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The Easy Money for College Myth
Recruiters might promise you tens of thousands of free dollars for college, but it’s not free-you must work for it. And it’s not automatic. Unless you qualify for special jobs or sign up for an extra-long term, you’ll never see the higher amounts of money. To qualify for any college aid at all, you have to pay a $1200 non-refundable deposit to the military. If you receive a less-than-honorable discharge (as about one in four people do), leave the military in less than 3 years, (as one in three do), or later decide not to go to college, the military will keep your deposit and give you nothing.
57% of the veterans who sign up for the GI Bill have never seen a penny in college assistance, and the average net payout to veterans has been only $2151. 29% of veterans have been determined not eligible for benefits at the time of their discharge, either for being discharged early or with a less than honorable discharge. These veterans have thus lost both their $1200 payroll deduction and any hope of benefits at all.
Even for veterans who qualify for the MGIB, there is still one more surprising twist. When a veteran files for Federal Student Aid to determine how much they can pay for college, money from the GI Bill is counted as an asset, and subtracted from whatever aid package they would have received if they weren’t getting money from the GI Bill. Therefore, the expected out-of-pocket financial contribution from a veteran will be exactly the same as if they never entered the military. The total financial aid package will be no greater than for a non-veteran of equal financial status.
The military takes in a lot of money that will not be paid back. In other words, it’s really the military that profits, not veterans. Colleges can help you find aid if you need it, and it pays to investigate these options before agreeing to give away years of your life to the military. Once you complete school, you can start earning the higher wages of a college graduate right away.
Topics: Educational Benefits, Military Facts |