Money Smart Week

Many people would agree that the only permanent thing in life is change. However, they would also agree that adapting to change is seldom easy. Life in the military is worlds apart from life in the academic world. When discharged, many service members find themselves at the crossroads in their careers. For many service members, their time on active duty is the only job that they have ever known. During their years in the military, they have received extensive training for specific occupational specialties. However, this training does not always leave them well equipped to thrive in the civilian world where they must navigate the academic system, re-establish their identity, face possible medical conditions that they did not have the last time they were in school, and engage socially with civilians.

It is tempting to view the transition between service member and student as being absolute, when in reality the unquestionable discipline, attention to detail, and regular evaluations that are part of life in the military also are wonderful assets for any student to have.

Here are some ways that student veterans can smooth the path for an easier transition.

Evaluate Your Joint Services Transcript (JST) Regularly

The JST is an automated transcript system that combines the following data for all members of the armed forces.

Military course completions with descriptions.
Military experience.
College credit recommendations for ACE Guide completed examinations.
College-level test score data for examinations like College Level Examination Program (CLEP) credit.

Students who have separated from the military should check to see what they are able to apply toward college credit; students who are still on active duty should re-evaluate their JST every two years for new credits. The more college credit that can be compiled from a JST, the fewer classes one has to take, which means saving time and money.

Choose the Best Degree for You

When choosing a major, a traditional student should consider their personal interests, career goals, skills, and aptitude for different disciplines. However, students who have spent time in the military must also consider how that experience can best be leveraged with a college degree to grow a fulfilling career.

Take Advantage of CLEP Tests

CLEP tests can save you time and money, leaving additional military education benefits available for future use. To do the math: eliminating one class through a CLEP test each semester for four years of school means testing out of eight classes, or, graduating a full semester earlier than planned through earning credits solely through classes. That is one heck of a lot of saved time and money!

Participate in Everyday College Life

The lack of common areas of interest can make it difficult for the average student to forge constructive relationships with student veterans. Although it can be emotionally hard to transition from active duty to full-time student, participating in clubs, campus activities and sports can be a good way to break the ice. Veterans can bridge the gap by reaching out with the voice of experience in the real world. Military students often encounter difficulty with time management in an unstructured setting, and study groups, online or in person, can be a significant way to remember those skills while connecting with new friends in college classes.

Pick the Brains of Other Student Veterans

Learning from the experiences of other student veterans can be informative and personally meaningful. Connecting with groups like the Student Veterans of America could provide help with:

Understanding how to utilize military education benefits.
Supporting student veterans through their transition out of active duty and back into the civilian world.
Helping veteran students uncover volunteer opportunities that could lead to a full-time career.

Set and Live by a Budget

Tuition Assistance, the Montgomery G.I. Bill, and the Post 9/11 G.I. Bill all provide student veterans with varied amounts of educational benefits and funding. However, some veterans still need to work at least part-time to meet their living expenses. Regardless of whether or not you work while attending school, living within a budget is imperative to avoid the debt trap.

Use Military Training to Achieve Academic Success

Famous American author Tom Bodett said, “The difference between school and life is that in school, you’re taught a lesson and then given a test. In life, you’re given a test that teaches you a lesson.” Life in the military instills discipline, a proactive approach to problem solving, and a determination to succeed. All three qualities are invaluable to civilian and academic life. With these qualities, student veterans can set about achieving academic excellence. Often, it is when military students rely on the skills that they learned outside of school that they experience the best success in school.

It is too simplistic to suggest that every veteran will experience the same things as they begin school, whether they have completely separated from the military or are still on active duty. However, our final tip is probably the most important one:

Build a Support System

In the military, veterans frequently rely on their chain of command to get things done. As a civilian, you can build your own chain: those who have paved the road before you and those coming after you who can benefit from your discoveries. Support systems can be found in formal structures like veteran centers instituted by the college or just some especially friendly classmates. If you’re not finding anything at school, why not consider starting a group? Two great places to begin looking are with Student Veterans of America (SVA) or Peer Advisors for Veteran Education (PAVE). Good luck to you as you find your way!

So, you love putting on a uniform, the smell of jet fuel makes you smile and you just can’t wait to go on deployment again…Personal debt really isn’t on your radar, and why should it be? After all, you have years left in a military career with a steady paycheck, your Tuition Assistance or G.I. Bill is paying for school, and you have a great interest rate on your car payments. Well, maybe it should be on your radar.

