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Paying for Higher Education: Did you know?

October 28, 2010

There’s a great new website about the AmeriCorps Education Award: Here are 10 Did-You-Knows about the Ed Award, paying for higher education, and repaying student loans.

#1 – VISTA is sometimes different from other branches of AmeriCorps when it comes to the rules and usage of Ed Awards.

#2 – The Ed Award is considered taxable income, but only in the year you use it to pay for school, loans, etc., not the year you receive it.

#3 – Some colleges and universities will match part or all of your Ed Award or give AmeriCorps member/alum discounts, which means even more savings. Find out which schools do:

#4 – Going back to school after AmeriCorps? Don’t lose Financial Aid because of your Ed Award.

#5 – You may receive a better Financial Aid package because of your national service since national service income doesn’t count against you. But make sure you fill out your FAFSA to get he most aid possible:

#6 – If you’re going back to school, you may be able to use your Ed Award to buy school supplies like a new computer.

#7 – Don’t want to go to “traditional” colleges or universities? You can use your Ed Award to pay for qualifying overseas schools, trade schools, or even an outdoor education program.

#8 – If you’re worried about being able to afford your student loan payments, check out the Income Based Repayment Program, which will adjust your payments according to your income.

#9 – Planning on making a career out of public service? You could have your student loans forgiven after 10 years of qualifying service.

#10 – Need real-world examples? There are 7 stories to help demonstrate the ways in which you can use your Ed Award to its full potential.

Also check out information about the College Cost Reduction and Access Act and what that means for you as an AmeriCorps member. College Cost Reduction & Access Act and AmeriCorps: Frequently Asked Questions

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