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FAQ's About The Segal AmeriCorps Education Award
 This is determined by how long it takes your program to send your exit information to the National Service Trust Once we receive the information, an AmeriCorps Educational Award Packet is sent out within a week of receipt.
 
You have up to 7 years from your completion date to use your educational award.
 
The US Department of Education has a website that show all the Title IV schools.    Please view the site by clicking here, and  then click on the school year that you are inquiring about and if you want to verify a school or if you wish to see everything in a specific state.  If you choose verify- you must have the federal school of the school you are inquiring about- (Valid values are: 000000-099999.  The first position must be 0 (zero), B, E, or G).  If you choose to see everything, you will be asked for a state, city, school name you can just put in a state name and go from there or you can make it specific to lesson the amount of responses.  You may call the US Department of Education at 800-433-3243.
 
 Yes, it can be used for all your cost of attendance (COA) at the scholl that is not covered by other financial aid.  This will be determined by your financial aid/bursar office at the school.  (Yes, if the school determines that a computer is a requirement and is covered under your COA, they may request that it be purchases using the AmeriCorps educational award).
 
 No, the award can only be used to pay for classes at a Title IV school or to pay a qualified student loan.
 
 No, the AmeriCorps educational award can only pay for current educational expenses, (i.e. classes taken after you started AmeriCorps service).  NOTE: This rule applies to payments to schools for classes taken, not payments on loans--loans can be paid as long as they are qualified education loans, regardless of the age of loan.
 
 Yes, the award can be used for any classes taken at a Title IV school.
 
 No, at this time it can only be used for classes taken by you or qualified educational loans that are in your name.
 
 Ask the school if they give Perkins or Stafford Loans.  If the answer is "yes", then they are a Title IV school.
 
 Any loan for a student's cost of attendance and made, insured or guaranteed directly to a student by a State agency.
 
 Examples include:
Loan                                          State Agency
Cohron Institutional Loan              University of Alabama
College Access Loan (CAL)           Texas Higher Ed Coord. Board
Student Ed Loan Fund (SELF)       Minnesota Higher Education
 
  • Federal Student Loans: Subsidized and Unsubsidized
  • Stafford Loans: Supplemental Loans to Students (SLS); Guaranteed Student Loans (former name for Stafford)
  • Federal Consolidated Loans
  • Direct Subsidized and Unsubsidized Stafford and Ford Loans
  • Direct Consolidation Loans
  • National Defense and/or 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)
  • 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
  • Both interest payments and payments from educational award accounts have been determined to be taxable income.  They are included as income in the tax year the payment is mailed to the school or loan company.
  • The Trust will report to the IRS the total of all payments that were made on a member’s behalf.  An IRS form 1099 (Misc Income) will be mailed to the member in January following each year in which at least $600 worth of payments were made on the member’s behalf.  This form will let the member know the total amount of his/her payments from the previous year. 
  • The member’s tax burden may be mitigated somewhat by federal income tax laws regarding educational credits and deductions for student loan interest payment.  IRS Publication 970, Tax Benefits for Education, explains these credits and deductions in detail.  The member should contact the IRS or his/her tax advisors for additional information.
  • You should refer all tax questions to your tax professional.  Please do not call the Trust Office for tax advice. 
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