The old Montgomery GI Bill (MGIB) was for active duty servicemembers and was designed as a recruitment tool. With the passage of the new Post-9/11 GI Bill (Chapter 33), MGIB (Chapter 30) is still on the books, and the benefit was increased by nearly 20%. The current monthly rate for MGIB is $1421/month for a full time student. In addition, yearly increases to the MGIB are now indexed to the rising cost of education, which means that benefit will keep up with the explosive rise in education costs. All the same qualifications still apply for MGIB, including the $1,200 buy-in.
Although nine times out of ten the Post-9/11 GI Bill provides a higher benefit than previous programs, some veterans may receive a higher benefit from MGIB. For more guidance on which program is right for you, please use our GI Bill benefits calculator.