A bill to amend title 38 of the United States Code to establish a program of educational assistance (funded in part through contributions made to the program by individuals while on active duty) for individuals entering on active duty after the Vietnam era who are not eligible for educational assistance under chapter 34 of such title.

[AI summary unavailable — showing source text] Establishes a contributory plan under which educational assistance shall be made available to individuals who enter on active military duty in the Armed Forces after June 30, 1976, to enable them to undertake programs of education after discharge or release from active duty. Provides that any individual upon entering on active duty shall be enrolled as a participant in the plan unless such individual indicates that he or she does not wish to be so enrolled. Directs the Administrator of Veterans' Affairs to establish and maintain on a current basis, a contributory plan account for each participant. States that such account shall contain notation of: (1) the date and amount of each contribution made by the participant; (2) all bonuses credited to the participant; (3) all Federal supplementary credits added to the account; and (4) all interest apportioned to the account. Provides that for each month any participant receives educational assistance pursuant to this Act, the Administrator deduct from the participant's account the amount paid to the participant. States that no participant may make contributions to the plan after whichever of the following occurs: (1) the participant disen…