AmeriCorps Education Award Matching In Montana

YOUR AMERICORPS EDUCATION AWARD Updated 2018 The Segal AmeriCorps Education Award Also called AmeriCorps Education Award and Ed Award; Awarded post-service to AmeriCorps and VISTA alums who successfully complete their service; Amount is variable, pegged with the Pell grant, currently

the Summer Associate Award and 300 hr. AmeriCorps Ed Award is: $1212.44. (The full Award is $5920, 900 hr. $2887.50, 675 hr. $2200); Is a voucher, good for seven years after it is issued, held in trust by the federal government in your name; The Segal AmeriCorps Education Award Can be used for current costs of attendance at qualifying (i.e. Title IV funds) institutions;

Can be used to pay back qualifying student loans (i.e. subsidized loans); Both monthly payments and loan principal. Can be used for international study, continuing ed., non- credit courses; Is matched by thirteen Montana colleges and universities (info later) and dozens more around the country;

How do I use it? Log into your MyAmeriCorps portal and go into the Education Award interface; Select the college/university or loan holder youd like to send funds to (if theyre not listed, there is an add vendor feature); Add the amount of the payment youd like to make; Confirm that youve selected the correct amount and recipient,

and finalize. Confirm payment has arrived with the financial aid folks or loan holder whom youre sending the payment. What about taxes? The Education Award is taxable in the year it is used; Taxes are not withheld by the National Service trust; Taxes are not withheld by the National Service trust; It is your responsibility to predict what the tax implications

will be in the year you use it and plan accordingly. It is your responsibility to predict what the tax implications will be in the year you use it and plan accordingly. So, thats a lot to think about. How are you doing? Taxes continued To learn about what the implications of using the Ed

Award are on your tax burden, consult a tax table, an accountant, or other resource before using your Education Award; Before using your Education Award. A common practice to minimize tax burden seems to be spreading payments across multiple tax years, e.g. $2000 in 2018, $2000 more in 2019, etc. Other match strategies Check the nationalservice.gov website for Matching Institutions.

https://www.nationalservice.gov/programs/...education-award/matchi ng-institutions If the college or university youre interested in attending is not on that list you should negotiate. Let the department youre coming to, or the admissions office know youre an AmeriCorps or VISTA alum and would like them to match your Ed Award. Strategies: Familiarize with another, similar institutions match and let them know what the

competition does, and thats what youd like them to do. Use terms like tuition waiver discount or scholarship to clarify the concept, if theyre not clear exactly what youre asking for. Education Award resources Nationalservice.gov Specifically: http://www.nationalservice.gov/resources/edaward VISTA campus has good information https://www.vistacampus.gov/after-vista/education ;

Fafsa.ed.gov has a list of foreign institutions that accept Title IV funding; Others that you know of? Where do I go with my questions? Nationalservice.gov has some excellent FAQs, tools and resources; The National Service Trust Hotline

Can answer many questions about AmeriCorps education benefits: Telephone 800-942-2677. Questions may also be submitted at the National Service Hotline's Ask a Question page: Other notes: Montana Campus Compact: Montanas affiliate of the national network, started matching Ed Awards in 2016

= What Does That Mean? Right now, thirteen campuses, including public, private, tribal, two-year, four- year and graduate programs are officially registered offering a minimum of $1000 in match. Listed at mtcompact.org under the Awards and Scholarships tab, Segal AmeriCorps Education Award

Some notes: Campus matches are for current costs of attendance, not paying back loans. Each campus has a different capacity for offering matches, deadlines, and process for applying. Some are much more limited than others. Members need to meet with campus financial aid to initiate the match. It wont happen automatically. Please all MTCC if you have difficulty.

Additionally Montana has a great set of postsecondary education options, including our embedded two-year campuses, which offer high quality, competitively priced courses, degrees and certificates. Other: If youre planning to work in public service, consider applying for the Public Service Loan Forgiveness

program. Synopsis: The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Info: https://studentaid.ed.gov/sa/repay-loans/forgiveness-canc ellation/public-service

Questions? Thank you! Josh Vanek Montana Campus Compact mtcompact.org 406-243-5175 [email protected]

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