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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 15, 1992.
Amends provisions concerning the Montgomery GI Bill educational assistance program to entitle to such assistance an individual who: (1) between September 30, 1991, and October 1, 1995, is separated from the armed forces with an honorable discharge and receives voluntary separation incentives; (2) before applying for such benefits, has completed the requirements of a secondary school diploma or has completed 12 semester hours in a program of education leading to a standard college degree; (3) has elected not to receive such assistance if he withdraws such election before the separation; (4) is enrolled in the post-Vietnam era veterans' educational assistance program and makes an irrevocable election before such separation to receive benefits under this Act in lieu of such program; and (5) elects to receive assistance before such separation pursuant to procedures under this Act. Affords individuals discharged prior to or within 180 days after this Act's enactment date without having received notice an opportunity to elect to receive such assistance. Reduces the basic pay or separation incentives of individuals who elect to receive such assistance by $1,200. Refunds contributions made to the Post-Vietnam Era Veterans Education Account to individuals who withdraw from such program in order to receive assistance under this Act.
