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. Free Application For Federal Student ...

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

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

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

    A loan that combines two or more federal education loans into ...
  5. Post-9/11 GI Bill

    A United States law that provides benefits to military veterans ...
  6. Servicemen's Readjustment Act

    A United States law that provided benefits to military veterans. ...
Related Articles
  1. Saving Money Or Paying Off Debt?
    Credit & Loans

    Saving Money Or Paying Off Debt?

  2. Perkins Loan Vs. Stafford Loan
    Credit & Loans

    Perkins Loan Vs. Stafford Loan

  3. Direct Stafford Loans
    Credit & Loans

    Direct Stafford Loans

  4. Private Student Loans For International ...
    Credit & Loans

    Private Student Loans For International ...

comments powered by Disqus
Hot Definitions
  1. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  2. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  3. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  4. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
  5. Over The Counter

    A security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, etc. The phrase "over-the-counter" ...
  6. Earnings Before Interest After Taxes - EBIAT

    A financial measure that is an indicator of a company's operating performance. EBIAT, which is equivalent to after-tax EBIT ...
Trading Center