Does the GI Bill Cover an MBA Program?
The VA offers multiple financial aid options, including the GI Bill, to help current and former members of the armed forces pay for their MBA program.
One of the benefits that U.S. military service members receive is financial aid to help cover the cost of their tuition. There are numerous financial aid options available, but one of the most commonly used is the Montgomery GI Bill.
The GI Bill helps cover the costs of nearly any type of degree, including Master of Business Administration (MBA) degrees. Keep reading to discover more about using a GI Bill to cover an MBA program.
Can I Use GI Bill Benefits for an MBA?
GI Bills are education benefits that the U.S. Department of Veterans Affairs (VA) offers to veterans, active-duty service members, and their dependents. The military pays for college costs, such as tuition and other related expenses, through these programs.
The amount you receive in student aid depends on several factors. These include what type of GI Bill you're using, what school you go to, and how many years of military service you have.
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Does the GI Bill Cover Master's Degrees?
The GI Bill covers all types of degrees, including master's degrees, if you earn them through an accredited university. However, the GI Bill only covers a certain number of months of education.
This means if you've used up all of your benefits in your undergraduate program, you won't be able to use GI benefits for graduate school. However, if you have benefits left you may apply them to a graduate degree. Also, if you enlisted in service after earning an undergraduate degree, you can use your benefits toward a master's degree.
Will the VA Pay for an MBA?
There are many ways to pay for an MBA program The VA offers several educational benefits for service members. This includes the GI Bills as well as other benefit options.
There are generally no restrictions on what type of degree qualifies for this financial aid. You can earn aid as an MBA student, a medical student, a law student, and more.
Does the GI Bill Pay for an Executive MBA?
Executive MBAs are accelerated MBAs offered by business schools. They're offered online, typically for those with bachelor's degrees in business administration.
GI Bills will pay for various degree programs, including online or in-person, accelerated or standard-paced, undergraduate or graduate degrees. This means that GI Bills will also pay for executive MBAs.
Tips for Using GI Bill Benefits for an MBA
While GI Bills cover a variety of degrees and programs, there are still steps that you'll need to take to use these funds for your degree program. Below are a few tips for using GI Bill benefits.
1. Verify Program Accreditation
To use GI Bill funds, your school must be regionally or nationally accredited. Most large schools are regionally accredited, and this is generally a more esteemed type of accreditation, but the GI Bill will cover nationally accredited schools too.
While your program doesn't need to hold programmatic accreditation, having this accreditation means that the program has met rigorous education standards. The Association to Advance Collegiate Schools of Business (AACSB) and the Accreditation Council for Business Schools and Programs (ACBSP) accredit business schools and degree programs.
2. Understand Your GI Bill Type
There are two types of GI Bills: the Post-9/11 GI Bill and the Montgomery GI Bill. The two bills have some similarities, but different eligibility requirements. We've broken them down below.
Post-9/11 GI Bill
The Post-9/11 GI Bill is for current active-duty military members and military veterans who served on active duty after 9/11. For those who qualify for the full benefit, the bill covers the full cost of in-state tuition and fees at a public school, as well as a stipend for textbooks and materials and a housing allowance.
The amount you qualify for will depend primarily on how many years of service you have. If you have some benefits but not enough to cover the full two years of a full-time MBA, you can still use your remaining benefits.
Montgomery GI Bill
The Montgomery GI Bill is a financial aid option for U.S. military service members. There are two types: one for active-duty service members and one for selected reserve members.
Like the Post-9/11 GI Bill, the amount you receive depends on several factors, including how many years of service you have. However, unlike the Post-9/11 GI Bill, this bill does not offer a stipend for books or a housing allowance.
3. Ensure Program Approval
If you're unsure if your chosen MBA program qualifies for veteran benefits, you'll want to check before enrolling or even paying the application fee. There are a few ways you can verify that your program qualifies.
Check With VA
The VA offers a number of resources to help current and former Armed Forces members access affordable education. This includes resources to help students determine if their program is eligible.
One of the easiest options is to go to the VA website and use the GI Bill Comparison Tool. It will show you what VA benefits your school is approved for. If you still have questions, you can call for help at 888-442-4551.
Consult Your School's Veterans Office
Many institutions provide veterans offices as resources to help service members and vets navigate higher education. The advisors and counselors should be able to tell you more about the VA benefits you can use at the school.
4. Explore Additional Financial Aid
In addition to GI Bill benefits, there are numerous other initiatives offered to help U.S. military members pay for their tuition. We've listed a few options below.
Yellow Ribbon Program
The Yellow Ribbon Program helps to provide funds for costs not covered by the Post-9/11 GI Bill, such as tuition for private schools or public schools in states where you aren't a resident. Schools must opt into this program; they usually set a specific number of students eligible to use these benefits.
To apply, you'll first need to apply for Post-9/11 GI Bill benefits. You'll then bring your Certificate of Eligibility to your school's financial aid office.
Tuition Assistance
Tuition assistance is offered by each service branch to help cover education costs for active-duty service members. It can supplement the aid you receive from the Post-9/11 GI Bill.
Each branch has its own requirements and application process. This means that if you're in the Army, you'll need to look at the Army's program, and if you're in the Navy, you'll need to look at the Navy's program, and so on.
Military Scholarships
Scholarships are forms of financial aid that don't need to be paid back. Multiple organizations, including individual branches of the Armed Forces and the American Legion, offer scholarships to current and former military members.
Award amounts for scholarships can range from a few hundred to several thousand dollars. The U.S. Department of Labor offers a convenient scholarship finder on its CareerOneStop website that allows you to look specifically at military scholarships.
5. Keep Track of Your Benefits
If you're using VA benefits to pay for your tuition, you must keep track of those benefits. You don't want to start the academic year only to learn that you don't have any benefits.
The VA website provides tools to help you manage your education benefits. These allow you to check your current benefits, change your benefit options, or even transfer your benefits to a family member.
