The G.I. Bill of Rights was the common name for a bill passed by
Congress called the Servicemen’s Readjustment Act of 1944. The bill
provided government aid to service personnel after World War II
(1939–45). It was both a bonus for their services and sacrifices and support for reintegrating them into the civilian economy.
Benefits under the bill were available to any veteran who had served
at least ninety days since September 16, 1940, and had received anything
other than a dishonorable discharge. The benefits included aid for veterans’ hospitals and vocational rehabilitation. A stipend (a fixed payment
like an allowance) was available for up to one year to unemployed veterans looking for work. Loans with no down payment and low interest rate
could be had for purchasing houses or setting up businesses. Assistance
for tuition, fees, and books were provided to veterans who pursued education. A monthly allowance was also provided to veterans during their
education.
Millions of veterans, slightly more than half of those eligible, collected benefits under the G.I. Bill of Rights. As a result, the G.I. Bill did
much to avoid a post-war economic depression in the United States.
Many veterans started their own businesses, bought homes, and acquired
education that they otherwise could never have afforded. The success of
the program encouraged Congress to extend the same provisions to the
veterans of the Korean War (1950–53). In 1966, similar rights were extended to all veterans of service in times of both war and peace.