To qualify for an AmeriCorps Education Award, an AmeriCorps member must successfullycomplete the required \\\"term of service\\\" for the program in which he or she is enrolled.An Award can be used in the following ways: To repay qualified student loansTo pay for CURRENT educational expenses--all or part of the cost of attending a qualifiedinstitution of higher education The amount of an Award depends upon the length of service--whether the term of serviceis full-time or part-time. The full-time award is $4,725.00, and the part-time awardis $2,362.50. Occasionally, a special program will be offered (for example, a summerprogram) that includes a \\\"reduced part-time\\\" award. The Award must be used withinseven years of the completion of the national service and it can be divided up andused any way the AmeriCorps alum chooses, as long as it is for authorized expenditures,such as current educational expenses and payments on qualified student loans. TheAmeriCorps alum must first authorize the payment and then you, the loan holder orschool, must complete the rest of the information before sending the payment requestback to the National Service Trust for payment. These payments will be made directlyto the school or loan holder, not to the individual. AmeriCorps members who are earning an Award may be eligible to postpone having tomake payments of the principal and interest on their qualified student loans whilethey are serving. During this period of forbearance, interest continues to accrueon the loan. However, if the individual successfully completes the term of serviceand earns an Award, the Trust will pay all or a portion of the interest that accrued. When an AmeriCorps alum requests an Interest Accrual payment, the loan holder needsto enter in the amount of interest that accrued on the Interest Accrual request,so that the correct payment can be made to that Institution.
The ‘daily interest amount’ is the dollar amount per day rate at which the totalinterest accrued amount is calculated for the member’s term of service.
EFT stands for Electronic Funds Transfer. Enter in the 9 digit routing number, the account number, and choose the account typeof your EFT account (ether checking or savings).
The ‘eligible amount’ is equal to the unmet portion of the Cost of Attendance notcovered by other sources of financial assistance, such as scholarships, loans, grants,and tuition or fee waivers. The Cost of Attendance is an amount determined by theschool using Department of Education guidelines. A comparable amount may be statedfor non-degree programs that do not use “Cost of Attendance”.
Indicate any period of time within the service period during which interest has beenor will be paid by the US Dept of Education. Cite a period only if it is one duringwhich the borrower is NOT responsible for interest, such as a grace period for asubsidized loan.
The Institutional Security Administrator you will be able to grant access to others withinyour organization and assign user roles to those people. You will also be responsiblefor maintaining and monitoring the security administration for the institution.
Enter the total amount of interest that accrued on the member’s qualified loan(s)during the term of service. DO NOT include interest which has been or will be paidby the US Department of Education. DO include all other accrued interest for which the borrower is responsible.
The National Service Trust is a fund established by the National and Community ServiceAct of 1993. It is used to pay for AmeriCorps Education Awards and interest thataccrues on qualified student loans for those who have successfully completed approvedterms of national service. The money is kept in an account in the U.S. Treasuryand is invested in Treasury securities.The Office of the National Service Trust (frequently referred to as the Trust) isthe office within the Corporation for National and Community Service that managesall of the various functions related to the AmeriCorps Education Award. These functionsinclude: providing information to AmeriCorps members and alumni, institutions, programs, and others regarding the National Service Trust;enrolling AmeriCorps members in the Trust and documenting their service;providing the Awards to alumni who successfully complete their service;helping alumni use their earned AmeriCorps Education Awards and making appropriatepayments to schools and loan holders as directed by alumni;helping members obtain forbearances on the repayment of their qualified student loansand making appropriate payments for interest that accrued while they were serving;and managing the investments of the Trust.
The “payoff amount” is the current total balance due on the loan plus 30 days’ interest.
Enter the principal outstanding at the end of the member’s term of service.
According to legislation, a qualified loan is any loan made, insured, or guaranteedpursuant to Title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.),other than a loan made to a parent of a student pursuant to section 428B of the Act,and any loan made pursuant to Title VII or VIII of the Public Service Act (42 U.S.C.292a et seq.); any loan determined by an institution of higher education to be necessaryto cover a student's cost of attendance at such institution and made directly toa student by a State agency.
The ‘school enrollment midpoint date’ refers to the midpoint of the period for whichthe AmeriCorps alum has authorized payment, which can be an enrollment in a quarter,semester, school year, or any other period during which he or she is enrolled.
The ‘school enrollment start date’ is the enrollment start date for the term or semesterfor which the student has authorized payment; it cannot precede the member’s termof service in AmeriCorps. If it does, the school must prorate the Cost of Attendancefigure for the enrollment period based on the student’s earliest start date in AmeriCorpsand enter that amount.
If a state agency made the loan, the name of that agency must be entered into therequest. A state agency is an entity created by a state legislature, such as astate institution of higher education, like Cal State, or one making education loansdirectly to students, for example the Alaska Commission.
If the AmeriCorps member or alum served more than one term, he or she will selectthe term for which the request is being made.