$49k/yr from the government to attend college? Really?

Paying for College
1

i asked this on the MIT board and no answers so I thought I would ask here if anyone is familiar with the GI Bill and did I calculate this correctly? Perhaps you’ve used this calculator for another college or can provide some insight.

Ok so husband already transferred GI Bill benefits to our two boys. I was told where to go online to request your certificate which gets mailed to you and shows proof your child is eligible for this benefit. Does MIT have a VA specialist in their financial aid department or do you just go thru regular FA channełs?

I was directed to this website to calculate how much aid would be given at MIT.

http://department-of-veterans-affairs.github.io/gi-bill-comparison-tool/

After calculating, it says it will pay $20,235 per year. $2,817 housing allowance (and because you only get that when you are there full time it should be for 10 months, so multiply by 10?). Plus a $1,000 book stipend.

So am I correct in understanding the government would give us apx $49,000 a year towards cost of attendance? Really? And that is if Son #1 takes 100% of the benefit correct?

2

Sounds about right. The housing allowance is not paid for breaks, ie winter. It will pay out for how ever many months was transferred to your son, up to 36 for whomever uses it.

Is your husband still active duty and has he committed to the necessary additional time of service AND gotten the letter verifying this?

3

If you use the MIT search, you could find the following.

http://web.mit.edu/sfs/scholarships/VA_benefits.html

4

Thanks to you both. Yes active army and my husband has 21+ years and transferred the benefits. I’m in the process of getting the certificate now:-) Suddenly MIT becomes more affordable.

5

The housing allowance is for 36 months total, so if you split it between your sons each would get 18 months.

6

And save that money because they should be able to share an apartment for about $1000 a month off campus. And even the dorms don’t cost $2800 a month.

Thank you to your husband for his service.