AmeriCorps VISTA members who choose to receive the education award are not eligible for this cancellation. There are limitations on the number of terms a person can serve in each AmeriCorps program and on the maximum value of educational awards a person can receive. Anyone who completes a term of service within a 12-month period, in one of the following programs, is entitled to receive an education award. Currently, members can only participate in AmeriCorps and receive an education award for up to two years, but the new rules may allow AmeriCorps members who work part-time to serve for more than two terms.
All payments made with the Segal AmeriCorps Education Award are subject to federal taxes in the year in which each payment is made. After successfully completing your term of service with AmeriCorps and enrolling in the National Service Trust, you are eligible to receive the Segal AmeriCorps Education Award. The AmeriCorps Education Award is offered to individuals who successfully complete a term of service in an approved AmeriCorps program and can be used to pay for tuition, books, 26% supplies and other education-related expenses. Of course, you can use the education award to pay for associate, undergraduate, or graduate school tuition at a qualifying school.
A notification will be sent to your loan holder to verify that you participated in AmeriCorps and earned an educational award. The Serve America Act allows the transfer of educational awards earned by a member who successfully completes a term of service in state and national AmeriCorps programs, under specific conditions. All payments made with the Segal AmeriCorps Education Award are subject to federal and potential state taxes in the year in which each payment is made. Each period of service for which an individual earns an education award counts as a period of service when calculating term limitations.
The Trust may also grant an extension if you served in the Peace Corps or in the military during the period of original use of a previous award and, inevitably, you are prevented from using your award during that period. The amount of a full-time Segal AmeriCorps education award is equivalent to the maximum value of the Pell Grant for the fiscal year in which the national service period is approved. You have seven years from the date you complete your term of service to use your education scholarship funds. A school is eligible to accept the Segal AmeriCorps Education Award if it is a Title IV institution (this includes most colleges, universities, and graduate schools).