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:
*Educational expenses (current or future) that can be paid include:
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
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
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”
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CREATING AN EDUCATION AWARD PAYMENT REQUEST (After Service)
Click on “Create Education Award Payment Request”
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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.
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