The GI Bill & Financial Aid for your MBA

David Moss

Assistant Director of Financial Aid

Darden School of Business

There is a lot of confusing stuff out there about the GI Bill and it all seems to say something different.  No more BS. What’s the truth? How much is the GI Bill going to cover my cost for getting my MBA?

Congress has changed the Post-9/11 GI Bill so many times that there’s a lot of different information floating around that may have been true once, but no longer is. The latest iteration of the Bill is actually very straightforward, but provides slightly different benefits to veterans attending private schools than it does for public schools.  If a veteran were to call two schools- one private and one public, he/she will get two very different answers about how much of the cost is covered- both of which would be correct for the respective school.

The Darden School, being attached to the University of Virginia, is considered a public school.  For veterans that qualify for 100% of benefits, the VA will pay the full cost of in-state tuition and fees directly to the University.  This goes for all of our programs- traditional MBA, MBA for Executives, and Global MBA for Executives.  The VA also pays directly to the veteran, a Monthly Allowance for Housing which is set at the Department of Defense’s Basic Allowance for Housing E-5 with dependents amount (http://www.defensetravel.dod.mil/site/bahCalc.cfm), based on the zip code of where the school is located, regardless of where the veteran actually resides.  The VA will also pay the veteran an annual $1,000 books and supplies stipend.  All of these payments are prorated based on a veteran’s eligibility level.  For example, a veteran with 60% eligibility will have 60% of in-state tuition and fees paid, receive 60% of the Monthly Allowance for Housing, and a $600 books and supplies stipend. 

The only difference for private schools, but a significant one, is that the maximum amount of tuition and fees the VA will pay to a veteran who is 100% eligible for benefits is $17,500 per year.  In a nutshell, the Post-9/11 GI Bill goes much farther for veterans attending public schools.

What if the GI Bill isn’t enough to cover my expenses (family, home, car, previous debt)?  Can I get additional loans while I’m going to school?

If you need more money than the Post-9/11 GI Bill provides, you can still apply for financial aid.  One of the features of the Post-9/11 GI Bill is that any benefits you receive cannot be counted by the school against your financial aid.  That means that you are eligible for the same amount of financial aid you that you would otherwise be entitled to without the GI Bill. 

Other than personal savings, GI Bill, and loans, are there other places I might be able to get funding like scholarships?  What are they?

Depending on the school you’re applying to, you may be offered a merit-based scholarship, and/or need-based grant assistance.  The Darden School considers all applicants for admission for merit-based scholarships, but does not provide any need-based aid.  Veterans may also find scholarships offered by external organizations; there are hundreds of private scholarships available to students at all education levels, but unfortunately, there’s no one-stop-shop for finding them.  The Military.com website hosts a scholarship search engine for veterans: http://aid.military.com/scholarship/search-for-scholarships.do.  I also recommend searching for private scholarship and grants in your local community and not limit your research to the internet. 

I know I qualify for benefits, but I’m not sure how much.  How do I find out what level I qualify for?

The only way to know for sure what level of benefits you qualify for, you have to request a Certificate of Eligibility from the VA; no one else can give you an official answer.  If you’re not ready to take that step yet, you can estimate your benefits by using an online benefits calculator.  The best calculator that I’m aware of is on the Iraq and Afghanistan Veterans of America website: http://www.newgibill.org/. 

Are there any extra veterans benefits that the Commonwealth of Virginia grants?

The commonwealth of Virginia allows veterans apply for in-stat residency immediately upon moving to Virginia: http://www.virginiaforveterans.com/downloads/In-state%20tuition%20residency%20requirement%20waived%20for%20veterans%20at%20public%20colleges%20and%20universities.pdf.  Normally, a student hast to have moved to Virginia at least one year prior to applying to a program, but this doesn’t pertain to veterans- they can gain in-state residency right away and be able to take advantage of the up-to full in-state tuition and fees benefit provided under the Post-9/11 GI Bill.

A lot of veterans I’ve talked to say they don’t know if they’re getting the right benefits, and when they call the VA, they’re put on hold for hours.  How can I figure out if I’m getting the right benefits?

Understandably, when a check arrives in mail, or your school receives a payment, you want to be able to know what it’s for, and if the amount is right.  The VA now offers an online service called eBenefits, https://www.ebenefits.va.gov/ebenefits-portal/ebenefits.portal, which allows veterans to apply for, and track their benefits online, just as one would check their bank account or credit card online.  A premium level eBenefits account is free, and gives you the ability to see when benefits payments are processed and sent, as well as what and for how much the payments are for, giving you much more information right at your fingertips.

I’ve heard a lot about the Yellow-Ribbon Program.  What’s that all about and how do I qualify?

The Yellow-Ribbon Program is basically a matching scholarship program between schools and the VA, and is only available to veterans who qualify for 100% Post-9/11 GI Bill benefits.  While the Darden Schools participates in the program, not all schools do because it does require a financial commitment by the institution.  Under this program, schools can provide a scholarship to a veteran, and the VA will provide a dollar-for-dollar match.  For public schools, this can make up part or all of the difference between the in-state and out-of-state tuition and fees that isn’t covered by the GIB Bill; for private schools, it can make up part or all of the difference between the $17,500 maximum tuition and fees payment and the actual cost of tuition and fees.  At Darden, Yellow-Ribbon is all but obsolete, since veterans in the traditional MBA program qualify for in-state residency immediately upon moving to Charlottesville, and because in the Executive and Global Executive programs, total tuition and fees are the same for in-state and out-of-state students.