4 For millions of veterans, it's been a shot at a college education they otherwise might not have had. The GI Bill, also called the Servicemen's Readjustment Act, was passed by Congress and signed by President Franklin Roosevelt in June 1944. The idea was to curb postwar unemployment. But the principle behind it was to reward the millions of returning GIs who served in World War II. Under it, the government footed most of the bill for any former U.S. soldier who wanted to attend college or a training school. To qualify, veterans had to have other than a dishonorable discharge. GIs also were eligible for federal loans that let them buy a home. The Veterans Administration paid an ex-soldier's college up to $500 a year for tuition, books and other costs. They also got a $50-a-month living allowance. Versions of the program exist today, paying the school costs of veterans of Operation Iraqi Freedom. Major Impact The GI Bill's biggest impact was in the years immediately after World War II. Before Pearl Harbor, less than 5% of Americans over 25 had finished a four-year college. After the GI Bill, one of every four Americans over 25 would graduate from college. Almost 8 million U.S. veterans enrolled in college or a technical training school under the first GI Bill. Author Michael Bennett wrote of the GI Bill's huge social impact in "When Dreams Came True." He cites official estimates that the bill helped produce 450,000 engineers, 240,000 accountants, 230,000 teachers, 97,000 scientists, 67,000 doctors and 122,000 dentists. By the 1960s, half the members of Congress were veterans who attended college under the bill. Early Criticism Critics said the GI Bill was a bloated welfare program that the government could scarce afford. Others said it would erode the academic standards of U.S. colleges by admitting legions of scruffy ex-soldiers. But after the program started, most experts agreed that thousands of veterans were studying hard to make the most of their chances. The federal government spent an estimated $15 billion soon after World War II to pay for the GI Bill. Some studies show the Treasury got back more than sevenfold in new tax revenues from college-educated, upwardly mobile veterans. Education benefits also were extended to veterans of the Korean, Vietnam and recent wars. Today's version, called the Montgomery GI Bill, includes National Guard and Reserve members. It extends benefits to orphans and dependents of veterans in some cases. The Montgomery GI Bill is a contributory program. GIs agree to reduce their monthly service pay by $100 a month. The government later pays ex-GIs $900 a month for three years to cover college or training costs. The benefit rate varies based on active service, Guard and Reserve obligations. But it can offer up to $32,400 in college tuition in return for a three-year commitment to full-time duty.