There are also other benefits such as the Yellow Ribbon program that help cover the cost of more expensive private colleges.Īltogether, the Post-9/11 GI Bill, the housing allowance, and other benefits are generous enough to cover college tuition at state schools and many private schools, and it should be enough to provide enough additional income to provide a decent quality of life while attending school.īut it’s only enough to cover college tuition for one person. The Post-9/11 GI Bill provides 36 months of benefits that cover college tuition up to the maximum in-state college tuition rate, a Monthly Housing Allowance (MHA) equivalent to an E-5 with dependents rate, and a $1,000 annual stipend to help cover the cost of books and supplies. And it may be a good idea to sit down with a counselor to learn more about applying for student aid, scholarships, grants, and other methods of paying for college. It will be a good idea to sit down and examine your situation in more depth before your children reach college age. What follows is some basic information you can use to tailor to your needs. My children are more than 10 years out, so there are many unknown variables at play (when they will attend, which school, how much it will cost, available scholarships, etc.). Paying for college can be incredibly complex as there is an almost infinite number of variables. But before we get started I need to share a small disclaimer.
and why the 529 College Savings Plan is one of the best ways to save for college.Paying for college expenses not covered by the Post-9/11 GI Bill (especially if you have more than one dependent using the Post-9/11 GI Bill).Strategies for getting the most out of the Post-9/11 GI Bill.Who should use the Post-9/11 GI Bill – you, your spouse, or your children?.
#Donate us savings to college how to
Changes that may soon affect transferred benefits (and how to get grandfathered into the current system).
So transferring this benefit will be a huge cost savings for us. College tuition is already very expensive and the cost will likely continue to rise in the coming years. Thankfully, we have a big head start on helping pay for their college education because I was able to transfer the Post-9/11 GI Bill to my daughters. I would like to help my children with their college expenses to the extent I am able. Most people face several major expenses in their lifetimes, such as saving for retirement, buying a home, and paying for their children’s college tuition-if they decide to do so. Subscribe: Apple Podcasts | Google Podcasts | RSS
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