Are you currently serving in the military and wondering if you should start using your G.I. Bill benefits now during your off-time or wait until you get out? In this blog post, I’ll discuss some advantages and disadvantages of each option.
There’s no doubt that the G.I. Bill is one of the most sought-after benefits of serving in the military. Whether you only serve for a couple of years or stay in until retirement, you’re bound to eventually use your G.I. Bill benefits at some point. But when should you use them?
The short answer is that it depends on what your goals are. So there’s really no right or wrong answer. But it’s very important to establish what your education and career goals are as early on as possible.
Let’s explore a couple of different scenarios and options, as well as the pros and cons of each one.
The Importance of Higher Education
Education is at the forefront of our lives and society. Here in the United States, most of us go through the education system one way or another.
Whether through the public school system, private schools, or homeschooling, we all have access to primary and secondary education for a total of 12 years. Unfortunately, many people choose to end their educational journey after high school.
Some don’t even make it that far, which is unfortunate because a higher education can open new doors and opportunities. It can potentially expand your employment opportunities and increase your pay, among other things.
I’m not saying you have to pursue higher education (like college or university) after high school in order to be successful and make good money. On the contrary, I believe the opposite is true!
For those with grit, fortitude, and business acumen, entrepreneurship can be a very lucrative option as well. Just look at Bill Gates! He dropped out of Harvard to pursue entrepreneurship and co-founded Microsoft. And the rest, as they say, is history!
In any case, no one can deny the fact that the cost of higher education is rising with no end in sight. Unfortunately, this has made college and other forms of higher learning out of reach for many people. That is why the G.I. Bill is so invaluable to those who qualify for it!
My Experience With the G.I. Bill
When I signed on the dotted line and agreed to have $100 taken out of my pay each month for a year in order to get the G.I. Bill, I honestly never thought I’d actually use it. Remember, our goals and desires can change over time.
Unforeseen circumstances sometimes come up that force us to alter our course in life. This is one of the reasons why I advocate waiting until you get out of the military before using your G.I. Bill benefits, in most cases. But more on that in a bit.
To prove my point above, allow me to share with you how my goals and priorities shifted over time. When I first joined the military, I thought I was going to be a lifer and retire from the Army. And while that didn’t happen, I did re-enlist once.
I had initially decided that I wanted to be a police officer when I got out. So again, I didn’t think I would even need the G.I. Bill.
When that didn’t work out, a buddy of mine helped me get started in the information technology field. And I ended up pursuing an IT career for over six years before finally realizing that it wasn’t for me either!
When I finally discovered my ideal career at the time, I realized I needed a bachelor’s degree to land a job as a technical writer.
The problem? I had already used up a good portion of my G.I. Bill benefits pursuing IT certifications at a trade school while trying to get ahead in my IT career!
And while I eventually graduated from college and got that bachelor’s degree, I still have over $20,000 in student loan debt at the time of this writing! This is why it’s so important to start thinking about and planning for your future!
When to Use the G.I. Bill
Now that you realize the importance of the G.I. Bill, your education, and planning for your future, you’re probably wondering when you should use it.
It usually boils down to one of two different scenarios. Let’s discuss each one and the pros and cons of each.
Using the G.I. Bill While Serving
To be completely honest, I don’t see any real advantage to using the G.I. Bill while currently serving in the military. Of course, there may be some instances where it makes sense.
One example that comes to mind is if you’re staying in until retirement. In that case, it may make sense to use the G.I. Bill while serving. You may want to switch MOS’s, and the one you want requires some college credits or other type of education.
Or maybe you’re currently enlisted but are interested in becoming an officer or warrant officer? In such cases, using your G.I. Bill benefits early on might make sense.
Here’s one thing to consider about the above scenario: What many military personnel aren’t aware of is that their branch of service might offer free training or other education opportunities that are in addition to the G.I. Bill! So definitely look into that first!
Another thing to think about before using your G.I. Bill benefits while serving is that you’ll be spending most of your free time hitting the books. Why spend the limited free time you have doing that?
Think about it. This is your opportunity to travel, see the world, and experience things you may never get another chance to see and do again!
Besides, you likely won’t have enough time to commit to college while serving anyway. And if you get orders and get deployed, guess what? College just got put on hold!
One other major and often overlooked con of using the G.I. Bill while serving that’s worth mentioning is that you’re likely throwing away your housing allowance benefit that’s included with the G.I. Bill!
If you wait to use your G.I. Bill benefits after you leave the military, the VA will also send you a monthly housing allowance to help cover your rent or other expenses.
But if you use it while serving and getting free room and board, guess what? You won’t get that money! So you’d basically be forfeiting a nice chunk of your benefits!
Using the G.I. Bill After the Military
For the above reasons, I believe that waiting until after you leave the military before using your G.I. Bill benefits makes the most sense in most cases.
Unless you’re absolutely certain that you’re going to be a lifer (and most people don’t until awhile after they’re in), I recommend putting the G.I. Bill on hold until later.
The only potential downside I initially thought of to going this route was that, previously, you had a limited amount of time to use your G.I. Bill benefits once you left the military.
But that’s all changed now with the passage of the Forever G.I. Bill legislation. With the Forever G.I. Bill, there’s no longer a time limit for using your G.I. Bill benefits!
My personal recommendation is to get out of the barracks, have fun, and experience all that serving in the military has to offer!
When do you plan on using your G.I. Bill benefits? And what are your education goals for the future?
Investing in your education and future is one of the smartest and most important decisions you can make. And the G.I. Bill makes it a no-brainer. It’s a benefit that you’ve earned, so be sure to take advantage of it!
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