A bill to amend chapter 34 of title 38, United States Code, to extend the time period within which veterans may be entitled to educational assistance under such chapter after their discharge or release from active duty.

Extends the time period within which veterans may be entitled to educational assistance after their discharge or release from active duty, to 12 years after discharge or release. Provides that the Administrator of Veterans' Affairs may extend such period up to four additional years if he determines that such extension would be equitable and that the veteran failed to begin or complete his program of education because of conditions beyond his control. (Amends 38 U.S.C. 1662(a))