Revises the rates of basic educational assistance to be paid by the Secretary of the military department concerned to members of the Selected Reserve to make such rate: (1) for a program of education pursued on a full-time basis, specified percentages, increasing for each of FY 2005 through 2009 and beyond, of the monthly rate of veterans' basic educational assistance; (2) for a program pursued on less than a full-time basis, an appropriately reduced rate as determined by the Secretary concerned; and (3) for a program pursued on less than a half-time basis, no such payment if tuition assistance is otherwise available to the person from the military department concerned.
Makes members of the Selected Reserve meeting certain other requirements eligible for basic educational assistance if they served a cumulative 24 months of active duty during any five-year period as a member of such Reserve. (Currently, in order to be so eligible, such members must have served two years of continuous active duty.)