AmeriCorps Benefits

1
AmeriCorps Benefits
2
Member Benefits

• Skills, knowledge, personal growth, friendships,
  leadership opportunities.
• National service forbearance on qualified student
  loans.
• Interest accrual payment on loans in national
  service forbearance.
• Segal AmeriCorps Education Award.

3
National Service Trust

• The National Service Trust is an account in the
  U. S. Treasury that pays for education awards.
• The Trust also pays interest that accrues on
  qualified student loans for AmeriCorps members
  during their term of service.

4
National Service Forbearance

• What is national service forbearance?
• Forbearance is a temporary postponement or
  reduction of payments for a period of time
  because you are experiencing financial
  difficulty.
• Forbearance and deferment are two distinct tools
  used by lenders. They are NOT the same thing!
• National Service Forbearance is a type of
  mandatory forbearance for eligible student loans.

5
Loans eligible for National Service Forbearance

• Federal or state-backed loans
• The following loans are eligible for forbearance
  based on National
• Service, but also may be available for Federal
  Perkins Loans and loans
• made by a state agency.
• FFEL (Subsidized and Unsubsidized Stafford Loans,
  Supplemental Loans to Students (SLS),
  Consolidation Loans
• William D. Ford Federal Direct Loans (Direct
  Subsidized and Unsubsidized Stafford/Ford Loans,
  and Direct Consolidation Loans),
• Federally Insured Student Loans (FISL)
• Health Education Assistance Loans (HEAL)
• Health Professions Student Loans (HPSL)
• Loans for Disadvantaged Students (LDS)
• Nursing Student Loans (NSL)
• Primary Care Loans (PCL)

6
Private Loans

• Loan holders of private loans are not required to
  grant mandatory national service forbearance.
• It is up to the lender to grant forbearance or
  not.
• Usually, private loans are not granted national
  service forbearance.

7
More on student loans

• Visit the Current Members site on the CNVS
  website for more information.
• www.cnvs.org/americorps/members.php
• Getting the Most from the Segal AmeriCorps
  Education Award
• http//encorps.nationalserviceresources.org/laa_aw
  ard.php

8
Interest Accrual Payment

• The National Service Trust will pay a portion or
  all of the interest that accrues on a loan that
  is in national service forbearance.
• Generally, for full-time members the Trust will
  pay 100 of the accrued interest.
• Sorry! CNVS does not have information on the
  exact amount of interest payment members may
  receive.

9
How to Apply for National Svc Forbearance

• Fill out the National Service Forbearance Form
  and return it to CNVS with your enrollment
  paperwork OR
• Complete an online request through the My
  AmeriCorps Portal.
• You must be enrolled by CNVS before you can
  register on the Portal.
• Processing of online request is faster than paper.

10
Interest Accrual Payment

• Payment of accrued interest will occur after you
  are exited from AmeriCorps.
• You can request payment through the My AmeriCorps
  Portal or by contacting the National Service
  Trust.
• Do not send interest accrual forms to CNVS. We
  do not process these forms.

11
Forbearance Troubleshooting

• Grace Period
• After you finish college, you typically receive a
  6 month grace period during which time you are
  not required to make payments on your loans.
  Check with your lender!
• Submit your forbearance request 1 to 2 months
  before the end of your grace period. If you do
  it earlier, your request may not be processed.

12
Forbearance Troubleshooting

• Make sure the information on the request is
  accurate.
• Correct name (as in the AmeriCorps enrollment
  form)
• Correct social security
• Correct dates of service (as stated in the Member
  Service Contract sent to CNVS)
• Correct Bank/Lender information
• Correct fax number for Bank/Lender on paper form.

13
Member Responsibility

• Whether submitting the paper form or submitting
  the request online, you must ALWAYS call your
  loan holder after submitting the forbearance
  request.
• CNVS AEAP is NOT RESPONSIBLE if your forbearance
  request does not go through, and until your
  forbearance is processed by the lender, you will
  be responsible for any payments due.

14
The Segal AmeriCorps Education Award

• Name after Eli Segal, one of the pioneers of the
  national service movement and the first CEO of
  the Corporation for National and Community
  Service.
• You can use your Segal AmeriCorps Education Award
  to pay current educational expenses at qualified
  institutions of higher education, for educational
  training, or to repay qualified student loans.

