Servicemembers' Flexible Educational Assistance Act - Allows members of the Armed Forces and Selected Reserve who are entitled to educational assistance under the Montgomery GI Bill to transfer a portion of their entitlement to their dependents.
States that a child's use of such transferred entitlement may not commence until the child completes secondary school or attains 18 years of age.
Extends the time period for use of such transferred entitlements.
Requires the Secretary of Defense to: (1) submit annual reports to specified congressional committees on the number of individuals transferring their entitlement to educational assistance under this Act; and (2) include such information pertaining to the Selected Reserve in biennial reports to Congress.
Allows service members and their dependents to choose the program of education for which educational assistance will be used.
Redefines the qualifying period of active duty service for members of the Selected Reserve to receive educational assistance as a cumulative period of at least 24 months during any six-year period.