Veterans and Dependents Millennium Education Act

(Sec. 3) Authorizes participants in the Veterans Educational Assistance Program who have continuously served on active duty since October 9, 1996, to enroll in the Montgomery GI Bill program. Provides a one- year enrollment period. Requires monthly pay reductions to cover program costs.

(Sec. 4) Increases the rates of veterans' survivors and dependents educational assistance, as well as assistance for correspondence courses, special restorative training, and apprenticeship training. Authorizes the Secretary of Veterans Affairs to annually increase such amounts by the percentage increase in the Consumer Price Index.

(Sec. 5) Revises the effective date for the award of survivors and dependents educational assistance with respect to survivors or dependents of individuals receiving a veterans' disability rating who apply for such assistance within one year after the rating decision, even though such assistance is for a program of education for months preceding such rating.

(Sec. 6) Authorizes the payment of basic educational assistance during periods between school terms where the period between such terms does not exceed eight weeks and both the terms preceding and following such period are not shorter than such period.

(Sec. 7) Authorizes as of October 1, 2000, the use of basic educational assistance for payment of vocation or profession certification or licensing tests.

(Sec. 8) Extends through: (1) December 31, 2008, the authority to guarantee the payment of principal and interest on certificates or other securities evidencing an interest in a pool of veterans' mortgage loans; (2) September 30, 2008, the authority to charge a home loan fee for Department of Veterans Affairs-guaranteed veterans' housing loans; (3) September 30, 2008, certain procedures applicable to foreclosure sales on defaulted home loans guaranteed by the Department; (4) September 30, 2008, the authority of the Secretary to utilize certain veterans' income verification procedures; and (5) September 30, 2008, a veterans' pension limitation for certain recipients of nursing home care covered under title XIX (Medicaid) of the Social Security Act.

(Sec. 9) Codifies provisions recurring in annual Department appropriations Acts relating to: (1) veterans' disability compensation and pensions; (2) veterans' medical care; (3) medical administration and miscellaneous operating expenses; (4) general operating expenses; (5) construction, major projects; and (6) construction, minor projects.

(Sec. 10) Makes a provision of the Federal Reports Elimination and Sunset Act of 1995 which terminates on December 31, 1999, all reporting requirements contained on a list prepared by the Clerk of the House of Representatives for the first session of the 103d Congress inapplicable to certain Departments reports. Terminates the requirement for certain budget reports, reports on equitable relief cases, and reports from advisory committees on former prisoners of war and women veterans.

Requires that, whenever the Secretary submits to Congress or a congressional committee a report required by law or by joint explanatory statement of a conference committee, the Secretary shall include with such report a statement of the cost of preparing the report and the methodology used in preparing the cost statement.