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Getting your college degree is a great way to ensure that you have a comfortable, financially stable future. As an active duty or reserve soldier, you might be eligible for money to cover your tuition from the Montgomery GI Bill.

The GI Bill was created in 1944 to help returning World War II veterans pay for their education, purchase homes, and start new businesses. Today's Montgomery GI Bill is available for National Guard soldiers and both active duty and reserve soldiers in the Army, Navy, Air Force, Marines, and Coast Guard. The GI Bill can help to pay for college, graduate school, technical or vocational school, distance learning, some licensing and certification tests, and for veterans and reserve soldiers' apprenticeships and on-the-job training.

The Montgomery GI Bill for Active Duty Personnel
For active duty personnel, the Montgomery GI Bill benefits are good for up to ten years after your last day of service. You must serve on active duty for three years to be eligible for the maximum GI Bill benefits. The benefit rates are adjusted every year in October. October 2006's maximum GI Bill rates are $1,075 per month for full-time students and $913.75 per month for apprenticeships and on-the-job training. If you have been enlisted less than three years, you can earn up to $873 per month as a full-time student and $742.05 per month for apprenticeships and on-the-job training.

The Montgomery GI Bill for Reserve Soldiers
As a reserve soldier, you also have ten years to use your GI Bill benefits. To earn the maximum Montgomery GI Bill benefits using the Reserve Educational Assistance Program (REAP), you need at least two consecutive years of service. The GI Bill can give you up to $860 per month if you are a full-time student and $731 per month if you are training on the job. The money for on-the-job training decreases after every six months of training you complete.

How to Access your Montgomery GI Bill Benefits
No matter whether you are on active duty or in the reserves, you will need to use the GI Bill WAVE, or Web Automated Verification of Enrollment. Each month, you must log on to the GI Bill WAVE website to verify that you are still in school so that you can receive your benefit.

The Montgomery GI Bill is a great resource for furthering your education. It pays to find out how much money you can earn through the GI Bill.

Sources
"Montgomery GI Bill Increased Educational Assistance Allowance," U.S. GI Bill Website
"Reserve Educational Assistance Program," U.S. GI Bill Website