Segal AmeriCorps Education Award

How to use your education award training / slides
The Segal AmeriCorps Education Award is a benefit AmeriCorps members receive upon successful completion of their term of service. The award can be used to go to specific schools or repay qualifying student loans. There are general terms that guide the use of the award and a process to follow to access your funds. The award is subject to taxes.

Key Factors: 
  • Education Award is received upon completion of AmeriCorps Term
  • Can be held for 7 years
  • Can pay past federal student loans or current/ future educational expenses*
  • Can be transferred to a child or grandchild for educational expenses for individuals 55 and older
  • View the My.AmeriCorps.gov Guide
  • Your education award and interest payments are considered taxable income. Some states including Iowa have an expection to this. Here is more information on Iowa and Segal AmeriCorps Education Award. 

​*Educational expenses (current or future) that can be paid include:
  • The "Cost of Attendance" (COA) for a degree- or certificate-granting program of study at a Title IV school. The COA may include tuition, books and supplies, transportation, room and board, and other expenses. Each Title IV school's financial aid office determines their students’ COA based upon standard U.S. Department of Education guidance. 
  • Educational expenses for non-degree courses, such as continuing education courses or workshops offered by Title IV schools. Educational expenses that can be paid normally include tuition & fees, books, and supplies, as determined by the school’s administrative office.
  • Courses or training programs authorized under the Montgomery G.I. Bill and the Post 9/11 G.I. Bill. These courses and programs have been approved by the Department of Veterans Affairs for GI Bill educational benefits. The educational institutions or training establishments that offer these courses and training programs will have a VA-approved Certifying Official who can determine eligible expenses.

Additional Resources

Education Award Scenario Videos
AmeriCorps Alum- FAQs
List of Matching Institutions
My.AmeriCorps.Gov Guide

Using your award steps

You can view your education award balance and make payments on your my.americorps.gov account. After the successful completion of your AmeriCorps term, the funds will become available for your educational expenses past or present up to 7 years. 
FULL MY.AMERICORPS.GOV GUIDE

​1. Log into your my.americorps.gov account
You created this account when you first became a member. 
Hint: the passwords are very long and require uppercase letter, lowercase letter, numbers, symbols, and must be at least 12 characters long. 

​2. Click on "My Education Award" 
From this account you can 1) Create education award payments, 2) Request loan forbearance, 3) Pay off accrued interest

CREATING A FORBEARANCE REQUEST (During Service)

As an AmeriCorps Member, you have the option of placing your federally backed student loans into forbearance. This means for the 11 months, you are an AmeriCorps member, you will not have to pay any amount on your federal student loans.  This does not work on private loans. You will have to repeat this process for each loan provider. ​
​
Click on “Create Forbearance Request”
  • Choose your "service term"
  • Click “search institution”
    • Here you will need to know the address and name of your loan holder.  An example is many federal loans are held with "Federal Loan Servicing" in Harrisburg, Pennsylvania. 
    • It helps to put your loan account number in the comment box.
  • Submit request, but ensure you only click once. 
  • To check your request status, go back to your “My Education Award” page. The loan holders have the option of accepting or rejecting and they will put their decision in the comment box attached to the request. 

 CREATING AN EDUCATION AWARD PAYMENT REQUEST (After Service)

Click on “Create Education Award Payment Request”
  • Select "Education Expenses" or "Loan Payment"
  • Select the amount you wish to sent
  • “Search Institution”
    • For past loans, this is your loan provider
    • For future education, this is your school
  • Click "Certify and Submit"
Helpful Hints
  • This payment is considered taxable income. At the end of the year you will receive a 1099 misc form by mail and on your my.americorps account. 
  • You have 7 years to use the award.
  • Go to this website to understand your ed. Award and how to get the most out of the award 
    • Any amount of payment sent to loan providers is considered future payments if not specified. So if you pay $1500 and your loan payment is $300 monthly, the loan company will assume you are making 5 payments in advance. If you are wanting to pay directly on the principal, you will need to contact the loan provider and let them know how to allocate those funds they received.
  • If paying for education expenses like future tuition, call your financial aid office at your school. The education award payment is split in two. One half at the beginning of the year and one half in the middle of the semester. 

CREATING INTEREST PAYMENT (After Service)

Interest will continue to accrue on your loans while they are in forbearance. When the member successfully completes the term of service and the loan is a qualified student loan, the National Service Trust will pay all or a portion of the interest that accrued during the service period.
*This payment is considered taxable income. At the end of the year you will receive a 1099 misc form by mail and on your my.americorps account. 
  • Click on “Create Interest Payment Request”
  • Select "Service Term"
  • “Search for your institutions". These will be the same institutions you had in forbearance.  You must know the name and address of your loan provider.
    • Providing your account number in the comments section is helpful
  • Click submit ONCE
  • To check your request status, go back to your “My Education Award” page. The loan holders have the option of accepting or rejecting and they will put their decision in the comment box attached to the request.