While the Gi Bill is not actually a loan that you pay back, it can be an important part of planning, when it comes to paying for your education.

If you are a veteran are you taking full advantage of your GI Bill?

Do you know the differences between the new Post-9/11 GI Bill and the Montgomery Bill? Do you know which one you qualify for, and if both do you know which one is best for your educational needs?

These questions are important for you to answer because you need to make a irrevocable choice of which benefit you wish to receive. This is an important decision, because obviously you’re going to want to get the most money that’s available.

Here are some of the differences between the two Bills.

The Post-9/11 Bill pays for tuition and fees (paid to the school), not greater than charged by the most expensive state Institution of Higher Education in the state you are attending classes.

Under this Bill you also are entitled to a monthly housing allowance. The payments are based on the housing allowance for an E-5 with dependents and the zip code of the location of the school you will be attending.

There is also a stipend of $1,000 for books and the possibility of $500 for moving expensive if you qualify.

The Montgomery GI Bill is simple a monthly allowance which at the time of writing this was $1,321 for a full time student that has at least 3 years of active service.

At first glance if you qualify for both bills it would look like the Post-9/11 option would provide the most funds, but this really depends on the tuition and fees charged by the school you are attending.

One such thing to consider is, some States the cost of tuition and housing would be less than the $1,321 monthly allowance you would receive under the Montgomery Bill., therefore making it the best choice.

There are also States that have Colleges that do not charge Veterans tuition, and this might also make the Montgomery Bill more appropriate.

While the new Post 9/11 GI Bill is a great benefit, because it gives you more options, it also makes it very important that you do your homework before you select a school.

Because you only have one chance to select the option that would pay you the most money, it become very important to talk to the school before you make a choice. Don’t forget you will also need to find out what housing expenses are and what your allowance would be under the Post-9/11 option for the zip code of the school, before you can figure this out.

This all becomes much easier if you are dealing with Military friendly schools that have staff that understand the GI Bill benefits and can help you work out the numbers to you advantage.

If you are a veteran you earned these benefits by serving your country, and should take full advantage of the best option for you and your family.