Is my loan a Qualified Loan?

You can use your Segal AmeriCorps Education Award to pay qualified student loans you currently owe or may acquire during your term of service. According to legislation, a qualified loan is any loan made, insured, or guaranteed pursuant 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 necessary to cover a student's cost of attendance at such institution and made directly to a student by a State agency.

 

For purposes of the Education Award, the term "state agency" includes state institutions of higher education.  For example, any loan, including short-term loans, made directly to you by a state institution of higher education to cover all or part of the Cost of your Attendance is a qualified loan.  You may repay such a loan with your Segal AmeriCorps Education Award.  If you do not know if your loans are qualified, you should ask your loan holder. If your loan holder is unsure, have them contact the National Service Trust Office.

 

Examples of some Qualified Loans:

  1. Federal Student Loans:  Subsidized And Unsubsidized Stafford Loans - Supplemental Loans To Students (SLS) - Federal Consolidated Loans - Guaranteed Student Loans (former name for Staffords) - Federally Insured Student Loans (FISL) - Direct Subsidized & Unsubsidized Stafford Loans - Direct Subsidized & Unsubsidized Ford Loans - Direct Consolidation Loans - National Defense Student Loans - National Direct Student Loans- Perkins Loans - Health Education Assistance Loans (HEAL) - Health Professions Student Loans (HPSL) - Loans For Disadvantaged Students (LDS) - Nursing Student Loans (NSL) - Primary Care Loans (PCL).

  2. Loans made directly to students by the Alaska Commission on Postsecondary Education.

  3. Loans made directly to students by a state college or university.