1. Short title This Act may be cited as the Modern GI Bill Act . 2. Use of Post-9/11 educational assistance to repay Federal student loans (a) Authority Subchapter II of chapter 33 of title 38, United States Code, is amended by inserting after section 3320 the following new section: 3320A. Use of educational assistance benefits for the repayment of Federal student loans (a) Use of benefits Notwithstanding any other provision of this chapter, an individual who is entitled to educational assistance for tuition or fees under this subchapter may apply amounts of such educational assistance to repay some or all of the outstanding balance of principal and interest due on a Federal student loan to the individual. (b) Maximum annual amount; annual adjustment (1) Payment of educational assistance under this section to an individual during fiscal year 2024 may not exceed $15,900. (2) In each fiscal year after fiscal year 2024, the dollar amount in paragraph (1) shall be increased by the same percentage as the percentage by which benefit amounts payable under title II of the Social Security Act ( 42 U.S.C. 401 et seq. ) are increased effective December 1 of that year as a result of a determination under section 215(i) of such Act ( 42 U.S.C. 415(i) ). (c) Monthly payments: maximum amount