(a) Full-time term of service. Except as provided in paragraph (g) of this section, the education award for a full-time term of service in an approved AmeriCorps position of at least 1,700 hours will be equal to the maximum amount of a Federal Pell Grant under Section 401 of the Higher Education Act of 1965 (20 U.S.C. 1070a) that a student eligible for such grant may receive in the aggregate for the award year in which the term of service is approved by the Corporation.

(b) Part-time term of service. Except as provided in paragraph (g), the education award for a part-time term of service in an approved AmeriCorps position of at least 900 hours is equal to one half of the amount of an education award amount for a full-time term of service described in paragraph (a) of this section.

(c) Reduced part-time term of service. Except as provided in paragraph (g), the education award for a reduced part-time term of service in an approved AmeriCorps position of fewer than 900 hours is:

(1) An amount equal to the product of:

(i) The number of hours of service required to complete the reduced part-time term of service divided by 900; and

(ii) The amount of the education award for a part-time term of service described in paragraph (b) of this section; or

(2) An amount as determined otherwise by the Corporation.

(d) Release for compelling personal circumstances. The education award for an individual who is released from completing an originally-approved term of service for compelling personal circumstances is equal to the product of—

(1) The number of hours completed divided by the number of hours in the originally-approved term of service; and

(2) The amount of the education award for the originally-approved term of service.

(e) Summer of Service Education Award.

(1) In general. The education award for a term of service in an approved Summer of Service position for at least 100 hours is $500.

(2) Exception. The Corporation may authorize a Summer of Service education award of $750 if the participant is economically disadvantaged, as verified by the organization or school operating the Summer of Service program.

(f) Silver Scholar Education Award. Except as provided in paragraph (g) of this section, the education award for a term of service in an approved Silver Scholar position for at least 350 hours is $1,000.

(g) Calculating discounted education award amount. To ensure that an individual receives no more than the aggregate value of two awards, as determined pursuant to §2526.50, the discounted amount an individual is eligible to receive is determined by the following formula:

(2−aggregate value of awards the individual has received) × (amount of a full-time education award in the year the position is approved)

[64 FR 37415, July 12, 1999, as amended at 75 FR 51412, Aug. 20, 2010]