Need To Pay For College? Make A Plan. Part 3: Other Financial Options

The last part of this three-part series hits on the outlying areas of where financial assistance may come from for those attending college. We have successfully touched base on financial aid, scholarships and now there are a few programs which straddle both financial assistance and scholarship lines.

The first item, the GI Bill, which is now called the "Forever GI Bill." Currently, our daughter is using the bill of our hero for her current year of college. I will be honest up front, to transfer benefits, is something the service member has to complete. Ensure touching base with the correct person in the admissions office. This person should be the Veterans Affairs (VA rep) representative and can give the most up to date information about what the student needs to do.  Because of timelines, signatures required, and well dealing with the government, communication with this person is a key in helping the process move forward.

Time is of importance. When transferring benefits, our hero, filled out the proper paperwork as soon as possible. A lot of times, colleges will say this needs to happen right before the beginning of school. Now, where this is not entirely untrue, we found once our daughter registered for her classes for the upcoming semester, her VA rep, could send the paperwork for endorsement. A win for both sides of the desk. One for our daughter, classes, were paid for before the semester began. It also allowed her to receive the other allowances included in the benefits. Her housing allowance and her stipend were received promptly to assist with the purchase of books.

One thing I truly want to emphasize, make sure to talk to the VA representative at college applied to, or attended. This person is the key to the more prominent organization and will have the answers for the particular institution concerning the benefits will cover, disbursement, and the cost for the military personnel (active or dependent) attending.

The second item I would like to suggest for use is geared more towards the spouse of a military member attending college. Military Spouse Career Advancement Accounts or MYCAA is a relatively new program for military dependents. The funds issued, have to meet specific criteria, and the focus of the program is to help dependents reach another level in their career. Particular rules separate the financial assistance from the traditional scholarship and though the money is "free," there is an emphasis on where the dollars can or can not be used.

Let's highlight a few of the significant items which a dependent needs to be aware of.

The MYCAA program is how I obtained my associates when I returned to school back in 2011. The benefits of the program, allowed me to attend college, take care of my household and support my hero who was deployed at the time. As a military spouse, there is a way to still accomplish for oneself in the midst of the lifestyle.