Would like to know if there is a standard format for financial aid assessment when it comes to transferring GI bill to a dependent. Do colleges typically administer financial aid first or do they take the GI Bill into account. My son is planning to start college in 2019? Has anyone experienced this first hand? I’ve gotten mixed responses from different Financial aid offices.
From what I understand(we will be doing this for our D who will start fall 19, GI Bill will be the last payer. Meaning, any financial aid will be applied first, then GI Bill benefits. There are some good threads on the Veteran subsection here that explains it more, even though some are a few years old. That being said, since the benefit is for 36 months, we will have to weigh FA or merit awards carefully. If she uses the GI Bill, it’s done after 36 months,even if the full dollar amount of benefit isn’t paid out, so, for us, it actually might not work out well to accept FA or merit awards, unless they would cover full tuition and then she could use the GI Bill for grad school, if she chose to go.
Yes, GI Bill is the last payer. @sweeney1996 , you are smart to consider what is the best strategy for your D.
@kelsmom, my husband actually brought it up the other evening, with merit aid and GI Bill. My daughter is applying to a state school, where the GI Bill will cover her tuition, room and board, and of course a book stipend. I should of clarified my earlier post, as by running the calculators, having an only child, we do not qualify for any grants, and our EFC is high, even at a state school. While we have savings, IRA, 401K, and the like, it truly is a blessing to have the option of the GI Bill. I will say, when she applied on July 1 for admission, she filled out the scholarship app also. No where did it ask if she was eligible for the GI Bill, though there where questions about status of military affiliation. Any scholarships she is looking at, are “non-fenced”, that would go directly to her,so she could use to to help offset living expenses, books, meal plan, etc.
Thanks for your insights. We have one in college already and two in hs. The GI bill and yellow ribbon will come in handy to help with our kids college expenses while I’m finishing my military career
Yes, GI BILL is the final payer, but you should fill out the FAFSA to see what other scholarships/grants/government money your college student is eligible to receive.
One note about the GI BILL: with reimbursement for the books, have enough saved for that and plan on paying out of pocket. One year, my husband’s GI BILL took over 4 months to reimburse him for the books and to pay his BAH due to an influx of paperwork and not enough people to process the claims. Just wanted to let you know of that possibility so that you are not caught unaware, the way we were that year.