Soldiers and their families sacrifice a great deal by serving our country in the military. The Yellow Ribbon Program was created as an initiative to be supplemental funding for the Post-9/11 GI Bill that eligible veterans and their dependents can use to help pay for higher education expenses, most prominently tuition and fees that exceed the benefits offered by the standard GI Bill.
The way the Yellow Ribbon Program works is that participating educational institutions will contribute a specified amount and the Department of Veterans Affairs (VA) will match it providing twice the financial support. This assistance can be particularly helpful for students in out-of-state institutions, private schools, or graduate schools where the costs can be higher than what the standard GI bill will cover. The question most people will ask is, “am I eligible?”
Eligibility Requirement[i]:
You must qualify for the Post-9/11 GI Bill at the 100% benefit level You must qualify for the Post-9/11 GI Bill at the 100% benefit level per www.va.gov.
Plus, at least one of the following must be true:
- You served at least 36 months on active duty (all at once or with breaks in service, either one) and were honorably discharged, or
- You received a Purple Heart on or after September 11, 2001, and were honorably discharged after any amount of service, or
- You are an active-duty service member who has served at least 36 months on active duty (either all at once or with breaks in service), or
- You served at least 30 continuous days (without any break in the service) on or after September 11, 2001, and were discharged or released from active duty for a service-connected disability, or
- You are a spouse using the transferred benefits of an active-duty service member who has served at least 36 months on active duty, or
- You are a dependent child using benefits transferred by a Veteran, or
- You are a Fry Scholar
The Marine Gunnery Sergeant John David Fry Scholarship is a Veterans Affairs (VA) education benefit awarded to a child or surviving spouse of a service member or member of the Selected Reserve who died on or after September 11, 2001.
- Eligibility is based on several factors:
- If, as mentioned above, you’re the child or surviving spouse of a service member or member of the Selected Reserve who died on or after 9/11/2001, and who fits one of the following descriptions:
- The service member died in the line of duty while serving on active duty,
- The member of the Armed Services died from a service-connected disability within 120 days of being discharged from active duty or released from duty,
- The member of the Selected Reserve died in the line of duty other than active duty,
- The member of the Selected Reserve died from a service-connected disability.
- NOTE: Selected Reserve does not include Army or Air National Guard members who were on State orders (State Active Duty).[ii]
- If, as mentioned above, you’re the child or surviving spouse of a service member or member of the Selected Reserve who died on or after 9/11/2001, and who fits one of the following descriptions:
Other important information:
- If you are the child:
- You can be married or unmarried
- You are at least 18 years old, or you graduated from high school (or have a GED)
- You have to give up payments received under Dependency and Indemnity Compensation (DIC) when you start using the Fry Scholarship.
- If your parent was a service member who died before January 1, 2013, you’re eligible for the Fry Scholarship until age 33. However, there is no time limit for using the benefit if you turned 18, graduated from high school, or got your GED after January 1, 2013.
- There is also no time limit for using the benefit if your parent was a service member who died on or after January 1, 2013.
- If your parent was a member of the Selected Reserve who died in the line of duty other than active duty or from a service-connected disability, there is also no time limit for using this benefit.
- If you are the surviving spouse:
- Even if you are receiving DIC, you can still get payments while using the Fry Scholarship.
- If you remarry, you can keep your eligibility for the Fry Scholarship if you qualify for this education benefit through your previous marriage.
What is covered?
- The Yellow Ribbon Program
The program helps to cover the cost of tuition and any mandatory fees associated with your chosen program or degree, in excess of what the Post-9/11 GI Bill already covers.
- Exclusions:
The program generally does not cover:
- The cost of room and board.
- Late registration fees, returned check fees, or other penalty fees.
- Study abroad programs that aren’t required as part of obtaining your degree.
- The Fry Scholarship
You could be eligible for up to 36 months of the cost of:
- Housing
- Tuition and fees
- Books and supplies
- Work study
- Relocation from a rural area to attend school
- Tutoring
- Licensing and certification tests and prep courses (you get reimbursed)
- National exam costs (you get reimbursed)[iii]
Schedule a Meeting with Your Financial Professional
Consider discussing any financial concerns regarding you and your family’s educational pursuits with a financial professional to determine how to design a strategy to apply for and implement the benefits of the programs to help you afford your educational expenses.
Important Disclosures:
Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
LPL Tracking #779023
Sources:
[i]Yellow Ribbon Program | Veterans Affairs