Here are five good reasons for military students to confront personal debt now:

1.) Your Current Job

All military branches have a version of the same concept, which basically boils down to this: Keep your finances in order or you will suffer the consequences and ultimately it will affect your military career. Even your deployment schedule can be affected if your command deems that your finances will affect your conduct. Establish a regular schedule for paying bills to keep your personal finances in order.

2.) Your Future Plans for a Federal Government Job

Did you know that a poor credit rating could jeopardize a security clearance? Don’t sacrifice a smooth transition from Active Duty to DoD employee. Check your credit report every year and if something is amiss, spend the time to fix it.

3.) Your Plans for Any Job

Between 40% and 60% of hiring managers run a credit check on job applicants. Even if you have decided that your military or government days are in the past, your financial decisions can affect your job search long after you earn that college degree.

4.) Your Resources

Overwhelming debt is never easy to overcome, but you have some good people on your side. A quick visit to the Military OneSource website will provide you with some great tools to start bringing your personal debt under control.

5.) Your Home

Statistics show that a family who does not put a down payment on a home is 15-20 times more likely to ultimately lose the home to foreclosure. With service members increasingly utilizing 0% down V.A. loans, those statistics hit pretty close to home. Statistics aside, service members need to take the time to store up a cash reserve.

No matter where your level of personal debt is, take the time—now—to look over your finances and give an honest appraisal of where you stand.

What are you doing to face your personal debt? Share with us in the comment section below!

There are many types of school funding available to military students, but the primary way to pay for college is usually through Tuition Assistance (TA). Military students are usually encouraged to use TA first and foremost because it is a “use-it-or-lose-it” funding. Service members who choose to go to school while they are on active duty can complete many classes using funding that is disbursed by the Federal Government and does not need to be paid back. However, when school costs more than TA will cover, active duty service members are faced with the looming question: How to cover the remaining tuition costs without taking out a student loan? One answer for military service members who want to avoid student loans is to tap into their G.I. Bill, or the “Top-Up” tuition assistance program.

Top-Up covers the difference between the total cost of a college course and the amount of TA that is paid by the military. Service members who have completed two years of active duty and are eligible for both Tuition Assistance and their G.I. Bill are generally able to use Top-Up.

A Few Things to Know About Top-Up

Military personnel who are using TA and Top-Up will need to apply for both forms of aid. They will first need to route a request for TA through their command.
Once the request for TA is completely approved, service members can apply for the G.I. Bill using the Von-App found on the VA website. The G.I. Bill application will specifically ask if the funds will be used for Top-Up and will require proof that the TA request was approved.
Remember: Top-Up is going to use up part of the G.I. Bill, and military students should plan ahead for the future. It might be wiser, for some service members, to budget for the additional cost of school out of everyday income and save the full amount of that G.I. Bill for additional, higher degrees. Or, service members might want to transfer their G.I. Bill to dependents that do not have the benefit of TA and might otherwise take out a large student loan.
Military students should also take time each year to assess their personal budget and determine if they still need to use Top-Up or if they can cover the costs of school solely with TA. A good time to do this is every October, when TA opens up for the year.

While military students do have some excellent funding options available to them, it is still important to utilize those funds toward their maximum potential. All students should take the time to plan out how they are going to pay for school and reconsider that plan each school year to make sure that it is still the wisest course of action.

The men and women of the United States military are, in many ways, just like civilians. We all concern ourselves with getting to work on time, paying our mortgage, rent, or our student loans. We’re thinking about that “hot” date, if we’re making dinner or going for takeout, and filling up our gas tanks. We worry about our next post on Facebook, who we’re going to Skype, text message or tweet, and we all know about the excitement that is cable TV!

We can all relate to these situations. It’s part of our everyday life. However, being a member of the armed forces brings with it much responsibility. To serve and protect the United States is their job. They can be stationed in the United States, or they can be stationed in a foreign country. What if they’re called to active duty? What if they’ve finished their tour of duty? What if they are called back from reserves or retirement to active duty in wartime?

All of the above scenarios can have an impact on their current financial picture, and if you’re a current or former student with outstanding Federal Student loans, it can become daunting to attempt to remain current with your student loans. To that end, it is important to reach out and seek options that can help alleviate what can feel like a very heavy weight on your shoulders.

