When you are using your GI Bill, you can give yourself an added break - the VA certainly does!
Under the Montgomery GI Bill, Break Pay, sometimes known as Interval Pay, is a sum of money you receive as a military servicemember for the time period in between two consecutive school terms. In most cases, your GI Bill will support you between semesters, quarters, or summer sessions.
WHEN DO YOU RECEIVE BREAK PAY?
Timing is essential for planning full use of your GI Bill educational support: Break Pay is only issued to military servicemembers AFTER the break is over, when you have begun enrollment in the semester following the break.
For example, if you completed a Fall semester, you'll receive your Break Pay you're your Spring enrollment is processed. To ensure timely receipt of your Break Pay, confirm with your Certifying Official to make sure your Spring enrollment is recorded.
EXCEPTIONS FOR BREAK PAY
There are some notable exceptions to Break Pay for military service members. School breaks that are longer than fifty-six days, or school semesters for a shorter time length than the break itself, do not qualify for Break Pay benefits.
In addition, you will not receive Break Pay if as a military student you change schools and programs, or make a change that results in a break in your education that lasts more than 30 days.
Military students must pursue a full time schedule with enrollment both before and after the break to receive Break Pay, which means you must not be on active duty during your enrollment. Your GI Bill entitlement must remain during in effect during the break in order to receive Break Pay, and it will not be paid if you withdraw from your courses during the term preceding the break.
In order to receive Break Pay, your school must operate on a term, quarter, or semester basis and your enrollment in those semesters must be consecutive.
DON'T WANT YOUR BREAK PAY?
You do not have to fill out paperwork or do anything to receive Break Pay, your benefits will be sent to you automatically over the qualifying breaks and intervals between terms.
However, if you do not want to receive Break Pay, then you must make a written request to the VA before the authorization for payment occurs.
In doing my research comparing a VA loan versus a conventional loan, it appears that if you put 20% down on a conventional loan...
I used by VA home loan eligibility on a home purchase back in the 80's. I paid it off years ago. I want to purchase another home...
I am active duty military and government housing is not available at my base. Can a VA lender can count my BAH income...