You do not currently have to have contributions in your VEAP account. You must have been on active duty on 9 October 1996 and remained continuously on duty through 1 April 2000. You must elect Chapter 30 on or before 31 October 2001. This is non-refundable. Active duty soldiers must accomplish this by salary reduction.
Veterans can have military retired pay reduced or make a lump-sum payment.
Veterans character of discharge must be Honorable. Election Basics You have until 31 October 2001 to make the election. No Maximum Education Program Entitlement 48 months of entitlement under more than one VA education program. Break Even Point You must attend school for six months full time to compare which of the MGIB and VEAP benefits is a better choice. You plan to use your VA benefits extensively while on active duty for low cost courses or, if discharged, for training at less than one-half time for low cost courses.