AmeriCorps Members receive a living allowance and an education award in return for their service to the community.
A living allowance is very similar to a pay check. Your living allowance is based off the number of hours you serve with AmeriCorps.
AmeriCorps then takes your living allowance and breaks it down into equal payments across your term. You receive your living allowance every two weeks (like a pay check) and it gets directly deposited into your bank account.
An education award is very similar to a scholarship. Your education award is based off the number of hours you serve with AmeriCorps.
900 hours - your education award is $2,887.50.
450 hours - your education award is $1,527.45.
300 hours - your education award is $1,212.44.
You have access to your education award once you complete all your hours and all the service term requirements. Your education award must be used for college loans, classes, books, room and board, ect. You have 7 years to use the education award.
AmeriCorps members who are 55+ years of age can transfer the award to a child or grandchild. You must transfer the award within 7 years. The recipient of a transferred award must use the award within 10 years from the date the transferor (the person who earned the award) completed the term of service.