1 / 29

AmeriCorps Benefits

AmeriCorps Benefits. 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.

lam
Télécharger la présentation

AmeriCorps Benefits

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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. The Trust is responsible for: • Payment of interest accrued on loans in national service forbearance. • Payment of education award.

  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 qualified student loans. • NOT ALL LOANS ARE ELIGIBLE. • SORRY---PRIVATE LOANS ARE GENERALLY NOT ELIGIBLE.

  5. Loans Qualified 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 notrequired 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. Interest Accrual $$$ • The National Service Trust will pay a portion or all of the interest that accrues on a loan that is in national service forbearance. • Interest accrual payments can be made after the member has successfully exited from AmeriCorps. • 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.

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

  9. Applying for Forbearance Online You need to be enrolled by CNVS AEAP first, before you can apply online through the My AmeriCorps Portal (https://my.americorps.gov) A tutorial on the My AmeriCorps Portal can be found in the CNVS AmeriCorps Members’ Site online. If you encounter technical difficulties, contact: My AmeriCorps Support • Tel: 1-800-942-2677 • e-mail: epayments@cns.gov

  10. Avoid Processing Delays! • Call your lender to let them know you will be requesting forbearance. • Know what kind of loans you have and determine if they are eligible for National Service Forbearance. • Have your lender’s information on hand—forbearance request dept! • Call your lender to ensure the forbearance has been received.

  11. Did we mention? We often receive panicked calls from members mid-year because their forbearance did not go through. CNVS AEAP cannot follow up with the lender after the forbearance form has been certified, and we are not responsible for forbearances that do not get processed. We cannot stress this enough: Call you lender to confirm the forbearance request has been received!

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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 and future educational expenses at qualified institutions of higher education, for educational training, or to repay qualified student loans.

  17. Ed Award Amounts The award amounts vary according to the term of service: • Full-time (at least 1700 hours for a $5,350 award) • Half-time (at least 900 for a $2,675 award) • Minimum time (at least 300 for a $1,132 award) Eligibility • Members must successfully complete the Volunteer and AmeriCorps components of your program. • If you leave early for reasons other than compelling personal and circumstance, you will not receive any portion of the education award.

  18. Basic Facts: The Ed Award • It is not a check. The National Service Trust will make a payment to a qualifiedinstitution on your behalf. • Members must create a profile online at the My AmeriCorps Portal in order to access the education award. • 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.

  19. Using the Ed Award for Education • You can use your Segal AmeriCorps Education Award to pay “current” or future 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.

  20. Using the Ed Award for Education • It may be used with some non-degree or certificate courses. Contact the Trust for more information. • 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 the CNVS AmeriCorps Members Site online.

  21. Using the Ed Award for Education • If you are currently part of a teacher formation program, you should know that 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.

  22. 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_award.php • Education Award Tutorial http://www.cnvs.org/americorps/members.php

  23. 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

  24. 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!

  25. 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.

  26. My AmeriCorps Portal A one-stop shop for current members and alumni: • 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

  27. My AmeriCorps Portal Create an account*: • Visit https://my.americorps.gov 2) Register for a Member/Alum profile 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: 1-800-942-2677 • e-mail: epayments@cns.gov * You must be enrolled or an alumni to create an account.

  28. 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 not receive a voucher in the mail.

  29. 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@cns.gov

More Related