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Anna Helhoski is a senior writer covering economic news and trends in consumer finance at NerdWallet. She is also an authority on student loans. She joined NerdWallet in 2014. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. She previously covered local news in the New York metro area for the Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree in journalism from Purchase College, State University of New York.
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Under the Post-9/11 GI Bill, veterans who serve at least 36 months of active duty are eligible for coverage of up to 36 months of college or career training.
That's enough for nine months of education every year for four years. Benefits also include a monthly housing allowance and $1,000 stipend for books and supplies. The 36 months of college or career training need not be consecutive. If your service ended before January 1, 2013, you have 15 years to use your benefits. If your service ended on or after that, your benefits don't expire.
Some vets can pay for an undergraduate education with the bill alone, but others need additional resources.
That’s because not everyone can complete an undergraduate degree in four years. The National Center for Education Statistics found that just 40% of college students who receive a bachelor’s degree do so within four years. And veterans don't always know how to maximize GI Bill benefits, experts say.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
4.17-16.69%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 6/14/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Variable APR
5.59-16.85%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 6/14/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Credible lets you check with multiple student loan lenders to get rates with no impact to your credit score. Visit their website to take the next steps.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
4.25-15.49%
Lowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 5/31/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Variable APR
5.37-15.70%
Lowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 5/31/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Credible lets you check with multiple student loan lenders to get rates with no impact to your credit score. Visit their website to take the next steps.
When the GI Bill might not cover your costs
Here are a few situations in which you’d likely need to supplement the GI Bill:
Attending a private college
Post-9/11 GI Bill benefits cover the full cost of in-state tuition at public colleges, but only up to $26,381 per year at a private college.
What to do: Use the GI Bill Comparison Tool to see how far your benefits will go at different schools before picking one. If your college is eligible and you've earned 100% of your GI Bill, the Department of Veterans Affairs' Yellow Ribbon Program can provide additional funds.
Serving less than 36 months
Those who serve less than 36 months receive a percentage of the maximum benefit. For example, if you served at least 18 months, but less than 24 months of active duty, you'll qualify for 70% of Post-9/11 GI Bill benefits.
What to do: Find the benefit percentage you'll receive through the VA. This will help you determine how much of your tuition and housing costs will be covered and how large a gap you'll need to fill.
Transferring colleges and losing credits
More than one-third of students transfer colleges, according to the National Student Clearinghouse Research Center. And when transferring, students lose an average of 13 credits, according to the National Center for Education Statistics. If you lose credits by transferring, you might require more than 36 total months to finish a degree.
What to do: Use a transfer credit tool, available at most colleges, before making the switch. This will show you how many courses you've already taken might be accepted at a new school.
Transferring benefits to a spouse or child
If you transferred benefits to your spouse or dependent children while on active duty, you'll only be able to use GI Bill benefits by revoking the transfer.
What to do: Use the Transfer of Education Benefits website to revoke a transfer. If you don’t revoke the transfer, pay for college using grants and scholarships, work-study and student loans.
Needing additional time
If your intended career field requires more than 36 months of education or an advanced degree, GI Bill benefits won't cover all of your costs.
What to do: Calculate the costs of college for your degree or an advanced degree at different types of schools. Public colleges will have the cheapest tuition, but a private college that offers you more financial aid could be a better value.
College closing
If your school closes or is no longer approved by the VA, your benefits may not be reset.
What to do: To continue your education and use any remaining GI Bill benefits, you’ll likely need to transfer.
Closing coverage gaps
First, make sure your school has submitted your enrollment status to the VA so you can receive your full benefits. Then, if you have coverage gaps, fill out the Free Application for Federal Student Aid, also known as the FAFSA.
The federal government, states and colleges use the FAFSA to award grants, scholarships, work-study and student loans. Your GI benefits won't affect your expected family contribution, so you can still receive aid, such as the federal Pell Grant. Veteran-specific scholarships and grant programs at the state and school level might require additional applications.
Experts advise student veterans to explore all potential programs and services created to help them pay for college. When Jude Prather, veteran services officer for Hays County, Texas, left the military in 2005, he was unaware of the Hazlewood Exemption Act, which provides eligible veterans up to 150 hours of tuition exemption, including fees, at public colleges in Texas. Instead, Prather paid tuition for his first semester out of pocket.
“That’s the case for a lot of veterans: In their hurry to get out of the service, they may miss some opportunities or benefits that are available to them that they’re just unaware of,” says Prather.
Several states — including Connecticut, Illinois, Massachusetts, Montana, South Dakota, Washington and Wisconsin — offer tuition exemption or benefit programs for veterans. Ask your state's VA for details.
Consider a student loan if the GI Bill, grants and scholarships don't cover all of your college costs. Maximize federal loans before choosing a private lender, because private loans tend to carry higher interest rates than federal loans. Private loans also have fewer protections and forgiveness options. However, depending on your credit — or your co-signer’s credit — you might receive a lower rate on a private loan than a federal one. Compare private loan options before making a decision.
No matter the scenario, speak with a VA counselor about your education options and the best way to maximize your GI Bill benefits.