This week I have spent a lot of time working with military members who have already transfered the educational benefits to their children. This is one of the great benefits of the Post 9/11 GI Bill - you can pass on your benefits to your famlies or your spouse.
Since most military members do not have the financial resources to put away a lot of money towards a college for their kids, the GI Bill is becoming the de facto savings plan. A great deal and I am very happy to see people actively manage a great benefit.
So that leaves Tuition Assistance for military members to educate themselves. Tuition Assistance provides $250 per credit hour for education programs that can help them in their military career. New England College of Business (NECB) has Bachelor and Associate degrees for military that are $206.67 per credit hour - so the whole thing is covered! Florida International and NECB have master's in business at around $525 per credit hour. While that seems like a big gap, it really only equates to $100 a month for the program that the service members would have to cover. You would have to put significantly more in savings to cover your kids college expenses.
Tuition assistance; a great way to save (your GI Bill) for college!