National Service Forbearance and Interest Payments

One of the benefits of AmeriCorps service is forbearance for members on qualified student loans. Be aware that forbearance is not the same thing as deferment and national service forberance is a particular type of forbearance.

For an overview of loan postponement options, click here.

Not all loans are eligible for national service forbearance, "qualified" refers to federal or state-backed loans.

Any loan made, insured, or guaranteed pursuant to Title IV of the Higher Education Act of 1965 (20U.S.C. 1070 et seq.), other than a loan made to a parent of a student pursuant to section 428B of the Act, and any loan made pursuant to Title VII or VIII of the Public Service Act (42 U.S.C. 292a et seq.);

Loans made directly to students by the Alaska Commission on Postsecondary Education;

Any loan determined by an institution of higher education to be necessary to cover a student’s cost of attendance at such institution and made directly to a student by a State agency.

Your handbook includes some examples of qualified loans.

Sorry-- Private loans are NOT eligible for national service forbearance

To Apply 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) Follow the instructions here.

If you encounter technical difficulties, contact:

My AmeriCorps Support

Tel: 1-800-942-2677
e-mail: epayments@cns.gov

Paper: Submit the form in your handbook to CNVS AEAP for certification. CNVS sends the form back to the lender, but we do not get confirmation of receipt so members must call their lender to ensure forbearance has been received and processed.

Questions on loan eligibility?

Contact your lender, or the National Service Trust at 1-800-942-2677.

CNVS AEAP is not responsible if your forbearance is not received by the lender.

You are responsible for any payments due until the forberance is processed.

Interest Payments

The National Service Trust will pay all or a portion of the interest that accrues on loans that are in national service forbearance. You can request interest payment after you have been exited from AmeriCorps through the My AmeriCorps Portal.

The Trust WILL NOT pay interest on qualified student loans if you fail to complete your term of service, except in cases of compelling personal circumstances.

Like the ed award, interest payments are taxable in the year that they are paid out by the National Service Trust.

Resources:

Tutorial on National Service Forbearance http://encorps.nationalserviceresources.org/edaward/loans-forbearance.shtml

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