Guard and Reserve GI Bill Parity Act of 2021

Guard and Reserve GI Bill Parity Act of 2021 This bill expands eligibility for Post-9/11 GI Bill educational assistance and addresses other Department of Veterans Affairs (VA) programs and benefits. Specifically, the bill expands the type of duty that is eligible for such educational assistance. Beginning on August 1, 2025, types of duty eligible for educational assistance benefits include (1) active duty for training performed by a member of the Armed Forces on or after this date, and (2) active duty for training occurring before this date only if the individual is a member on or after this date. Furthermore, beginning on August 1, 2032, duty eligible for these benefits includes active or inactive duty training performed by a member of the Armed Forces before, on, or after August 1, 2032. Educational assistance eligibility for individuals who performed qualifying types of duty as provided in the bill before August 1, 2025, expires on the latter of (1) August 1, 2040, or (2) the end of the 15-year period after their discharge or release from the Armed Forces. For individuals who performed such duty on or after August 1, 2025, educational assistance eligibility does not expire. Furthermore, the bill provides for the expiration of eligibility applicable to individuals subject to two different periods of eligible duty. The bill also makes adjustments to certain loan fees under the VA home loan program, including the fee for an interest rate reduction refinancing loan. Additionally, the VA must provide information to new veterans that includes a description of the medical care, services, and other benefits they are entitled to through the VA.