Veterans Benefits Improvement Act of 2004

[AI summary unavailable — showing source text] Veterans' Benefits Improvements Act of 2004 - Increases the voluntary contribution amount that active duty members of the Armed Forces may make in order to receive increased monthly educational assistance under the Montgomery GI Bill (MGIB). Authorizes the Secretary of Veterans Affairs to carry out a pilot program that allows veterans to extend their eligibility period for using MGIB education benefits to obtain specified instruction or training. Excludes veterans' education benefits from the determination of eligibility for, or the amount of, Federal education grants and loans (except for campus-based student financial assistance that exceeds a veteran's cost of attendance when combined with such benefits). Requires the Secretary to collect required contributions from Reservists before they use MGIB educational assistance (currently, required at the beginning of active duty period). Increases the maximum housing loan guarantee amount for which veterans are eligible. Gives the Secretary permanent authority to guarantee adjustable rate mortgages (ARMs) and hybrid ARMs, and to modify interest rates applicable to hybrid ARMs. Terminates the collection of housing loan fees from veteran…