The G.I. bill, officially the Servicemen’s Readjustment Act of 1944, provided many benefits to veterans of World War II. It established veterans’ hospitals, provided for vocational rehabilitation, made low-interest mortgages available, and granted stipends covering tuition and living expenses for veterans attending college or trade schools. Subsequent legislation extended these benefits to veterans of the Korean War, and the Readjustment Benefits Act of 1966 extended them to all who served in the armed forces even in peacetime.
From 1944 to 1949, nearly 9 million veterans received close to $4 billion from the G.I. bill’s unemployment compensation program. The education and training provisions existed until 1956, providing benefits to nearly 10 million veterans. The Veterans’ Administration offered insured loans until 1962, and they totaled more than $50 billion. The economic assistance provided by the G.I. bill and the Veterans’ Administration accelerated the postwar demand for goods and services.
The Reader’s Companion to American History. Eric Foner and John A. Garraty, Editors. Copyright © 1991 by Houghton Mifflin Harcourt Publishing Company. All rights reserved.