How the military will beef up tuition support with VEAP
Save some money for your education, and the military will match you, 2 to 1.
Veterans Educational Assistance Program (VEAP) is available if you make contributions from your military pay to participate. Your contributions are matched $2 for $1 by the government. How's that for a good return on your investment? You're not only investing in a program that will double your investment - you're investing in yourself by choosing to save for your education, the key to your future.
You can use your VEAP benefits to earn a college or higher education degree, for a certificate, correspondence, apprenticeship/on-the-job training program, and even for vocational flight training programs. Remedial, deficiency, and refresher training may also be available. Even certain work-study programs and tutorial assistance can be eligible for benefits.
The clock is ticking but you do have 10 years from your release from active military duty to use your VEAP benefits. If there is VEAP entitlement not used after the 10-year period, the portion remaining in the fund will be automatically refunded. So you can't go wrong by planning for an investing in your education while you're in the military.
To qualify for VEAP benefits, you must meet the following requirements:
- Entered service for the first time between January 1, 1977, and June 30, 1985;
- Opened a contribution account before April 1, 1987;
- Voluntarily contributed from $25 to $2700;
- Completed your first period of service; and
- Were discharged or released from service under conditions other than dishonorable.
Make sure your selected program is approved for VA training. If you are not sure, the VA will inform you and the school or company about the requirements.
Reap the benefits of VEAP any time you like up to 10 years - we recommend that you start planning it, now.
