A bill to enhance the benefits available under the contributory education program and to eliminate the termination date for the GI Bill education program, and for other purposes.

Changes the name of the Post-Vietnam Era Veterans Education Account to the Servicepersons Account for Veterans' Education. Increases the Veterans Administration contribution to such fund from $2 to $3 for each $1 contributed by all but specified participants. Sets the interest rate and terms for participant contributions to such Account.

Authorizes the Administrator to authorize a shorter period for the payment of benefits from the Account where a larger payment over a shorter period would be in the interests of the participant and the Federal Government.

Directs the Secretary of Defense to reimburse the Administrator for educational or training assistance allowances paid after December 31, 1989 for veteran-student services.