Breaking News

A new era in GI Bill benefits.

President Bush praised the bill, including a provision favored by the Pentagon that permits veterans to transfer unused benefits to spouses and children.

Under the new GI Bill, payment rates will go up, but will be based on the college or university costs in the service member's state of residence. Eligible students also will receive a monthly stipend for books of up to $1,000 per year and a monthly housing allowance of about $1,000. The housing stipend will be tied to the Pentagon's basic allowance for housing rates.

The new education benefits are forecasted to go into effect in mid-2009 and will be available to all service members and veterans -- including members of the Guard and Reserve -- who have served on active duty for at least 90 consecutive days since Sept. 11, 2001. The benefits are paid in increments which are determined by the amount of time served on active duty.

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