Is it more advantageous for Bob to take the extra $192.00 for Chapter 1607, or to elect Chapter 1607 from the current date forward?
If Bob takes the retroactive benefit amount, he now has 32 months of Chapter 1607 to use for any future school enrollment. If Bob doesn’t request retroactive benefits, he will have 36 months of benefits at 40% of the current MGIB three-year rate ($401.60 for fiscal year 2005). Bob must determine what he has used in the past, how much schooling he needs to complete in the future, and determine which option will be most advantageous to him in the long run.
