The New GI Bill was signed into law in the summer of 2008. It provides $62 billion in education funding for today's veterans who qualify. In real terms, the bill pays for the complete costs of books and tuition of graduate school at the most expensive public universities. It also has a private-school education provision, which greatly reduces tuition at private universities.

Financial access to the best universities and degree programs is an extraordinarily generous benefit which is now available to veterans who qualify. However, the military thus far is not going out of its way to insure you succeed by using tuition benefits of the New GI Bill to your greatest advantage.

Such lack of administrative support is one of the reasons why the New GI Bill is not retroactive. Its tuition benefits cover classes and programs that are completed after July 31, 2009. This means (as of September 30, 2008) you have just 10 months to get in an MBA school and start classes toward an MBA degree.

That is why we have developed a 10-Month MBA Planning Guide for the New GI Bill. The guide is for military veterans who plan to take steps now so they can start an MBA graduate degree program on the New GI Bill once it is effective on July 31, 2009.

The guide is in the form of a timeline with information and links to important resources in the planning process. It is easy to understand and also serves as a checklist of the most important events leading up to your choice in an MBA school and degree program.

Here is what you should do over the next ten months to help assure your success and use the New GI Bill to your greatest advance.

1 Year to 10 Months Out
FEASIBILITY & COMMITMENT
Determine the feasibility of an MBA degree.

• Does an MBA degree have value?
• Determine whether earning an MBA degree makes financial sense. See income potential.
• Determine what you'll do with an MBA degree. See on the job and profiles of MBA careers.
• Upside vs. Sacrifice. See cost-benefit analysis , make sure to factor in tuition benefits of the New GI Bill.
• Self Assess: Determine interests, pursuits, strengths. See career paths well-suited to military veterans.

Decide if you'll stay in or transition out of the military.

• Consider timing and location of active duty commitments or separation on your MBA education.
• Deal with transition, active duty or re-enlistment issues.
• Check which transition or education assistance programs are available and apply.
• Peer Review: Look for others who have made transition, the more specific the better. See "alumni network".
• Make your commitment to get, or not get, an MBA degree.

SEARCH & INFORMATION GATHERING
Financial Awareness

• Take first pass on determining and setting up your tuition benefits.
• Review qualifications and see what percentage of your tuition would be covered under the "New GI Bill" .
• Determine how you will pay for the full costs of an MBA education include costs such as housing and living expenses not fully covered under the New GI Bill.
• Factor in future costs including tuition fund increases, family considerations and lost income from a job while in school.
• Check on tuition assistance programs such as scholarships or private school aid that either increase your tuition benefits or help pay for college.

MBA Schools & Degree Programs

• What type of programs are available and fit your strengths or talents best?
• Conduct university and degree program search with knowledge of self asssessment and eye toward future career paths.
• Identify dream school and 4-5 others with programs of interest; rate those choices good, better, best.
• What is the best method of receiving an education (i.e., on campus, online or both) for your situation?
• Determine requirements for your programs of choice include fit, location, schedule, method of delivery and duration.

PRE-APPLICATION

• Understand general application cycles for schools and programs of interest.
• Research MBA program timelines and determine the best time to begin testing, application and enrollment.
• Know admission details: Requirements - test scores, GPAs; Credits - if credit is given for military experience.
• Revisit financials. Identify funding not covered under the New GI Bill and fill gaps with scholarships, financial aid, student loans, etc.
• Register to take prerequisite courses or supplemental classes.

APPLICATION

• Prepare and register for Graduate Management Admission Test (GMAT).
• Get preparation tools.
• Understand test and how universites use it.
• Contact programs of interest: attend information sessions, consult with counselors.
• Begin application process with 4-6 MBA schools of choice.
• Go for highest quality education, but make sure to include good, better and best choices in applications to MBA schools.
• Prepare applications and submit.
• Follow all instructions.
• Create professional look.
• Include all attachments.

6 Months to 4 Months Out
GETTING IN

• Market yourself.
• Seek an on-campus interview.
• Be prepared to explain any gaps in your academic or employment record.
• Practice stressing your strengths, experiences and core competencies.
• Stress military leadership experience, diversity, global awareness and maturity as a prospective MBA student.
• Demonstrate fit with schools.
• Get the New GI Bill tuition benefits in writing from the Department of Veteran Affairs.
• Be sure to finalize financial aid and supplemental funding if needed.
• Take advantage of all possible support networks (e.g., military colleagues, civilian friends, family, MBA schools, alumni, etc.).
• Know dates when acceptance letters go out.
• Followup with MBA schools when necessary.
• Evaluate and decide on your MBA enrollment.