Cobb recommends first exhausting benefits under the old GI Bill. If you have entitlement remaining under the current GI Bill and switch to the new bill, the number of months of Post-9/11 GI Bill entitlement you will be eligible for will be equal to the number of months remaining under the current GI Bill.
However, if you exhaust all of your current GI Bill entitlement, you may be entitled to a maximum of 12 additional months of entitlement under the Post-9/11 GI Bill.
Under the Post 9/11 GI Bill you may receive:
a tuition & fees payment (paid directly to the school) not to exceed the tuition & fees at the most expensive state Institution of Higher Learning.
a monthly housing allowance based on the Basic Allowance for Housing for an E-5 with dependents. This amount is based on the ZIP code of the location of the school you are attending.
an annual book stipend of $1,000 paid proportionately based on enrollment.