The U.S. House and Senate are currently working on legislation (H.R. 3016, Sec. 301) increasing the time you are required to serve to be eligible to transfer your GI Bill to your spouse or children. The proposed increase is from six to 10 years.
Even if you think your spouse or children will never use this benefit, you should consider making the transfer now if you’re currently eligible. Why? This gives you and your family the flexibility to use the benefit as it stands today—no matter what gets signed into law.
Keep in mind, if you transfer your GI Bill now and change your mind later, you can take it back. Transferring is not a permanent decision. However, if you wait until after legislation is passed, you’ll be required to follow the new requirements and provisions.
In addition to changing the length of service required, the proposed legislation eliminates the ability for children who have been transferred a parent’s GI Bill to receive the entire Basic Allowance for Housing (BAH) payout. Instead, they’ll receive only half the amount. That’s a 50% cut in benefits. Transferring your GI Bill now entitles them to full BAH payout, even if the bill passes.
According to proposed legislation, those who have transferred the benefit before 180 days after the legislation is signed into law will get to use it as it currently stands. Don’t wait; do it now while you’re thinking about it. Find out more about making the transfer here.
(Photo: MCSA Wyatt L. Anthony/Navy)