How military families can save money on college expenses
Every year, college tuition and related expenses increase. This puts the possibility of a college education out of reach for many, unless you can get financial assistance. But there is good news if you're in the military. Military families have several options available to save money on tuition and other expenses.
Post 9/11 GI Bill
In certain instances, the new Post-9/11 GI Bill can be transferred to dependents for their use. In order to use the education benefits of the GI Bill, the dependent must be enrolled in the Defense Eligibility Enrollment Reporting System. Eligibility varies depending on the years of service, so check requirements carefully. For those eligible for retirement, additional service may be required to transfer benefits. The branch of service must approve the transfer, then the recipient needs to complete VA Form 22-1990e to apply for benefits.
My Career Advancement Account
A My Career Advancement Account is available for military spouses. The program provides a lifetime maximum of $6,000 to military spouses to pursue educational goals. Spouses must apply for the program and be accepted to an approved college, technical school or training program.
