Chapter 15
College for Military Service
In This Chapter
• Overview of military education benefits
• The Montgomery and Post-9/11 GI bills
• Military loan forgiveness programs
• Financial assistance for reservists
• Transferring benefits to family members
• The option to “opt out”
Nuclear option is a military phrase whose use has spread to many other arenas, from sports to politics. In the classic military sense of the word, it refers to a country pulling out all the stops in a war and dropping the big one. It’s an option that takes no prisoners and absolutely decimates the competition.
When it comes to paying for a college education, joining the military is the financial equivalent of the nuclear option. If all other funding plans fail, a student can “nuke” his college costs with a relatively short commitment to a very short haircut and some less-than-fashionable footwear. In fact, this can be one of the single most attractive options for people who find themselves between a rock and a financial hard place.
How good are military education benefits? Well, if you’re willing to go the distance, not only can you get an undergraduate education completely paid for, but you can also get your graduate degree in certain areas. Add it all up, and this can amount to over $300,000 in college funding, with very few hoops to jump through on the front end.
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