GI Bill. 529 Funds. Which Should I Use First?
You have GI Bill benefits to transfer to your kids and you've saved money in a 529 Plan for college expenses as well. But when should you use the different funding sources? Let's see...
You have GI Bill benefits to transfer to your kids and you've saved money in a 529 Plan for college expenses as well. But when should you use the different funding sources? Let's see...
Normally when you complete the FAFSA, you need to report all income. Is that the case with GI Bill benefits?
Depending on who owns the 529 plan and when distributions are used, the effect on student aid received can be significant. Take time to learn the rules.
DoD has, in the past, tried to limit the ability of Servicemembers with 16 or more years of service to transfer their GI Bill benefits. In the 2020 NDAA, Congress said "No!"
Most Military Members and Veterans are familiar with their benefits under the GI Bill. There are also VA spousal and dependent education benefits available to spouses and children of certain Military Members and Veterans. Here is some information about them you should be aware of.
Whether to participate or not in a 529 plan is a less clear decision for an active or retired Military Officer or Senior NCO. You'll want to account for Veteran's Benefits and your state income tax situation as a start.
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