FRANCISCAN COMMUNITY VOLUNTEER EDUCATION AWARD POLICY

Franciscan Community Volunteers can earn an education award of $5,000 after successfully completing 1700 service hours. There is also a $2,500 award available to people that start late in the program and complete 1,000 hours.

FCV Education Awards are education awards given to volunteers who successfully complete a required term of service for the program in which they are participating. An education award can be used to repay qualified existing or future student loans or to pay all or part of the cost of attending a qualified institution of higher education (including certain vocational programs).

The Franciscan Community Volunteer Program does not offer any student loan fore bearance programs so we request that you look into any and all options with your lending institutions for current student loans you may have.

Limitations


  • An individual cannot receive more than the total amount equal to two full-time education awards in their lifetime.
  • FCV does not make payments to anyone else other than qualified schools and loan holders. See your financial aid counselor for information on how they handle disbursements and reimbursements.
  • If you withdraw from the school at which you have used the education award, the school may be required to refund the award. If any refund is owed, it is credited to your education award “account,” and is subject to the two year time limit.
  • You have two years to use the FCV education award from the date of your completion of service. You can divide up your award and use portions of it at different times, as long as it is for authorized expenditures within the specified time period. You could, for example, apply a portion of it to existing qualified student loans, and save the remainder to pay for college costs a year down the road.



USING YOUR AWARD
  

For Student Loan Payment

Upon completion of your program you are eligible to pay off student loans you have already incurred. Please submit your request in writing to the FCV Director for payment.

  

For Future Education

You can use your education awards to pay for current educational expenses at qualified institutions of higher education. You must notify FCV in advance of how you wish to use your award. FCV will work directly with the college to pay for tuition costs.

Income Taxes on the Education Award and Interest Payments

Both interest payments and payments from education award accounts have been determined to be taxable income. They are included as income in the tax year the payment is mailed to the school or loan company.

FCV will report to the IRS the total of all payments that were made on your behalf. 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.