Options for Military Personnel

If you are a member of the United States military or National Guard, and you are having a difficult time keeping up with your Federal Family Education Loan(s), William D. Ford Federal Direct Loan(s), or Federal Perkins Loan(s), you may have the option of applying for a Military Deferment loan solution.

Check out some of the qualifications below (all qualifications are listed in Section 7 of the Military Deferment Form):

If you are called to active duty while your enrolled at least half time at an eligible university or college.
If you are considered active duty during a military contingency operation, war or a national emergency.
Performing qualifying National Guard duty during a war or other military operation or national emergency, and for an additional 180 days after the completion of qualifying military service.
13 months after you finish active duty or until you go back to school and are considered to be at least half-time.

When you download the Military Deferment:

Fill out Sections 1 and 2. For Section 3, make sure you sign and date the form. You have the ability to request a written statement from your commanding officer, personnel officer, or you can provide a copy of your military orders in lieu of completing Section 4.
If you are unable to fill out the Military Deferment Form, a representative can complete and sign the form on your behalf.
Once you are ready to submit your form, contact your loan servicer for fax or mailing information.

Support Our Troops, Let Them Know About Military Deferment

Remember, as we go about our daily routine, we may see them in uniform at the fast food joint, the grocery store, the airport, the movies, or even driving a military vehicle on the road. They are husbands, wives, mothers, fathers, brothers, sisters, and friends. The men and women of the United States Military and National Guard do so much for us, and for that, I thank them always for their service!

If you know someone in the military that is struggling to repay their student loans, or is looking to explore the option of deferment, let them know about Military Deferment or point them to this article. It could be a huge help as they move forward with their careers! To download this form, click here.

You can also visit your servicer website. If you are unsure as to who your servicer is, please visit the National Student Loan Data System at www.nslds.ed.gov.

Additional Resources

To learn more, here are some helpful links on the DOE's Federal Student Aid website:

Deferment and Forbearance

Aid for Military Families

There are some major differences between the older Montgomery G.I. Bill and the newer Post 9/11 G.I. Bill. One of the most significant differences is that Active Duty service members can transfer benefits to their dependents. Read on for frequently asked questions about transferring Post 9/11 benefits.

What is the Post 9/11 G.I. Bill?

The Post 9/11 G.I. Bill is an education benefits program that is earned by military service members who have spent time on active duty. It includes funds for tuition, some types of training, and has associated stipend funds to help cover the cost of education. Those benefits can be transferred to dependents.

Can the service member transfer the benefits to anyone?

The Post 9/11 G.I. Bill benefits can be transferred to dependents that are registered in DEERS at the time of the transfer.

Where can I read about the exact entitlements of the Post 9/11 G.I. Bill program?

On the VA or DEERS website.

Where can I get the benefits transferred?

The active duty service member will apply for a “Transfer of Entitlement” on the Transfer of Education Benefits (TEB) website.

Does the service member apply for the transfer or can a dependent complete the application?

Only the service member can transfer the benefits. The service member must be serving on active duty when they transfer the benefits and they can only be transferred if:

He/she has served on active duty for six years and agrees to serve four more
He/she has served on active duty for ten years and is unable, by either their branch policy or DoD policy, to serve for four additional years but agrees to finish the maximum amount of time that they are required to serve, or,
He/she was eligible for retirement on or after August 1, 2012 and agreed to serve for four additional years

Can the service member take care of this when they’re on terminal leave?

No. Benefits must be transferred while the service member is on active duty.

Can the benefits ever be taken back?

Once the benefits have been transferred, the service member is still able to go back and change how the benefits are distributed or utilized by the different recipients. They can also revoke the transfer completely.

Do dependents get to use the associated funds, or just the tuition benefits?

It depends on who is using the benefits. Spouses are eligible for the book stipend but will not be eligible to collect the Monthly Housing Allowance. Child dependents will be eligible for both the book stipend and the Monthly Housing Allowance. Remember the VA will disburse funds monthly; check out our handy budget calculator here to keep tabs on spending habits.

When can a spouse start using the benefits?

Spouses can begin to use the transferred benefits immediately, but have the same time limit as an active duty service member: 15 years after separation from active duty to tap into those benefits.

