In 1944 President Franklin Roosevelt signed the Servicemen's Readjustment Act, otherwise known as the GI Bill. After World War II, more than two million veterans attended college on the GI Bill, according to estimates.

This program, now known as the Montgomery GI Bill (MGIB), is the centerpiece of military education benefits. The bottom line for the GI Bill is a generous one: Active duty servicemembers and veterans can receive a monthly benefit that is valued at more than $37,000. This tax-free benefit can be used for tuition, books, fees, and living expenses while earning a degree or certification (including undergraduate and graduate degrees), or attending trade school.

In addition to helping fund your studies at traditional colleges; the GI Bill can be used to pay for independent study programs, required continuing education units, licensing, certification, apprenticeship, and on-the-job training (OJT) programs.