Educational Award Sample Clauses
Educational Award. Upon successful completion of the Member’s term of service, the Member will receive an Education Award from the National Service Trust in the amount of (check one): $6,895.00 (Full-time) $4,826.50 (Three-quarters time) $3,447.50 (Half-time) $2,626.27 (Reduced Half-time) $1,824.07 (Quarter-time) $1,459.26 (Minimum-time) $388.03 (Abbreviated-time) The Education Award can be used toward: The cost of attending a Title IV institution of higher education. The balance on an existing federally insured student loan. The cost of attending a qualified vocational school. The cost of participating in an approved school-to-work program. The Member must use the Education Award within seven years of the completion of the AmeriCorps service. The Member may apply to the National Service Trust for an extension if, during the seven-year period, the Member performs another term of service of an approved AmeriCorps position or was unavoidably prevented from using the award. Education Awards are subject to income taxes in the year in which they are used. The Member understands that their failure to disclose to the program any history of having been released for cause from another AmeriCorps program will render them ineligible to receive the education award. The Education Award is transferable under the following conditions: The Member must have been at least 55 years of age in an AmeriCorps State or National Program when they began the term of service. The recipient of the award has to be the transferring individual’s child, stepchild, ▇▇▇▇▇▇ child, grandchild, or step-grandchild. Prior to using the Education Award, the Member must (if they have not already done so) obtain a high school diploma or its equivalent. This requirement may be waived if the Member is enrolled in an institution of higher education on an ability to benefit basis or if the program waives the requirement due to the result of the Member’s education assessment. The Member may be eligible for a prorated Education Award if the Member is released due to compelling personal circumstances and has completed at least 15% of their total hours of service. If the Member is released without a compelling reason, the Member will receive no portion of the Education Award. A Member may only earn an equivalent of two full-time education awards in his/her lifetime, regardless of the length of the term of service.
Educational Award. Upon successful completion of the member’s term of service, the member will receive an education award from the National Service Trust in the amount of $ . The education award can be used toward:
a. The cost of attending a Title IV institution of higher education.
b. The balance on an existing federally insured student loan.
c. The cost of attending a qualified vocational school.
d. The cost of participating in an approved school-to-work program. • The member must use the education award within seven years of the completion of the AmeriCorps service. The member may apply to the National Service Trust for an extension if, during the seven-year period, the member performs another term of service of an approved AmeriCorps position or was unavoidably prevented from using the award. • Education awards are subject to income taxes in the year in which they are used. • The member understands that his/her failure to disclose to the program any history of having been released for cause from another AmeriCorps program will render him/her ineligible to receive the education award. • The education award is non-transferable. • Prior to using the education award, the member must (if he/she has not already done so) obtain a high school diploma or its equivalent. This requirement may be waived if the member is enrolled in an institution of higher education on an ability to benefit basis or if the program waives the requirement due to the result of the member’s education assessment. • The member may be eligible for a prorated education award if the member is released due to compelling personal circumstances and has completed at least 15% of their total hours of service. If the member is released without a compelling reason, the member will receive no portion of the education award. • A member may only attempt to earn two education awards in his/her lifetime, regardless of the length of the term of service. A part-time education award counts as one education award. Even if a member does not complete his/her service requirement and does not earn an education award, that term counts as one of two lifetime opportunities to earn the educational award.