GI Bill

Updated 2026-05-17

The GI Bill refers to a series of legislative acts that provide a range of benefits to U.S. military veterans. The original GI Bill, officially known as the Servicemen's Readjustment Act of 1944, was instrumental in establishing the VA loan program.

Benefits Provided

The GI Bill has historically provided a comprehensive suite of benefits designed to assist veterans in their transition to civilian life and achieve economic stability. These benefits include:

• Educational Assistance: Support for higher education and vocational training.
• Home Loan Guarantees: Programs like the VA loan program, which continues to be a cornerstone benefit for eligible Borrower (Consumer) seeking homeownership.
• Unemployment Compensation: Financial support during periods of joblessness.
• Other Benefits: Various other forms of assistance to support veterans.

Key Legislative Amendments

Over the years, the GI Bill has been amended and expanded through various legislative acts to address evolving needs and introduce new programs.

Public Law 96-385 (The Veterans’ Disability Compensation and Housing Benefits Amendments of 1980)

Public Law 96-385, also known as The Veterans’ Disability Compensation and Housing Benefits Amendments of 1980, is a federal statute that introduced significant changes and additions to veterans' benefits. Notably, this law is cited as the origin of the Interest Rate Reduction Refinancing Loan (IRRRL) (IRRRL) program.

The IRRRL program allows veterans to refinance an existing VA loan to obtain a lower interest rate, thereby reducing their monthly mortgage payments. The VA emphasizes that this program has been available since the enactment of Public Law 96-385 and cautions against Mortgage Loan Originator (MLO) that suggest it is a "new" program or imply special lender relationships.