If you are considering transferring your Post-9/11 GI Bill benefits to your children or spouse, do it now.

Congress set a new rule this week: children who use their parents Post-9/11 GI Bill benefits will receive half of the housing allowance.

Currently, the bill gives students the active duty housing allowance for an E-5, family of four at the location of the college or training facility where the student is enrolled. Full-time online students receive a set rate for their housing.

Transfers of benefits made prior to 180 days from the legislation date, roughly June 11, will be grandfathered into the program and receive full housing allowance. The change does not apply to anyone who has already transferred their benefits.

Military members who transfer their benefits are still able to use their benefits for their one educational needs if they decide to use them instead of passing them on to their children or spouse.

The call for cuts came after a Congressional study found that the housing allotment was often too generous, far exceeding local housing costs. Original drafts asked for money to be taken from both military spouses and military children using their sponsor’s educational benefits.

Members of the Veterans Affairs Committee kept the housing allowance for military spouses intact.

To learn more about transferring your Post-9/11 GI Bill benefits to your spouse or children, visit the U.S. Department of Veterans Affairs website at:

http://www.benefits.va.gov/gibill/post911_transfer.asp