DETERMINATION OF THE AMOUNT OF THE EDUCATIONAL AWARD.

SEC. 1404. DETERMINATION OF THE AMOUNT OF THE EDUCATIONAL AWARD. Section 147 (42 U.S.C. 12603) is amended—(1) by striking the section heading and inserting the following:“SEC. 147. DETERMINATION OF THE AMOUNT OF THE EDUCATIONAL AWARD.” ; and(2) by amending subsection (a) to read as follows:“(a) Amount for Full-Time National Service.—Except as provided in subsection (c), an individual described in section 146(a) who successfully completes a required term of full-time national service in an approved national service position shall receive a national service educational award having a value 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 (without regard to whether the funds are provided through discretionary or mandatory appropriations), for the award year for which the national service position is approved by the Corporation.”;(3) in subsection (b), by striking “, for each of not more than 2 of such terms of service,”; and(4) by adding at the end the following:“(d) Amount for Summer of Service.—An individual described in section 146(a) who successfully completes a required summer of service term shall receive a summer of service educational award having a value, for each of not more than 2 of such terms of service, equal to $500 (or, at the discretion of the Chief Executive Officer, equal to $750 in the case of a participant who is economically disadvantaged).“(e) Amount for Silver Scholars.—An individual described in section 146(a) who successfully completes a required silver scholar term shall receive a silver scholar educational award having a value of $1,000.”.