The Montgomery GI Bill is advertised and believed as the answer to many young people’s problem with finding a way to finance college. However, there are a few things to know and let others in on…
To get $70,000 you must qualify for the Army College Fund or Navy College Fund, something only a small percentage of enlistees (1 in 20) are able to do. Some of these qualifications include: serving 2 years active duty, have an AFQT (Armed Forces Qualification Test) score of 50 or higher, and enlist in a specific Military Occupational Specialty (usually unpopular jobs that have no transferrable skills to the civilian world) designated under the ACF or NCF.
Otherwise the maximum you can get from the MGIB is $36,144. That $36,144 includes, believe it or not, $1,200 of your own money! So, now we're down to $34,944.
To receive any of that $36,144 you must be among the eighty percent of veterans to receive an honorable discharge. Even after all this, you still may not see all of your benefit. Because of the monthly benefit payment structure, you have to attend school for four years to get all $36,144. Only 15% of those who pay in have graduated with four year degrees! If you are among the majority who attend a two year school, you'll receive a maximum of $18,072. Subtracting your $1,200, you'll have only netted $16,872 from the military!
As bad as this sounds, for most recruits who have paid into the Montgomery GI Bill it's even worse. Only 35% of all program participants have received any benefits at all! Two-thirds of Montgomery GI Bill participants are paying nonrefundable deposits of $1200 without receiving a dime in return!
For more info on the GI Bill, see these
Central Committee for Conscientious Objectors
http://www.objector.org/before-you-enlist/gi-bill.html
SDMCC: Seattle Draft and Military Counseling Center
http://www.scn.org/ip/sdmcc/montgomery.html
Military Free Zone
http://www.militaryfreezone.org/debunking_the_myth
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