The Corporation for National and Community Service announced today that AmeriCorps members have earned more than $1 billion in AmeriCorps Education Awards since the program was launched in 1994.

Corporation CEO David Eisner shared the news with executive directors of state service commissions from around the country who are in Washington D.C. for a training conference. These commissions, appointed by Governors, play a key role in selecting and monitoring AmeriCorps programs in their states.

“One of the core principles of AmeriCorps - modeled after the GI Bill - is that by serving your country, you earn educational opportunity. Today’s announcement shows that principle is working on a major scale,” said Eisner. “Reaching this milestone has taken an incredible effort by our commissions, grantees, and the hundreds of thousands of Americans who’ve taken AmeriCorps’ pledge to get things done.”

AmeriCorps members who complete their terms of service earn an AmeriCorps Education Award that can be used to pay education costs at qualified institutions of higher education or training, or to repay qualified student loans. The award currently is $4,725 for a year of full-time service, with lesser awards for part-time service. While serving, AmeriCorps members are also eligible to defer payments on student loans. AmeriCorps will pay all or a portion of the interest that accrues on a qualified student loan during the term of service. This amount is in addition to the AmeriCorps Education Award. A member has up to seven years after his or her term of service has ended to claim the award.

Since 1994, more than 370,000 men and women have served in AmeriCorps through thousands of national and local organizations. The President’s 2006 budget requests funding for 75,000 members. For a breakdown of awards earned by state, click here.

“For AmeriCorps grantees and members whose daily focus is on serving local communities, it’s sometimes easy to lose sight of how large AmeriCorps has become and how many people it has helped, both the countless Americans our members have served, and members themselves, who have gained vital skills and valuable aid to advance their education,” said AmeriCorps Director Rosie K. Mauk.

AmeriCorps Education Awards are administered by the Corporation for National and Community Service through the National Service Trust. The Trust is funded by appropriations, interest earned, and proceeds from the sale of investments. Recently the Trust launched a new service where AmeriCorps alumni can check their account balances online, and additional customer enhancements are planned for the future.

AmeriCorps includes State and National grant programs; AmeriCorps*NCCC, a 10-month, full-time residential program for men and women between 18 and 24, and AmeriCorps*VISTA, whose members help bring people and communities out of poverty by serving full-time to fight illiteracy, improve health services and increase housing opportunities. Information on joining is at www.americorps.gov.

AmeriCorps is administered by the Corporation for National and Community Service, which also oversees Senior Corps and Learn and Serve America. The programs of the Corporation engage more than 1.5 million Americans each year in service to their communities. Together with the USA Freedom Corps, the Corporation is working to build a culture of service, citizenship, and responsibility in America. For more information, visit www.nationalservice.gov.