When can a child dependent start using the benefits?

Child dependents with transferred benefits do not have a 15-year limit, but they do have an age requirement. They must be over the age of 18, but younger than 26 to use the benefits. They also cannot begin to use the benefits prior to finishing their secondary (high school) education or its equivalent.

How much do you get for tuition?

Maximum fund entitlements can be found on the VA or DEERS website, but each service member is allocated a specific dollar amount based on the number of days that they spent on active duty. Be sure to check with the VA so you can plan for the correct amount of funding and budget accordingly.

How does someone get the money itself?

The future student will apply to use the benefits on the VA website using the 22-1990e form. After starting school, the certifying official for each school will notify the VA of what time was spent on school. The student will need to verify their enrollment each month and the VA will disburse payment for tuition directly to the school. The VA will also disburse funds directly to students who are collecting a monthly housing allowance and textbook allowance.

What other questions do you have about transferred military education benefits? Ask us in the comment section below or in our Townhall community Q&A!

Qualified members of the U.S. Armed Forces who are looking to further their civilian education can enroll in the Armed Forces Tuition Assistance Program (TA), a financial support program in which the military provides funding for the educational goals of its service members. This program, also called Military Tuition Assistance, is offered to members of the Navy, Army, Air Force, Marines, and Coast Guard, and offers up to 100% tuition assistance for off-duty education.

The TA criterion varies within each faction of the military, with different requirements for eligibility, obligated services, application processes and restrictions. TA is not a loan and does not have to be paid back. In most cases, direct payment is made by the individual military service to the institution at which a service member is receiving their education.

For active duty members who have course costs that exceed the benefits provided by TA, the MGIB “top-up” is another financial assistance program that can be used additionally. Top-Up is a service that allows GI Bill participants to use the GI Bill to supplement the tuition and fees not covered by tuition assistance. Top-Up can provide the amounted difference not covered by TA to equal the total cost of college courses.

Here is a breakdown of the different requirements and benefits offered by each individual military service:

Army Tuition Assistance

Tuition and Fees: Army Tuition Assistance covers 100% tuition and fees not to exceed:

$250 per semester credit hour
$166 per quarter credit hour
$4500 total for the fiscal year

What is covered: The Army Tuition Assistance covers the following fees:

Tuition
Lab Fees
Special Fees
Computer Fees

Who is eligible: The following categories of Army Personnel are able to use the Army Tuition Assistance:

Active Duty Army
Army Reserves on Active Duty Status
Army National Guard on Active Duty

Form: Online Application Process

Navy Tuition Assistance

Tuition and Fees: Navy Tuition Assistance covers 100% tuition and fees not to exceed:

$250 per semester credit hour
$166.67 per quarter credit hour
$16.67 per clock hour
Limit of 16 semester hours per fiscal year
Limit of 24 quarter hours per fiscal year

What is covered: The Navy Tuition Assistance covers the following fees:

Tuition
Lab Fees
Special Fees
Computer Fees

Who is eligible: The following categories of Navy Personnel are able to use the Navy Tuition Assistance:

Active Duty Navy
Naval Reserves in Active Duty Status

Form: NETPDTC 1560

Air Force Tuition Assistance

Tuition and Fees: Air Force Tuition Assistance covers 100% tuition and fees not to exceed:

$250 per semester credit hour
$166 per quarter credit hour
$4500 total for the fiscal year

What is covered: The Air Force Tuition Assistance covers the following fees:

Tuition
Lab Fees
Special Fees
Computer Fees

Who is eligible: The following categories of Air Force Personnel are able to use the Air Force Tuition Assistance:

Active Duty Air Force
Air Force Reserves

Form: Online Application Process

Marine Corps Tuition Assistance

Tuition and Fees: Marine Corps Tuition Assistance covers 100% tuition and fees not to exceed:

$250 per semester credit hour
$166 per quarter credit hour
$4500 total for the fiscal year

What is covered: The Marine Corps Tuition Assistance covers the following fees:

Tuition
Lab Fees
Special Fees
Computer Fees

Who is eligible: The following categories of Marine Corps Personnel are able to use the Marine Corps Tuition Assistance:

Active Duty Marines

Form: NETPDTC 1560

Coast Guard Tuition Assistance

Tuition and Fees: Coast Guard Tuition Assistance covers 100% tuition and fees not to exceed:

