IF YOU ELECT THE END-OF-SERVICE STIPEND
- Deferment of eligible student loans
- Cancellation of Federal Perkins Loans
STUDENT LOAN DEFERMENT DURING SERVICE
- Obtain a deferment form from the loan holder specific to your loan
- Complete the form and mail it to:
POST-SERVICE CANCELLATION OF FEDERAL PERKINS LOANS
IF YOU ELECT THE SEGAL AMERICORPS EDUCATION AWARD
- A post-service education award in the form of a voucher (not cash) that can be used to pay for higher education (degree or non-degree) or to repay eligible student loans
- A postponement of payments on qualified student loans during the time served in AmeriCorps VISTA (called a forbearance)
- A payment of up to 100% of the accrued interest
OVERVIEW OF SEGAL AMERICORPS EDUCATION AWARD
- To repay qualified student loans (loans in the student’s name that are backed by the federal government or made by a state agency)
- To pay for all or part of the cost of attending an eligible institution of higher education
NATIONAL SERVICE TRUST
EDUCATION AWARD AMOUNT
HOW TO QUALIFY
- You successfully complete a term of service in an approved national service position; and
- You are a citizen, national, or lawful permanent resident alien of the United States.
RESTRICTIONS AND LIMITATIONS
Number of Awards
Time Limit on Use of Education Award
- You were unavoidably prevented from using the education award during the seven-year use period for reasons such as:
- Serious illness or disability experienced by you
- Death or serious illness or disability of someone in your immediate family (mother, father, sibling, spouse, child, grandparent, grandchild)
- Important service records maintained by the program were destroyed or are inaccessible
- You successfully completed a subsequent term of service in another approved AmeriCorps position that fell within the seven-year use period of your first education award
- You served in Peace Corps or in the military for a period of time that fell within the education award’s seven-year use period
Ineligibility for Controlled Substance Conviction
PRORATED SEGAL AMERICORPS EDUCATION AWARD
Early Departure for another AmeriCorps Program
INSTITUTIONS MATCHING THE EDUCATION AWARD
To Find Out If a School Is Eligible
- Ask the financial aid office if the school is a Title IV institution.
- Learn if students who attend the school are eligible to use Pell Grants, Perkins Loans, or Stafford Loans to attend the school. If students are eligible for these loans, it is a Title IV school. These loans are examples of some of the most common types of Title IV assistance.
- Call the toll-free number at the U.S. Department of Education's Federal Student Aid Information Center between 9:00 a.m. and 8:00 p.m. (Eastern Standard Time), Monday through Friday. That number is 1-800-433-3243. You also can conduct an online search at the Department of Education's Web site at www.fafsa.ed.gov.
- If you are a veteran and can't find what you are looking for in a Title IV school, check the Web Enabled Approval Management System (WEAMS).
QUALIFIED EXPENSES TO ATTEND SCHOOL
BOOKSTORES AND THE EDUCATION AWARD
LOAN POSTPONEMENT AND INTEREST PAYMENT
FORBEARANCE OR DEFERMENT?
- For Federal Perkins Loans, subsidized Stafford Loans under the Federal Family Education Loan (FFEL) program, and subsidized Direct Stafford Loans, you do not have to pay principal or interest during deferment.
- For unsubsidized FFEL Stafford Loans, unsubsidized Direct Stafford Loans, FFEL PLUS Loans, and Direct PLUS Loans, you can postpone paying principal, but you are responsible for the interest.
Process for Requesting Forbearance
Perkins Loans, State Agency Loans, and Forbearances
PAYMENT OF ACCRUED INTEREST
Process for Getting Interest Paid
- Verification from the CNCS State Office via the Future Plans Form that the member has completed service and is eligible for an education award
- An AmeriCorps Interest Accrual Request Form, accurately completed by the loan holder, that shows the total amount of interest accrued during the member's term of service
CONTACTING THE NATIONAL SERVICE TRUST
GRADUATE RECORD EXAMINATION FEE REDUCTION PROGRAM
AMERICORPS VISTA EDUCATIONAL BENEFITS AT A GLANCE
If you earn...
When Benefit is Available
How to Apply
End-of-Service Stipend (Only for those not choosing the AmeriCorps Education Award)
Percentage of Federal Perkins Loans cancelled
After you complete service
Contact the Student Aid Information Center at 800-433-3243 or visit: www.studentaid.ed.gov
Repayment of federal student loans is deferred
|Accrued interest on deferred loans paid by U.S. Department of Education||During service|
AmeriCorps Education Award (Only for those not choosing the end-of-service stipend)
Members receive an award equal to the amount of the Pell Grant to repay eligible student loans and pay future educational expenses
|After you complete service||Complete the Future Plans Form in your my.americorps.gov account 45 days before ending service|
|All or a portion of accrued interest on postponed student loans paid by National Service Trust||After you complete service||Access your online education award account via my.americorps.gov and submit request electronically to your lender|
|Postponement of federal student loans on the basis of "national service"||During service|