; The New Post 911 GI Bill Yellow Ribbon Program Tuition _ Fees
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The New Post 911 GI Bill Yellow Ribbon Program Tuition _ Fees

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									                                                                                                           10/18/2010




                                                          The New Post 911 GI Bill
                                                       Available to veterans who have served
                                                       in the military after 9/10/01
                                                       Includes:
                                                        – Tuition and fees
                                                        – Housing allowance and
                                                        – Allowance for books and supplies
             KASFAA Fall Conference
                   October 14, 2010                    Eligible veterans may use these
                         Chris Tolson                  benefits at any college – public or
             Director of Financial Aid                 private-that offers an Approved
            Campbellsville University                  Education Program
                                                       The Yellow Ribbon Program is an “add-
                                                       on” for private colleges




                                                      Calculating the Basic Benefit and the
     Yellow Ribbon Program                                            “Gap”
 Yellow Ribbon Program was created to
 promote choice.
 Private colleges can “voluntarily” help fill            Calculating the basic tuition and fee amount an
 the gap between the basic tuition and fees              eligible veteran can receive at any college can be
                                                         complicated.
 benefit and the amount charged by the
 school.                                                 Start with the Tuition and Fees Table on the VA
                                                         website. CAUTION: tuition vs. fees don’t add
 The VA provides a dollar for dollar match               them together.
 of amounts put up by the school.                         – KY maximum charge per credit hour =
 Like the basic benefit, Yellow Ribbon funds                $456.30
 are federal entitlement dollars.                         – KY maximum total fees per term =
                                                            $11,235.00
 Only individual entitled to 100% benefit
                                                         Check the tables each year.
 rate may receive this funding.




Tuition & Fees - Doing the Math                         Tuition & Fees – Doing the Math
 Multiply the credit hours by the maximum credit       Next determine the amount of mandatory fees
 hours for your state (i.e. KY) listed on the          charged to the student for the term (i.e. $500).
 maximum charge/credit hours column ($456.30 x         Find the fees for your state listed in the
 12 = $5,475.60) This is the amount the VA will        maximum fees column. Compare the fees
 pay as the basic tuition benefit.                     charged to the student ($500) with the maximum
                                                       ($11,235). The VA will pay the lesser amount.
 If the institution’s charges are lower, the lesser    In this case there is no fee “gap.”
 amount will be paid.                                  Add the basic tuition benefit ($5,475.60) and the
 Determine the number of credit hours taken by         basic fee benefit ($500) ($5,475.60 + $500 =
 the student.                                          $5,975.60). This is the basic tuition and fee
 Determine the amount of tuition you have              benefit the VA will pay for the term.
 charged the student (i.e. $10,000). If your           Figure the difference between your charges for
 tuition charge exceeds the basic tuition benefit      tuition and fees and the basic tuition and fees
                                                       benefit ($10,000 + $500 = $10,500) ($10,500 -
 amount, determine the difference. ($10,000 -          $5,975.60 = $4,524.40). This is total tuition and
 $5,475.60 = $4,524.40. This is the tuition “gap”.     fee “gap” subject to a Yellow Ribbon agreement.




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                                                                                                         10/18/2010




                                                      Filling the Gap: What are your
The Yellow Ribbon Agreement                                       Options?
                                                    First come first served
You are bound for one year and
                                                    Source of funds for match
must enter into a new agreement
each year.                                          Length of commitment
Due date is February 15                             Individual payment amounts
Late agreements will not be                         Number of students included
accepted                                            Undergraduate vs. Graduate
                                                    Students & School by School
                                                    Setting a dollar amount




Yellow Ribbon – Doing the Math                                    Dependents
If you choose to participate in the Yellow Ribbon   The Department of Defense will authorize
program, you may provide any amount up to           transfer of benefits to eligible dependents if:
50% of the gap and that amount will be matched       – The veteran has served at least 6 years in the
                                                       Armed Forces; and
by the VA.                                           – Agrees to serve at least another 4 years in the
The Yellow Ribbon Agreement covers an entire           Armed Forces.
academic year. In our example if the term were      Benefits may be transferred to spouses after 6
a semester ; and the student enrolled for 2         years of service; and to dependent children after
semesters, then the total “gap” would be            10 years of service.
($4,524.40 x 2 = $9,048.80). You could agree to     Eligible dependents also eligible for Yellow
                                                    Ribbon.
put up any amount up to $4,524.4 and amount         Can cancel this transfer at any time.
will be matched by VA.




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