A bill to amend title 38, United States Code, with respect to the Montgomery G.I. Bill, and for other purposes.

Amends Federal veterans' benefits provisions to specify the amount of monthly basic pay to be deducted from the pay of an individual who makes no election with regard to participation in the basic educational assistance program (thereby, in effect, choosing to participate in such program). Makes identical changes with regard to the basic educational assistance program for members of the Selected Reserves. Requires a program of education to be approved before basic educational assistance for such program will be permitted.

Prescribes the amount of monthly educational assistance payable to an individual pursuing a full-time program of apprenticeship or other on-the-job training under such program. Requires that, in any month in which an individual pursuing an apprenticeship or other on-the-job training program fails to complete 120 hours of training, the amount of monthly educational assistance available to such individual shall be appropriately decreased.

Requires an individual's entitlement to basic educational assistance to be charged at a specified rate for each month that an individual is paid a monthly educational assistance allowance.