H.R.5229 - Federal Government - To amend title 38, United States Code, to remove certain limitations on the transfer of entitlement to basic educational assistance under the Montgomery GI Bill, and for other purposes.

Montgomery GI Bill Educational Assistance Transferability Act of 2008 - Amends the Montgomery GI Bill educational assistance program to authorize the Secretary of the military department concerned to permit any member of the Armed Forces (currently, only members with critical military skills) entitled to basic educational assistance to elect to transfer a portion of such assistance to one or more dependents. Removes the 18-month limitation on the number of months of entitlement authorized to be transferred.

Provides similar eligibility for the transfer of educational assistance for members of the Selected Reserve who have completed at least six years of service and enter into an agreement to remain a member of such Reserve for at least four more years.