$250 per semester credit hour
$166 per quarter credit hour
$4500 total for the fiscal year

What is covered: The Coast Guard Tuition Assistance covers the following fees:

Tuition
Lab Fees

Who is eligible: The following categories of Coast Guard Personnel are able to use the Coast Guard Tuition Assistance:

Active Duty Coast Guard
Selective Reserve
Civilian Employees

Form: CG-4147

In March 2013, the Pentagon immediately restored military tuition assistance programs after plans to cut the programs were met with widespread protests from veterans, active servicemen, and even Congress. Approximately 300,000 military veterans (plus dependents) relied on these tuition assistance programs last year in order to achieve their college degrees.

Budget cuts have made these programs difficult to maintain, but Congress’ interference has ensured that individuals in the military can make use of these programs to continue with their education.

Read on for a thorough discussion of three military tuition assistance programs.

Army Reserve Officers’ Training Corps (ROTC)

What is it?
The Army ROTC scholarship program grants 4-year and 2-year scholarships to selected students. Different branches of the U.S. Armed Forces have different requirements, but basically, the concept of the program is similar across the board. Selected students are awarded the scholarship in exchange for which they are expected to render military service after graduation.

Some institutions may choose to offer supplementary non-federal ROTC scholarships by offering additional stipends to ROTC scholarship awardees. It depends on the university.

Benefits
Tuition fees are covered in full. Scholarships also include coverage for miscellaneous fees and other school expenses (except for room and board). Depending on the program, additional stipends may be made available. Note that some programs offer only partial tuition, so it’s best to clarify the benefits offered first.

Eligibility
The scholarship program is merit-based. It does not take financial need into consideration. The program will check the applicant’s GPA or SAT scores. Both undergraduate and post-graduate applicants are eligible for the scholarship. Applicants with well-rounded backgrounds in athletics, student government, and other notable organizations are more likely to win the scholarship.

Participating Schools
Most schools have an ROTC unit. Consult your school’s scholarship or student assistance office for details.

GI Bill

What is it?
The original GI Bill was introduced in 1944 to aid veterans, but a newer version was enacted after 9/11. This is now known as the Post-9/11 GI Bill. The concept is generally the same. It offers financial assistance to veterans, particularly for education and housing.

Benefits
The program covers all tuition fees and miscellaneous expenses for public schools (applicant must be a state resident). For private schools, there is the additional Yellow Ribbon Program (see below for more information). Eligible participants also receive an additional stipend of as much as $1000 annually for books and other school expenses. A Monthly Housing Allowance (MHA) is available, too, to help defray rent costs.

Eligibility
Only veterans are eligible for the program. Active servicemen and women have the option to transfer their benefits to their children, but only if they qualify for the maximum benefits (100%).

There are two ways to be eligible for 100% of the benefits:

Must have served an aggregate of 36 months on active duty after September 10, 2001
Honorably discharged after 30 consecutive days on active duty due to a service-related disability after September 10, 2001

Veterans are eligible for the Post-9/11 GI Bill’s benefits for 15 years after their last period of active duty (must cover at least 90 consecutive days).

Participating Schools
The US Department of Veteran Affairs maintains an informative website on the Post-9/11 GI Bill. Visit their website to see the list of programs and courses approved by the bill. The bill’s benefits can also be used to pursue licensing and certification exams.

Yellow Ribbon Program

What is it?
This is a supplementary program authorized by the Post-9/11 Veterans Educational Assistance Act designed to augment the benefits offered by the renewed GI Bill. Essentially, the program has several participating institutions that are given the authority to waive tuition or offer grants. The US Department of Veteran Affairs will then match the said waiver or grant.

Benefits
For public schools, all tuition and miscellaneous fees will be waived (unless the student is a non-resident). Private schools with higher school fees may grant a specified amount, which the Department of Veteran Affairs will have to match. For example, Columbia University offers a grant of $8000 a year per veteran. The Department will then have to offer an additional $8000.

Eligibility
The application system is on a first-come, first-serve basis.

Applicant must have served on active duty for at least 36 months (aggregate period) after September 10, 2001 in order to get 100% of the available benefits. This program is only for veterans. Personnel still on active duty are not eligible, and neither are their spouses. However, active servicemen and women can transfer eligibility to their children—but only if they qualify for the maximum benefits.

