From the Expert: The Post-9/11 GI Bill is a powerful benefit that more than 600,000 veterans and beneficiaries used last year to help further their education. But what if you have multiple family members who want to attend college and only 36 months of Post-9/11 GI Bill benefits to share between them? Conversely, what if you have only one child, you transferred GI bill benefits to them, and you still have funds in a 529 college savings plan that you would like to use?

Well, there's good news: The GI bill can work in tandem with 529 accounts and can be part of an overall education-funding strategy.

A 529 plan is a tax-advantaged investment account that allows families to save for future education costs. While originally intended just for college savings, these accounts can now be used for a wide range of qualified expenses, including tuition for K-12 institutions, apprenticeship costs, computers, and student loan repayments.

If withdrawals are made for ineligible expenses, they are subject to income tax and a 10% penalty on earnings.