The Silver Scholarship program, a feature in the Serve America Act recently passed by the House of Representatives, may provide seniors with an added financial bonus on top of any mental or emotional benefit derived from educating younger Americans.
Any senior over the age of 55 who commits to volunteering as a tutor for at least 350 hours is eligible under the new bill for a $1,000 continuing education award,
and if they want they can transfer those funds to a younger relative to help pay higher education costs.
According to Representative Joe Sestak, the program uses the higher education levels attained by baby boomers to close "the gap between the shortage of mentors - there are only 500,000 in this country - and the millions of children in need of guidance."
The bill itself also provides perks for those who volunteer, including reimbursements for travel to volunteer sites, and funding to support an expansion in service programs such as AmeriCorps, SeniorCorps and Learn and Save America.