Alternatively, if you served on active duty for 30 days continuously after September 10, 2011 and were honorably discharged due to a service-related disability, this qualifies you for the Yellow Ribbon Program, as well.

Participating Schools
The Yellow Ribbon Program updates its list of participating institutions annually. A quick look at their website should provide a list of participating schools for the coming school year.

Wouldn’t it be great to have fewer classes looming before graduation? The College Level Exam Program, also known as CLEP testing, can help you shorten the time it takes you to finish your degree, saving time and money. While CLEP tests can be taken by any college student, they are especially well-suited to military students.

Read on for five great reasons military students should look into taking CLEP tests:

1.) They save time. By testing out of courses with information that a student already learned in another class, throughout their time on active duty, or just through their own reading, they can free up time to focus on additional classes.

2.) Great way to meet other veterans. Reviewing for a CLEP test can be a wonderful excuse to meet other veterans attending your school and get together for study groups. Preparing for CLEP tests is good planning on your part, but the hidden benefit is finding other veterans to connect with for support while attending school.

3.) No registration fees. Paper-based CLEP tests are quickly being converted to eCBT electronic tests that can be taken on many military bases, so students who have base privileges can avoid paying the registration fee that would be required out in town.

4.) DANTES covers costs. DANTES (Defense Activity for Non-Traditional Education Support) will cover the cost of CLEP tests that an active duty military student passes, and V.A. funding covers the cost of CLEP tests in some cases, which can help a student save their funds for other classes and additional degrees.

5.) Convenient scheduling. CLEP tests can be scheduled to fit around drill weekends, deployments, or moves so they’re a great way for active duty military students to push forward with their education between classes.

A few words of caution should be given: the wise student will create a study schedule and stick to it so the exam holds no surprises. Study materials are available at the education center on most military bases. Be sure you’re ready for the test or risk having to wait to take the test again if you do not pass; take a “practice” test in a topic that interests you to go through the experience of taking a CLEP test with little academic risk. Good luck!

What do you think? Are CLEP classes right for you? Share with us in the comment section below!

It is tempting to use the cost of school as a reason for everything from lack of savings to bounced checks. However, the financial practices that students establish while they’re in school partially determine how they live after graduation. Here are some basic tips that military students can follow to ensure that they’re setting themselves up for the best success possible…

Take Control With These Five Tips

1.) Open bills as soon as you receive them. Whether it is an envelope with a familiar logo that you just know is a monthly statement, or an online bill with a predictable subject line, open it up, check for accuracy, take note of when payment is due and determine how it is going to be paid. Active-duty students should also compose a list of all their bills and make sure that they have a plan in place for bills that will show up in their absence.

2.) Then, pay those bills on time! Nearly 34 million Americans admit that they’ve been late with credit card payments…and those late fees multiply quickly. However, the real value here isn’t the timely payment, but learning to live within a monthly budget. If you can’t pay the bills in full each month, or you find yourself juggling what to pay first, it’s a pretty good indication that you might need to take a look at your personal budget. Paying bills on time is especially crucial to students who are retiring or separating from the military as they recognize new needs and a different lifestyle.

3.) Speaking of which, create a monthly budget, if you haven’t already. Everyone should do this, but as a military student, you likely have predictable dates for your income with regular military pay, or monthly disbursements of your G.I. Bill. This income is very simply factored into a budget, leaving you with a clear picture of your finances and possibly a little extra spending cash once you can track exactly where everything is going.

4.) Now that you know where your money is going, choose one month each year to correct any inaccuracies on your credit report and compare all of your service plans. Take a close look at your phone contract, car insurance plan, and anything else that you might consider changing, updating, or upgrading. If a plan isn’t working for you, you’re spending too much on services that you don’t use, or your needs have changed, shop around and do some research. Active duty students should do this before every deployment. Whichever month you choose, make it one in which you will have the time to take a good look at your financial picture and do some cleaning.

5.) Finally, set aside some cash for whatever life throws your way. Active duty students should be sure to factor that nest egg into the items that will need to be maintained while they are away. Even with a steady income and careful planning, unexpected things can happen. If nothing ever requires that you dip into that emergency fund, then you can list it among your assets and count yourself lucky.

