Hey JollyGreenFox, I'm in the Army National Guard.
Contrary to belief, there are a lot of benifits that carry from your service over into your veteran status. And, I'm having my Mechanical Engineering Degree completely paid for by the ARANG.
On the topic of deployment, yes. It is very possible and likely you can get deployed.
Basically you're the NATIONAL guard so its only local problems like natural disasters you have to worry about so no deployment overseas for you.
Not true, the National Guard gets deployed overseas just as much as the Active or Reserve. I was even going to be deployed to Afghanistan before my MOS change kicked in. But the good news is, combat has changed a lot, and it may sound stupid, but it is a lot safer and relaxed than you probably think.
Good news is, if you're in college, they can't deploy you.
Bad news is, a new law kicked in that requires you to wait a year after AIT until you get the Federal assistance.
If you (or anyone else) has questions, feel free to shoot me a PM.
Edit: And you will likely be deployed in your own state if there is a disaster/big storm. And along with what Razot said, you only attend Basic Training and AIT once (unless you change MOS'S, in which you go to another AIT for your new job). In the summer, there is 2 weeks of training. ALL training is paid, and the health insurance is dirt cheap, and covers everything. In total, you only drill 38 days of the year, while recieving the same benifits as active, and being a bit less stressed out.