Example If you are a full time student and your tuition cost is 100 you would

Example if you are a full time student and your

This preview shows page 11 - 13 out of 15 pages.

Example : If you are a full time student and your tuition cost is $100 you would still receive the full $985 per month while enrolled in school. Frequently Asked Questions Why isn't the MGIB considered Financial Aid? The MGIB is not considered financial aid because in most cases it is paid directly to you, not the school. This also means that you can use student loans, scholarships, and Pell Grants along with the MGIB. For help in locating scholarships, see the Scholarship Search . How long do I have to use my benefits? Once you have separated from the service you have 10 years to use all of your benefits. Although separating from service "starts the clock" on your 10-year time limit, be aware that if you re-join the service, the "clock stops" until you leave the service again. This broken service will subtract time from your 10-year limit. Example : Seaman Smith left the active duty and joined the Navy Reserve. Three years later she returned to active duty with seven years remaining on the MGIB clock. At that point the clock is on hold at the seven year mark until she leaves the service again, at which point the clock will start ticking again, meaning she now has seven years left to use ALL of her benefits, or she will loose her remaining balance, which then returns to Uncle Sam. Clarification : She has not lost her available benefits; she simply has less time to use them.
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Can I stop and start using the MGIB at will? YES! Unfortunately, many people believe that once you apply for benefits you have to remain enrolled in school to get the full $35,000. Thankfully that's not true, you can use the MGIB for any period of time, take time off and reapply to use it again at a later date. What does a "month" of benefits mean? Every time you use the current FY maximum "payment rate" ($985) of MGIB benefits you use a month. Most active duty members will use smaller portions of the funds at different times through programs like Top-up, Vo-Tech, Certification Tests, or as Part-time students. This means that the length of the course doesn't determine how many months of benefits you use, the amount of benefits you draw determines the amount of months you've used. You are charged a month only when your total payments reach $985 or a multiple of the maximum "payment rate". Example : If Airman Jones uses $450 dollars for top-up, he has used a half-month of his benefits. The key to remember is that a "month" is more correctly defined as a monetary portion not a 30-day period of training. How often will I receive payments? In most cases you will receive your benefits on a monthly basis. However each month that you are enrolled in classes you are required to verify your "status" this can be accomplished through Web Automated Verification of Enrollment (W.A.V.E.) or by telephone. Within 3-5 days you will receive a direct deposit of your monthly benefits. However you will not receive your payment until you verify.
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  • psachos
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