Amounts paid
At this time, the maximum combined amounts for the MGIB and the Army College Fund is $50,000. Effective April 1, 1993, ACF amounts listed on the servicemember's enlistment contract include the MGIB. In other words, if $50,000 worth of ACF/MGIB benefits is listed on the enlistment contract, that means the member will receive $33,660 total benefits from the Veterans Administration (Montgomery GI Bill Maximum Benefits as of Fiscal Year 2004), and $16,340 total education benefits from the Army.
The amount of the ACF is added to the monthly benefits of the MGIB. So, a person with $50,000 total MGIB/ACF benefits would receive $1,388.89 per month for 36 months of education, assuming they were enrolled as a full-time college student.
Unlike MGIB benefits, where Congress can increase them each year, for Cost-of-Living adjustments, the ACF benefits in the enlistment contract are static (they don't change). Any future cost-of-living increases will be added to the basic MGIB portion only.
More details about this and other Army education incentive programs can be found in Army Regulation 621-202 -- Army Educational Incentives And Entitlements.
