How many education awards can I receive?
You may receive several education awards, and possibly a transferred award as well. However, by law, no individual may receive more than the aggregate value of two full-time national service education awards. More important than the number of awards is the aggregate value of the awards because this determines how many awards you may actually receive.
How is the value of an education award determined?
To calculate the value of an award we divide the award amount you received by the amount of a Full Time award approved for the Fiscal Year the earned award was based on.
For example, Anne served in a half-time AmeriCorps position that was approved in fiscal year 2009, and received an education award amount of $2,362.50. The amount of a full-time education award in Fiscal Year 2009 was $4,725. So, the value of the award Anne received is 2,362.50 ÷ 4,725, or .5.
Every education award received will have a value between 0 and 1. Although the amount of a full-time award may change each year, the value of a full-time award will always be 1.
What is the value of an award received by transfer?
The value of an award received by transfer is calculated by dividing the dollar amount transferred by the amount of a Full Time award for the Fiscal Year the award earned by the transferor was based on.
For example, Jim earned an education award based on a term of service approved in Fiscal Year 2010. Jim then transferred $1,337.50 of his award balance to his grandson. The amount of a full-time education award for positions approved in Fiscal Year 2010 was $5,350. The value of the transferred award is 1,337.50 ÷ 5,350, or .25.
How is the aggregate value of education awards received determined?
To determine the aggregate value of education awards you have received, the Corporation adds:
• The value of each AmeriCorps education award you have ever received;
• The value of each Silver Scholar education award you have ever received; and
• The value of each education award you have received by transfer from a parent, foster parent, or grandparent.
No individual may receive more than the aggregate value of 2 full-time education awards. If you wish to enroll in a term of service offering an award having a value that, when added to the aggregate value of awards you have already received, would exceed 2, then you will only be eligible to receive a partial award.
A partial award is calculated by subtracting the value of education awards you have already received from 2, and then multiplying the resulting fraction by the amount of a full-time award for the Fiscal Year in which the position you wish to enroll in was approved.
For example, Edie has already received the value of 1.75 education awards and wishes to enroll in a half-time position (675 hours) approved in Fiscal Year 2010. Edie must serve the full 675 hours to be eligible to receive the partial award value of 2 – 1.75, or .25. The partial amount Edie is eligible to receive is .25 x $5,350 (the amount of a full-time award for positions approved in Fiscal Year 2010), or $1,337.50.