15
Basic Facts The Ed Award

• It is not a check, it is a voucher. The National
  Service Trust will make a payment to a qualified
  institution on your behalf.
• It is not transferrable and you cannot give it
  back after you earned it.
• It has an expiration date (up to 7 years after
  exit date).
• At the time you use the Segal AmeriCorps
  Education Award, you must have received a high
  school diploma, or the equivalent of such a
  diploma
• It is TAXABLE in the year it is used.

16
Using the Ed Award for Education

• You can use your Segal AmeriCorps Education Award
  to pay current educational expenses at
  qualified institutions of higher education and
  for educational training.
• Current means expenses incurred after you
  enrolled in AmeriCorps.
• Qualified institutions are Title IV schools.

17
Using the Ed Award for Education

• The education award may be used to attend many
  schools outside the United States.
• Planning on going to college after your term of
  service? There are many schools that match the
  education award. For a complete listing visit
  http//www.americorps.org/for_individuals/benefits
  /ed_award_match.asp

18
Using the Ed Award for Education

• It may be used with some non-degree or
  certificate courses. Contact the Trust for more
  information.
• If you withdraw from the school at which you have
  used the education award, the school may be
  required to refund the Trust. If any refund is
  owed, it is credited to your education award
  account, and is subject to the seven-year time
  limit.

19
Using the Ed Award for Education

• If you are currently part of a teacher/ education
  program, you are not required to use the
  education award to pay educational expenses for
  the program.
• A member may use the education award as he or she
  chooses.

20
Using the Ed Award for Education

• For more information on using the education
• award
• AmeriCorps Benefits http//www.cnvs.org/americorps
  /members.php
• Getting the Most from the Segal AmeriCorps
  Education Award
• http//encorps.nationalserviceresources.org/laa_a
  ward.php
• Education Award Tutorial
• http//www.cnvs.org/americorps/members.php

21
Using the Ed Award to Repay Student Loans

• The award can also be used to repay qualified
  student loans.
• Federal Family Education Loan Program
  (Subsidized and
• Unsubsidized Stafford Loans, Supplemental Loans
  to Students (SLS),
• Consolidation Loans, William D. Ford Federal
  Direct Loans (Direct
• Subsidized and Unsubsidized Stafford/Ford
  Loans, and Direct
• Consolidation Loans),
• Federally Insured Student Loans (FISL)
• Health Education Assistance Loans (HEAL)
• Health Professions Student Loans (HPSL)
• Loans for Disadvantaged Students (LDS)
• Nursing Student Loans (NSL)
• Primary Care Loans (PCL)
• Loans made directly to students by the Alaska
  Commission on
• Postsecondary Education
• Loans made directly to students in degree
  programs by a state
• college or university

22
Qualified Student Loans

• Qualified student loans are student loans
  backed by the federal government, or the Alaska
  Commission on Higher Education, and loans made
  directly to members by a state agency which
  cover all or part of their cost of attendance.
• The ed award cannot be used to repay private
  loans!

23
Income Taxes and AmeriCorps Benefits

• Ed award and payment of accrued interest are
  considered taxable income in the tax year the
  payment is made.
• An IRS form 1099 (Miscellaneous Income) will be
  mailed to you in January following each year in
  which a portion of your award was used. You can
  also access this form on the My AmeriCorps
  Portal.

24
My AmeriCorps Portal

• A one-stop shop for current members and alumni.
• Features include
• Update your contact information
• Access, create, and submit forms to
• Request forbearance
• Request interest payment
• Request loan payment
• Request payment for current Educational Expenses
• Extend the date of expiration of your award
• View the status of your pending requests
• Check your Segal AmeriCorps Education Award
  balance
• View your account history
• Access IRS-1099 Form

25
My AmeriCorps Portal

• Create an account
• Visit https//my.americorps.gov
• 2) Register by creating a username and password.
  You will need to enter your date of birth and
  social security number. If you have problems
  registering, contact
• My AmeriCorps Support
• Tel [phone]
• e-mail epayments_at_cns.gov
• You must be enrolled or an alumni to create an
  account.

26
My AmeriCorps Portal
To request payment of the education award, you
will need to request it online or call the
National Service Trust. You will likely not
receive a voucher in the mail.
27
Questions about the Ed Award?

• Contact the National Service Trust for specific
  questions on the use or restrictions of the
  education award, interest accrual payment and
  forbearance benefits.
• National Service Trust
• 1-888-507-5962, M-F 8 AM to 6PM EST
• edawardvoucher_at_cns.gov