The Post 9/11 GI Bill is the new military financial aid bill of the century, launched in August 2009. The hopes for the Post 9/11 GI Bill were that it would triumph over the Montgomery GI Bill, but the poor execution of the Post 9/11 GI Bill, combined with loopholes and conundrums, leaves this up to question student-to-student. For some military students, the Montgomery GI Bill, old as it is, remains the better choice.

Here are ten common misconceptions surrounding the Post 9/11 GI Bill.

Careful! The Post 9/11 GI Bill may not have a happy ending.

1: The Post 9/11 GI Bill is transferable to my spouse and/or child.

Yes, it is. With a caveat. In order for a military member to transfer their benefits to their spouse or child, they must have already completed six years of service and agree to complete another four years of service. This means that military members that have completed decades of service, but have since retired, may not transfer the Post 9/11 GI Bill to their spouse or child. Visit <a title=”family transfer rulings at Veterans Benefits GI Bill”> href=” http://www.veteransbenefitsgibill.com/2009/06/23/family-transfer-with-the-gi-bill-finalized/”> Veterans Benefits GI Bill</a> to learn more about this.

2: The Post 9/11 GI Bill pays for my living expenses.

The Post 9/11 GI Bill does have the option of paying for housing, determined by the cost of housing in the region. For students that study online, however, they do not qualify for the housing benefit. In many cases, the Montgomery GI Bill is still more attractive to online students.

3: Once I change from the Montgomery GI Bill to the Post 9/11 GI Bill, I can switch back if I don’t like it.

Not true! This is one of the most dangerous pitfalls military students are stepping into. Eager to try to the new financial aid offered to them, they sign up for the Post 9/11 GI Bill and find that it’s not what they were looking for. For example, the Post 9/11 GI Bill nullifies several other benefit programs like HOPE, whereas the MGIB does not. Careful when switching; it is a one-way ticket.

4: The Post 9/11 GI Bill is an easy application process that can be done 100% online.

This is the idea that the Department of Defense and the Department of Veteran Affairs had in mind, but it’s not coming true like a happily ever after fairy tell. The Post 9/11 GI Bill is new, and like most new legislation, has some serious kinks. While students wait for these kinks to be ironed out, they could be waiting literally until the last week of the semester for benefits (whether your bills are due or not), and they could be expending several phone calls and making several visits to their local VA office. Make sure to read up before taking the plunge. Fortunately, drastic improvements happen every year and, one day, this Internet-application-simplicity might have a ring of truth.

5: The Post 9/11 GI Bill will cover all of my tuition expenses.

The Post 9/11 GI Bill is going to take the amount it would cost to attend an in-state undergraduate program in your area and determine your benefits that way. This means if you attend a private college, you could still be looking at a hefty lump of loans.

Hey, now. Give the Post 9/11 GI Bill some credit.

6: I can use the Post 9/11 GI Bill after the Montgomery GI Bill.

This is true. If you completely exhaust your Montgomery GI Bill, and you qualify for the Post 9/11 GI Bill, you could get an extra year of benefits. This doesn’t work the other way around though; yet another reason why so many MGIB students are not switching right away.

7: The Post 9/11 GI Bill has additional financial aid opportunities attached to it.

Of course it does. Some of you remember the MGIB kicker, right? The Post 9/11 GI Bill actually has some branches of additional benefits to it, too; take the Yellow Ribbon Program, for instance. Private schools know they’re more expensive than state schools, so they may opt to participate in the Yellow Ribbon Program and cover the additional tuition expenses to the student doesn’t have to. However much those private schools waive from the additional tuition expenses, the government matches it; sweet deal! It’s a first-come, first-serve thing though, so students should register for college early to make sure they can take advantage of the Yellow Ribbon Program funds their school has available.

8: The Post 9/11 GI Bill receives little to no government support.

For those of you that have read the horror stories about the Post 9/11 GI Bill, it’s time to dispel this myth that the government doesn’t care about the problems associated with the bill. For example, Iowa representative Dave Loebsack pushed for legislation to add the National Guard to the Post 9/11 GI Bill. And that whole issue with California having a “flat fee” instead of tuition expenses? They looked into that, too.

9: The VA has done nothing to make the Post 9/11 GI Bill process easier.

The VA is actually reforming their website right now so that questions, applications, answers, payments, and everything else you can imagine related to this new bill are at the fingertips of the military student.

10: The Post 9/11 GI Bill does not offer any more than the Montgomery GI Bill.

For some students, yes. For other students, it could be literally thousands upon thousands of dollars of difference. That’s why it’s best to do your research.

If you’re reading this article though, nobody needs to tell you that. You’re doing research right now!