The effects of the GI Bill on veteran's readjustment to civilian life and on the educational community are examined in an effort to determine if (1) benefit levels should be changed; (2) the time that veterans must complete their training or school should be extended; and (3) benefits for attending flight and correspondence school should be eliminated. The basic GI Bill benefit is a monthly stipend intended to cover at least part of school tuition and living expenses. Various forms of the bill and the benefits received from them since 1944 are discussed with specific attention to the post-Vietnam era. Comparisons are provided between the income levels, educational levels, and employment levels of veterans and nonveterans. It is concluded that the participation rate for black veterans exceeds that of white veterans and that veterans have higher employment rates and educational levels than nonveterans. The GI Bill influences the educational community because it increases the number of students and increases the flow of federal money to educational institutions. Figures for veteran enrollment by type of institution, and revenue from GI Bill students by type of institution are projected for fiscal years 1978 through 1983. Comparison of the GI Bill with other federal student grant programs are also included. The pros and cons concerning benefit levels, the time limit on receiving benefits, and benefits for flight and correspondence school are presented. (BH)