If you are an older Servicemember or a Veteran you may be eligible for a program referred to as the Veterans Educational Assistance Program. It is available for use up to 10 years from the time of your Active Duty Separation. If you are eligible but your 10-year period has expired, then you are eligible for a refund if you made contributions to the program when you were on active duty. If you are qualified then the program contributes 2 for 1 for every dollar that you have in your contribution account. This was in the past called military education matching, or matching fund contributions, but it is actually more of a financial advantage than simple matching.
Are Your Qualified?
To be qualified for this program, you must have entered service from January 1977 to June of 1985, and started a contribution account sometimes before April of 1987. If you contributed to your account anywhere from $25 dollars to $2700 dollars then you will be eligible for the VEAP program. There are some other qualifying factors, such as you must have been honorably discharged, and have completed your first period of military service, but if this applies to you then you may very well be eligible for the VEAP program. There are a few long time active duty members who are still serving on active duty who qualify for this benefit. If you meet the criteria and are still serving then you have to have contributed at least 3 months worth of contributions to be eligible. Basic benefits are for from 1 month to 36 months, and you may use your VEAP benefits for educational purposes such as correspondence, on the job training, apprenticeship, or college and university education.
The VEAP program is an older program but it is one that has good benefits for older members of the Armed forces who joined the program when it was first instituted. It is still in effect as long as there are personnel who invested in the program, who have not exhausted your ten-year period after active duty separation. There are also personnel who may have contributed and it’s been longer than their ten years who may be entitled to a refund of the money they initially paid. To find out you should check with the Veterans Administration to make sure you receive any funds that you are entitled to.