A bill to amend title 38, United States Code, to permit the transfer to spouses and children of a portion of the entitlement of certain members of the Armed Forces to educational assistance under the Montgomery GI Bill, and for other purposes.

Authorizes military personnel who have completed at least six years of service and who agree to serve for at least four more years to transfer a portion of their entitlement to veterans' basic educational assistance to a spouse, child, or combination of such individuals. Limits the transferable number of months of such assistance. Requires the member to designate the dependent(s) to whom such assistance is being transferred as well as the number of months being transferred. Allows such members to make, revoke, or modify such transfers at any time. Requires a pro rata repayment of transferred assistance for any of the four-year service period not successfully served by the member (with exceptions in the case of member death or release or discharge for a service-connected disability, for hardship, or for a physical or mental condition).