The package also includes a monthly living stipend, an annual book allowance, and money for tutorial assistance, along with many other features.

At this point it gets complicated, however, in terms of how they're going to actually implement this thing. But for all of you affected by this, Maze explains:

Benefits increases take effect as soon as the war funding bill is signed into law by President Bush, which will happen in the next few weeks. But veterans now in school will not get the higher amounts right away because lawmakers are giving the Veterans Affairs Department until Aug. 1, 2009, to calculate and pay amounts that will vary by state and by school. Retroactive payments will have to be made.

Also, anyone who had not previously enrolled in the GI Bill will have to wait until Aug. 1, 2009, to collect any payments.

This is outstanding news. You'll have to wait a while for your money, but you'll get it back next year. Also, the new bill does include transferability to family members, though the amount is based on time in service.

Congratulations are in order to everyone who worked hard to make this happen.