Military service members face many financial challenges, including paying for higher education. Fortunately, there are numerous military education finance options available to ease the burden for active duty military, veterans, and their dependents.
Military tuition assistance
One of the best military education finance options is tuition assistance (TA). This program is currently available to active duty military members, regardless of rank, branch, or component. Depending on your branch of service, there may be additional requirements you need to fulfill, such as time in service or completing basic training. The guidelines are constantly evolving, so make sure you check with your commanding officer or education service officer for the latest information. However, it is important to note that tuition assistance is not a loan and is money that doesn't have to be repaid.
GI Bill
The GI Bill is a valuable military education finance option that provides veterans with educational benefits to pursue academic degrees, technical certificates, and other accredited training programs. The GI Bill covers tuition and fees paid directly to the school, a monthly housing allowance, and a stipend for books and supplies. However, other versions vary in terms of coverage and eligibility requirements. Active duty members must meet certain time-in-service obligations to use the GI Bill.
Military scholarships
There are different types of military scholarships available for military service members, their spouses, and dependents. These scholarships can cover academic or technical training costs and living expenses. The scholarships are offered by different organizations, including military associations, private foundations, schools, and universities. Some are also specific to a particular field of study or career.
Student loans
Another military education finance option is student loans. You can apply for federal or private loans, depending on your circumstances. You can also explore private student loan options, but be aware that they may be more expensive and require a credit check.
Military-friendly schools
Choosing a military-friendly school can make a big difference in reducing your educational costs. Some schools waive application fees, provide scholarships, or offer flexible schedules to active-duty military veterans and their families.
There is a variety of military education finance options that can help make higher education affordable for service members, veterans, spouses, and dependents. Military tuition assistance, the GI Bill, military scholarships, student loans, and military-friendly schools are just a few examples of financing options that are available. Every situation is unique, and which financing option to pursue will depend on the individual. It is essential to do your research and choose the best path for your situation to set yourself up for success.
Learn more about military education finance options today.
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