G.I. Bill

Introduction

Officially the Servicemen’s Readjustment Act of 1944, the G.I. Bill was created to help veterans of World War II. It established hospitals, made low-interest mortgages available and granted stipends covering tuition and expenses for veterans attending college or trade schools. From 1944 to 1949, nearly 9 million veterans received close to $4 billion from the bill’s unemployment compensation program. The education and training provisions existed until 1956, while the Veterans’ Administration offered insured loans until 1962. The Readjustment Benefits Act of 1966 extended these benefits to all veterans of the armed forces, including those who had served during peacetime.

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.

Article Details:

G.I. Bill

  • Author

    History.com Staff

  • Website Name

    History.com

  • Year Published

    2010

  • Title

    G.I. Bill

  • URL

    http://www.history.com/topics/world-war-ii/gi-bill

  • Access Date

    July 30, 2014

  • Publisher

    A+E Networks