G.I. Bill

AAA

DEFINITION of 'G.I. Bill'

The informal name of a United States law that gives military veterans a variety of benefits, including business loans, mortgages, education-expense assistance and unemployment payments. The G.I. Bill, formally called the Servicemen’s Readjustment Act of 1944, provided these benefits to men and women following WWII.

INVESTOPEDIA EXPLAINS 'G.I. Bill'

The G.I. Bill is considered one of the most significant pieces of 20th century legislation passed by the U.S. Congress. Much of the impetus behind the Bill’s passage stemmed from the country’s experience with veterans following WWI, when returning veterans were not effectively assimilated back into the workforce. The lack of support and the advent of the Great Depression led to public protests, including the Bonus Army marchers in 1932.

The Bill did much to increase the number of college-educated Americans following the war, as many veterans who would have rejoined the workforce instead opted for degrees. In 1947, considered the peak of the Bill’s use, roughly 49% of college admissions were of veterans. The original G.I. Bill ended in 1956, at which point more than half of veterans had opted to receive technical training or attend college. The Bill also supplied more than 2 million home loans to veterans by 1952.

The G.I. Bill has been updated several times since 1944, including 1985 (the Montgomery G.I. Bill) and 2008 (the Post-9/11 G.I. Bill).

RELATED TERMS
  1. Servicemen's Readjustment Act

    A United States law that provided benefits to military veterans. ...
  2. Military Clause

    A clause found in most residential leases that permits military ...
  3. Free Application For Federal Student ...

    The form that must be completed in order to qualify for any type ...
  4. Student Debt

    Money owed on a loan taken out to pay for educational expenses. ...
  5. Student Loan Forgiveness

    Under certain circumstances, federally backed student loans – ...
  6. Direct Consolidation Loan

    A loan that combines two or more federal education loans into ...
Related Articles
  1. What pension benefits are available ...
    Retirement

    What pension benefits are available ...

  2. Debt Forgiveness: How to Get Out of ...
    Credit & Loans

    Debt Forgiveness: How to Get Out of ...

  3. Economic Effects Of Life After Military ...
    Professionals

    Economic Effects Of Life After Military ...

  4. Financial Careers After Military Service
    Professionals

    Financial Careers After Military Service

Hot Definitions
  1. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  2. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  3. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  4. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
  5. Call Risk

    The risk, faced by a holder of a callable bond, that a bond issuer will take advantage of the callable bond feature and redeem ...
  6. Parity Price

    When the price of an asset is directly linked to another price. Examples of parity price are: 1. Convertibles - the price ...
Trading Center