleges Sept. 30 and Oct. 1 at the Fort Belvoir USO Warrior and Family Center.
The classes, organized by a partnership between U.S. Army Garrison Fort Belvoir's school liaison officers and the Belvoir Federal Credit Union, focused on GI Bill Transferability and Short Term/Long Term Financial Investment Options and Undergrad Budgets.
Representatives from George Mason University, FBCU and Fairfax County Public Schools discussed the requirements for submitting education benefit information, the difference in the Chapter 35 (Veterans Education Benefits) and Chapter 33- Post 9/11 GI Bill, and other financial aid programs available.
"Families definitely need to know that every school is going to be different and they are going to have their own specific requirements that someone is going to have to meet to turn in their education benefit information," said Katie Fox, George Mason University Office of Military Services, education transition coordinator. "So, everyone is going to want to go to that specific school and find out what the requirements are and who their point of contact is."
There are two options in Virginia for Service members and dependents using education benefits from the VA. VA Chapter 35- Dependent Education Assistance is available for dependents of Service members who are 100 percent disabled. A monthly stipend is awarded to the student based on how many credit hours they are taking. Tuition and additional fees are paid to the school by the dependent or his or her parents, according to Fox.
"Each month, the student will get a stipend based on the days they are in school and how many credits they are taking, full-time, part-time or quarter time," said Fox.
To use the Post-9/11 GI Bill, the Service member has to have at least 36-months of active duty time after Sept. 10, 2001 to receive 100 percent of the benefit. The benefit must be transferred to the dependent prior to retirement or end of service term.
"Post 9/11 is the only one you have to have active-duty service time to use," said Fox. "If you have less than 36 months, it's pro-rated down as low as 40 percent. So, 40 percent is someone who has 90 days to six months of active-duty time."
VA Chapter 33- Post 9/11 GI Bill provides up to 36 months of benefits. Students should apply through Veterans Online Application (VONAPP) using VA form 22-1990. Dependents having the benefits transferred to them need to fill out VA form 22-1990(e).
The Department of Defense approves the transfer, according to Fox. Reservist are eligible for Post 9/11 GI Bill benefits, but have to have at least 90 days of active-duty time. There is a stipulation that allows Reservists to use their Initial Entry Training towards the 90 days, said Fox.
"Your IET only applies after your first four years of service," said Fox. "So, if you have four years of service as a reservist, you are eligible to include your initial entry training but everything is subject to approval through the VA."
Financial assistance can also be attained through the Virginia 529 college savings plan, too. There are four options; VA 529 inVEST, VA 529 prePAID; College Wealth and College America.
Todd Holden, Belvoir Financial Services, financial consultant, suggests military Families use one of three options.
"If they have children in high school, I would go to the College Wealth Plan. It's FDIC insured, so there is no investment risk," said Holden. "If they have children in middle school or younger, then I would look at College Invest or College America. Those are two highly regarded plans by the national rating agencies."
The classes were beneficial for Brenda Moss, retired Air Force Reservist. Moss wants to use the Post 9/11 GI Bill, but did not understand how the benefits are provided.
"I didn't understand the difference between the percentages of eligibility versus the allocated months," said Moss.
For more information on VA Chapter 35- Dependent Education Assistance and VA Chapter 33- Post 9/11 GI Bill benefits, contact Katie Fox at kfox11@gmu.edu.
To apply for VA Chapter 35- Dependent Education Assistance benefits and VA Chapter 33- Post 9/11 GI Bill benefits, students should fill out the Veterans Online Application at http://vabenefits.vba.va.gov/vonapp.
For more information on transferring Post 9/11 GI Bill benefits, Service members should go to www.benefits.va.gov/gibill/post911_transfer.asp.
For more information on the Virginia 529 college savings plan, contact Todd Holden at rtholden@belvoirfs.org, or go to www.virginia529.com.
Service members looking for more information on the VA Chapter 30- Montgomery GI Bill and the VA Chapter 33- Post 9/11 GI Bill can contact Joyce Peterson, Barden Education Center, education specialist at (703) 805-9259, or Angela Quinton, Barden Education Center, education counselor at (703) 805-9264.
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