Education: Time for a New G.I. Bill?

When Johnny came marching home from the second World War, he could march straight into college—or finish high school—with considerable financial help. A grateful nation had passed the G.I. Bill of Rights, which paid for tuition and books (up to $500 a year for four years) and kicked in $50 and up per month for living expenses. Today's Viet Nam veteran gets just $1,575 a year to cover everything—and only for 36 months. That figure represents an increase of 6.7% over what was paid in the 1940s, but it hardly matches the 350% increase in education costs since then.

In an effort...

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