Recodifies under federal veterans' benefits provisions former federal armed forces provisions relating to educational assistance programs for members of the reserve components. Directs the Secretary of Veterans Affairs (Secretary) (currently, the Secretaries of each military department) to establish and maintain a program of educational assistance to members of the Selected Reserve who agree to remain members of the Selected Reserve for at least six years. Increases monthly educational assistance benefit amounts. Includes under such recodification provisions concerning Selected Reserve educational assistance allowances for: (1) apprenticeships and on-the-job training; (2) correspondence courses; (3) tutorial assistance; (4) courses beyond the baccalaureate degree level; and (5) persons with skills or specialties for which there is a critical shortage. Extends the time limitation for the use of such entitlement to ten years after separation from the Selected Reserve (currently, ten years after the person first becomes entitled to such assistance).
Requires the Secretary (currently, the Secretaries of each military department) to establish and maintain a program to provide educational assistance to members of the Ready Reserve. Extends the time limitation for the use of such entitlement to ten years after separation from the Ready Reserve.