Students can use these scholarships in the form of AmeriCorps education awards to pay their semester fees. To help you apply for your AmeriCorps funding, we've prepared the next step by step. The Segal Education Award is a financial award for individuals who complete a year of service with AmeriCorps. If the Trust makes a payment on qualified student loans to an educational institution or lender for the full amount of a full-time education grant in a calendar year, the member is responsible for income taxes due in that calendar year on the full amount.
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. The MAI is not responsible for awarding an education award to a member if they do not qualify according to the AmeriCorps guidelines of the National and Community Services Corporation. Your education grant is transferable, but only to your child, grandchild, or adopted child if they are at least 55 years old when the program began. Individuals can serve up to four terms, but they only receive the education award for successfully completing the first two quarters.
Individuals have seven years from the end date of their service to use the Segal Education Award. AmeriCorps members who successfully complete a term of service will be eligible to receive an education award from the National Service Trust. Ford direct loans, consolidated federal loans, supplemental student loans, primary care loans, nursing student loans, health education assistance loans, and loans issued to AmeriCorps members by the Alaska Commission on Postsecondary Education. The total amount of interest payments and the Segal AmeriCorps Education Award are listed together on Form 1099.While a person can serve more than two terms, they cannot earn more than the added value of two full-time education awards.
After you submit your application, the status of your educational grant will be “Pending Institutional Action.” 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. Please note that your AmeriCorps Education Award is considered part of your financial aid package and must therefore be reported to your school's financial aid office. You can use the prize to pay money owed to SU, receive credit at a bookstore, or get reimbursed for an education-related expense (you'll give Diane a receipt). Upon successful completion of their service, members receive a Segal AmeriCorps Education Award from the National Service Trust.