Return to the "POINTER VIEW"
                         September 27, 2002

VEAP to GI Bill converts may lose benefits

WASHINGTON (Army News Service) -- Soldiers who converted from the Veterans Educational Assistance Program to the Montgomery GI Bill are at risk of forfeiting their contributions and losing their benefits, officials said, if they don’t make their payments. Soldiers have 18 months from the time they signed Defense Form 2366, to pay the mandatory contribution of $2,700, personnel officials said.

If soldiers are not able to pay the $2,700 in time by using monthly allotments, they have the option of combining the allotment with a lump sum or they can make a single lump sum payment, PERSCOM officials said.

"The law states that if participants don’t pay the contribution in full within the deadline, they forfeit anything they contributed to VEAP and will not be eligible for any education benefits through the Veterans Administration," they explained.

It is imperative that soldiers look at the date they signed their DD Form 2366 and ensure that they have the contribution paid in full within 18 months of that date, officials added.

VEAP was first enacted by Congress for post Vietnam-era soldiers. It was designed to attract high quality men and women to the all-volunteer Armed Forces.

Congress signed the VEAP conversion law on Oct. 30, 2000, making it the second conversion opportunity since October 1996.