The purpose of the GI Bill is to assist veterans and their dependents with paying for college and vocational education. The GI Bill also assists veterans in getting home loans.
The first iteration of the GI Bill was passed by congress in 1944, towards the end of World War II. This legislation, called The Servicemen’s Readjustment Act of 1944, helped returning soldiers, sailors, marines and airmen pay for college. The GI Bill's mission to help military servicemen and women continued in 1984, when former Mississippi Congressman Gillespie Montgomery reformed the entitlement. This iteration, called the "Montgomery GI Bill," is still in effect as of 2014 alongside the newest version of the veterans assistance program, which is the Post 9/11 GI Bill.
The Post 9/11 GI Bill was passed in 2008 to give veterans who served after 9/11/2001 additional benefits. There are many differences between the Montgomery GI Bill and the Post 9/11 GI Bill. For instance, the older Montgomery GI Bill pays up to $1,473 a month for college expenses and offers no additional stipend payments. In contrast, the Post 9/11 GI Bill offers to pay 100 percent of tuition for public colleges and universities, while also offering additional stipends for living expenses, books, and supplies.
The U.S. Department of Veterans Affairs is in charge of the GI Bill, and handles the funding and payments between veterans and their schools.