An
online tutorial for understanding the AmeriCorps
education award can be found at
http://encorps.nationalserviceresources.org/edaward/index.shtml
There are four primary
uses for the AmeriCorps education award:
1. Repay
qualified student loans,
2. Pay
for current costs of attendance at a qualified
institution of higher education,
3. Pay
for expenses incurred in participating in an
approved school to work program,
4. Hold
on to the voucher for up to seven years and use it
for future education costs, such as re-certification
courses, graduate school, study abroad, etc.
Qualified student loans are
loans backed by the federal government
under Title IV of the
Higher Education Act. Some of the most common
qualified student loans are:
q
Stafford
Loans
q
Perkins
Loans
q
Federal
Direct Loans
q
Supplemental
Loans for Students
q
Federal
Consolidated Loans
q
Health
Education Assistance Loans
q
Health
Professions Student Loans
You can use your education
award in one lump sum,
or split up payments as needed. The National
Trust makes payments, in your name, to either
lending institutions or higher education
institutions and will not make a payment to a
member. As with other federal assistance,
campuses may pass on to students certain allowances
that are included in the cost of attendance or
reimburse students for certain expenses they paid
out-of-pocket. Please consult with the
financial aid office on your campus for more
details.
Education awards are
considered taxable income
in the year they are used, not earned. Please
read the document, “Using
your Education Award”, to learn more about tax
issues around the education award, tax credits for
students, effective uses for the education award,
and information about how to complete the FAFSA with
the education award.
In
addition to the education award,
active AmeriCorps members are eligible for student
loan forbearance and interest accrual payments from
the Corporation for National and Community Service.
If
you have already completed a term of service with
UCAN Serve
and would like to access your
education award or print a voucher online, please
visit:
www.americorps.org/for_individuals/online/index.asp
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