Military students have excellent education benefits, but it can be terribly easy to fall into the bad habits of living paycheck-to-paycheck, overspending, or just not keeping track of where the money is going. The five tips you just read about won’t increase your income, but they will help you take control of your finances. Stick with it!

What other financial tips do you think are helpful for military students? Share with us in the comment section below!

The Service Members Civil Relief Act (SCRA) is a means by which students who have been called to military service can take some financial stress off their shoulders, as well as make life easier for their families while they’re away. This program is vital to all military students who live with the possibility of deployment, including students who are currently serving as reservists and are activated. Service members who have heard of the SCRA might not be aware of how it can benefit them.

Let’s take a look at a few ways that the SCRA can help military students stay on top of their finances…

Credit Card Debt

Credit card debt that was acquired prior to deployment or activation can be locked in at a 6% interest rate. The amount saved cannot be reassigned once the service member returns; it is permanently forgiven. We hope you don’t have outstanding credit card bills, but if you do, this is one way to keep payments down while you’re away, as well as limit the debt from growing with interest.

Housing

Service members (and their families) who are paying less than $2,720 per month in rent cannot be evicted or have their lease terminated without a court order. This can be a huge relief for families who have been relying on the service member’s income or their Post 9/11 housing stipend to help pay the rent when they suddenly find themselves facing deployment or activation. On the other hand, service members who would find it easier to terminate their lease have the right to do so under the SCRA if they are being activated for longer than 90 days or are being deployed, no matter how long their lease states that they will stay in the rented location.

Taxes

Spouses of active duty or activated service members cannot have their income taxed by states in which they have worked but for which they do not maintain residency. The benefit of this is most easily seen in the example of a spouse who works in several states over the course of multiple PCS moves, but continues to pay state income tax only to their permanent state of residency.

These are just a few of the benefits of the SCRA. Additional portions, such as limitations on storage unit liens, possible tax deferments, and protection with installment contract purchases (such as car loans) might be of benefit to you, as a military student. More information can be found by contacting the legal department for your military branch.

Wanting to go to college or university can cost a lot of money, money you may not have—that’s why paying for college questions are the most common we receive.

Paying for your higher education out of pocket can feel out of reach for many. Whether it’s grants, scholarships, or student loans—people want to know what’s out there and available to them!

For those that are former military, I wanted to take this opportunity to discuss the benefits of taking advantage of the Post-9/11 GI Bill to pay for college. The Post-9/11 GI Bill provides up to 36 months of education benefits for military. Typically, these benefits are payable for 15 years following release from active duty.

You may be eligible if:

You have at least 90 days of aggregate service after 9/10/2001 -or-

Honorably discharged with a service related disability after 30 days.

What Can You Use it For?

You can use the GI Bill for:

Graduate degrees
Undergraduate degrees
Vocational/Technical Training

If you’re wondering what else it covers, you can also use the Post-9/11 GI Bill for on-the-job training, correspondence training, licensing, tutorial assistance, flight training, national testing programs and entrepreneurship training. You may also be eligible for a monthly housing allowance and a books/supplies stipend. Go to www.gibill.va.gov for more information.

Examples of the types of institutions of higher learning for undergraduate & graduate degrees:

Community college
Four-year college/university
Advanced degree program

Examples of the Vocational/Technical training are:

EMT certification
Truck driving
Cosmetology

Tuition and Fee Payments

What I’ve listed below is applicable to those eligible for the full 100% eligibility tier. If you don’t happen to be eligible for the full benefit, the payment and maximum amounts listed will be prorated based on your eligibility percentage. To check your eligibility, click here.

Full tuition and fees are paid directly to the school for all public school in-state students. When attending a private or foreign school, these fees are capped at the national maximum rate.
If you are attending a private Institution of higher learning in the certain states, you may be eligible for a higher tuition reimbursement rate.
For non-college degree granting institutions, the net costs for in-state tuition and fees are not to exceed $18,077.50 during the academic year (8/1/12 thru 7/31/13 and the net costs for in-state tuition and fees are not to exceed $19,198.31 during the academic year (8/1/13 thru 7/31/14).

For more information, visit the GI Bill goverment website.

When you are looking for ways to pay for school, research your options. If you are former military, look into the Post-9/11 GI Bill to cover the cost of tuition expenses. You may just find that using this program can pave the way for receiving the higher education you crave!