AmeriCorps is the centerpiece of the National and Community Service Trust Act signed into law by President Clinton in September 1993 and launched earlier this fall. AmeriCorps projects include service opportunities at the community level in education, public safety, human needs, and the environment. In addition to this education-related benefit, participants receive a monthly living allowance and comprehensive health coverage. They must use their awards, however, within seven years of completing their service.
Payment is sent directly to the loan holder or the educational institution.