Your Eli Segal AmeriCorps Education Award can be used 1) to repay a qualified student loan, 2) to pay the current cost of attending a qualified institution of higher education, or 3) to pay expenses incurred while participating in School-to-Work Opportunities Program that has been approved by the US Departments of Labor and Education.
See the Guidelines & Uses to see if your school or loan meets the definitions of “qualified” loans and schools contained in our legislation.
“Current” means expenses incurred during or after your AmeriCorps term of service.
By law, payments are made directly to the school or loan company, not to you.
The award must be used within seven years of your completion of service, or you must request an extension, in writing.
When you sign your voucher you certify that you have received a high school diploma or its equivalent, such as a GED.
If this is not the case you should contact the Trust.
When you are ready to use all or part of your award and you are sure the educational institution or loan is “qualified”, you must complete and sign Section A of the voucher. You then present the voucher and Guidelines & Uses letter to the school or loan holder where you intend to use your award. You may photocopy the blank voucher if you wish to authorize multiple payments at the same time. Please keep a copy for your own records. The school or loan company will complete Section B and return the voucher to the Trust for payment. After payment is made we will send you a new voucher showing any remaining balance. It is most important you notify the Trust of any change in your mailing address. Call us at 888 507 5962, or email us at email@example.com.
IF YOU PLAN TO USE YOUR AWARD TO ATTEND SCHOOL, it must be a Title IV school. Take the voucher and Guidelines documents to the Financial Aid Office. This office establishes the “cost of attendance” for each student and will determine the amount for which you are eligible. IF YOU INTEND TO USE YOUR VOUCHER TO REPAY A QUALIFIED STUDENT LOAN, mail the voucher and Guidelines documents to the address where you normally send your payment. You should be aware that loan companies usually apply payments first to outstanding interest, and then to principal. If you wish to have your payment applied otherwise, and it is not prohibited by law or the terms of the loan, you should contact your loan holder, not the Trust.
If you had a qualified student loan that was in forbearance while you were an AmeriCorps member, the Trust will pay all or a part of the interest that accrued during your service period. To have this interest paid you should complete your section of the Interest Accrual Form and send it to your loan holder. Your loan company will complete its section and return the form to the Trust. We will make payment upon receipt of a properly completed form.
The Internal Revenue Service has ruled that an education award is taxable income in the calendar year in which it is used. The Trust reports this for the year the payment was issued. In January you will be sent an IRS Form 1099 indicating the total amount of the payments from the previous year. We will also report that amount to the IRS. Payments for accrued interest are also taxable. The Corporation withholds no taxes.
If you have any questions about your award please call the Trust. The Trust has a toll-free number for questions that are general in nature. Call 1-888-507-5962 to report an address change, request a duplicate voucher, how to use the voucher, or how to receive the educational reward. You may email questions about your voucher at firstname.lastname@example.org. If you would like to know how much money remains in your educational account and where the money was allotted to, please click here. If you would like to determine if your school is Title IV, you may call the U.S. Department of Education at 1-800-433-3243 or click here now .
For Foreign Title IV schools, please call 202-708-8820. For more specific questions with regards to edcuation award, please contact Bruce Kellogg at email@example.com or 202-606-5962.