GI Bill of Rights (1944)

GI Bill of Rights (1944)

G.I. Bill of Rights

The G.I. Bill of Rights - the law of the land from 1944 until 1956- is considered by many analysts to be the greatest legislation in American history. It is certainly one of the four most important, with Social Security, Medicare and the Civil Rights Act. This article will explore the background to the legislation, describe its provisions and evaluate the impact it had on the nation. The GI Bill was enacted in 1944 to benefit returning veterans of the Second World War by providing them with the resources to pursue an education, purchase housing and return to civilian life. The most well-known benefit of the legislation is the assistance service members receive toward their education, which helps veterans to pay down loans or pursue a college degree. In addition, the bill provides housing benefits like low-cost loans both for veterans buying a new home and those working their way through college.

Basic Allowance for Housing

Under the Post-9/11 GI Bill, veterans attending school on military-based tuition assistance may also receive a stipend to help finance the cost of their housing. This benefit helps support veterans in pursuing their education by making housing near their educational institution more affordable. Educational housing benefits in the GI Bill are based on the Basic Allowance for Housing, which uses local real estate and rental data to determine the amount of assistance available.

VA Home Loan

Also included in the original GI Bill are benefits that help reduce the cost to veterans purchasing a new home. This benefit operates by guaranteeing the home loans provided to service members and their families by private lenders. As a result of this federal guarantee, lenders feel more confident that their loan will be repaid and can offer lower interest ...