VA Student Loans


There currently is no formal student loan program through the Department of Veterans? Affairs (VA). However, there are a couple of options for educational assistance for veterans. The first program for educational assistance is the Montgomery GI Bill, and the second is the VA Tuition Assistance Top-up program.

You must have enlisted on or after July 1, 1985, with a pay reduction of $1,200. Assuming you served continuous active duty throughout or beyond your initial enlistment period, you are eligible for up to $1034 per month, depending on your enlistment period. These rates are determined by Congress and may change each year. Also, your GI payment is adjusted depending on your status as a full or part-time student. Part-time students receive benefits starting at $517 per month. You can increase your GI Bill monthly payment by enrolling in the Buy-up Program during your enlistment. This will add $150 to your monthly benefits.

In 2000, President Bush signed an amendment to the Montgomery GI Bill that permits the VA to provide tuition assistance. The VA Tuition Assistance Top-up program awards additional financial assistance to help cover the difference, if your academic tuition is more than the monthly payment from your GI Bill. Eligibility for this program has the same requirements as eligibility for the Montgomery GI Bill. This financial assistance won?t exceed the cost of the classes, and the recipient?s MBIG benefits will be reduced.

There are several great educational assistance options for veterans. The GI Bill alone can provide over $35,000 to help pay tuition. As usual, eligibility for these benefits is revoked if the applicant is dishonorably discharged.

VA Loans provides detailed information on VA Loans, VA Small Business Loans, VA Student Loans, VA Mortgage Loans and more. VA Loans is affliated with VA Home Loan Rates.

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