If you are considering going back to school or getting an online MBA degree, you are more than likely taking a close look at your finances to determine whether it is a feasible option for you. College is a huge financial commitment and that can often deter people from enrolling in a degree program. If you served in the United States military, you may be eligible for substantial financial aid through GI Bills, according to MBACentral. Learn more about military aid and who can qualify for it.
What Is the GI Bill?
There are a few different kinds of GI Bills, and all provide some kind of financial aid for college to active-duty service members or veterans depending on the type of bill. Those types are:
- Post 9/11 GI Bill: To qualify for this one, you need to have served in the military any time after September 10, 2001. Types of financial aid you can get include lower tuition rates, grants, scholarships, payment plans, and more. Along with that, you can also receive up to 36 months’ worth of full tuition up to a certain amount for private colleges and unlimited for a public university, money for books, supplies, and housing, and more.
- Montgomery GI Bill: Under this bill, also known as Chapter 30, veterans and active-duty members can receive assistance for college. It can be used not only for college, but also for certificate programs, technical training, licensing, and career training. Like the Post 9/11 GI Bill, this one also provides three years of tuition and other costs. To qualify for this bill, you need to have at least two years of service as an active-duty member of the United States military, a high school diploma or GED, and an honorable discharge on your record. If you want to apply, you have to fill out VA Form 22-1990.
- Forever GI Bill: This bill supplements the Post 9/11 GI Bill, making it an easier process for those who used that bill to continue getting funds from it. It also gives those who were not eligible under the Post 9/11 Bill a chance to collect benefits. If you were called to active duty from the reserves for medical reasons, you can use that time to count toward your eligibility. Purple Heart recipients are also eligible if they were awarded it after September 11, 2001.
Depending on the amount of time you serve, you could also qualify for partial aid. For example, if you served on active duty for less than six months but have at least 90 days total, you would get 50 percent of that aid, which goes into effect in August of 2020. The Forever GI Bill also includes many other benefits such as extra time for people enrolled in a degree program in science, engineering, technology, or math (STEM). The bill also eliminates the limitation that the Post 9/11 GI Bill had where the benefits had to be used within 15 years.
The funding in these bills can be used for any number of degrees such as a master’s in business administration degree (MBA), an undergraduate degree, an online MBA program, and many more. When you look for a business school, public university, or even an international university, it is advised to check sites such as US News & World Report or MBA Central that provide objective reviews of public and private institutions and also provide online MBA ranking. Their higher education researchers put out a new ranking every year and either can be a great resource site. If you have questions about your funding eligibility, talk with the support services at your chosen public university or private college to see if they can help you, as they work with prospective students every day.
Why Consider Online MBA Programs?
If you are going for your online MBA, consider what type of MBA you may be getting. A marketing track could lead you to work with marketing managers, while an MBA in organizational leadership may put you in the running for leadership positions. You could also end up in business management with the right amount of years of experience.
Busy professionals know that their schedule often does not permit full-time attendance at a brick-and-mortar school. If you are considering a track in business administration and want to get an online MBA, there are many available options to you. An online program for your business administration degree provides flexibility but still offers the academic rigors of a graduate-level program. An MBA program will provide you with the knowledge you need to work toward success.
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