Is my education award taxed?
Yes it is taxed as you use it.
Would I need to use my education award immediately after receiving it?
You have up to seven years to use your education award. You don't have to use it all at once. You access your award through the AmeriCorps portal at my.americorps.gov and it is available upon satisfactory completion of service.
I won't be using my education award, can I get cash or give my award to someone?
Sorry, no you cannot get cash instead of your education award. There are currently ways to give your award to direct family if you are 55+.
What happens if I don't complete my year of service?
The living allowance and other benefits will end when you terminate your service. If you leave for certain compelling reasons (reasons that must meet national service program requirements and Program Director approval), you may be eligible for a pro-rated education award. If you simply quit the program or do not complete your hours, you will not receive any part of the education award.
It is also important you realize that if you quit during the program year, host sites cannot re-hire someone to fill a vacated AmeriCorps position. If you leave before the end of your term, it might mean that the students you were tutoring or mentoring will have to go without the additional help.