(MONEY Magazine) – If you haven't heard, President Clinton's AmeriCorps national service program kicks off Sept. 12. At the start, roughly 20,000 Americans 18 or older will work for any of 250 nonprofit outfits coast to coast. In return, each will get an annual $7,500 stipend and a $4,725 grant to cover college tuition or an existing college loan. In summer pilot projects, such as the one in New York City shown below, 7,000 volunteers helped organize crime watch patrols and escort senior citizens and children in high-crime areas. Would joining AmeriCorps be a wise move for your child? With today's average annual starting salaries for college grads of $21,300 to $39,400, signing up with AmeriCorps instead of going to work in industry could mean losing $9,000 to $27,000 in pay. But for anyone who wants experience working for the government or a nonprofit, the post could be invaluable, notes Michael Forrest of the College Placement Council in Bethlehem, Pa. "AmeriCorps may not be a jump-start onto the fast track," says Forrest. "But it's a good way to get work experience." Getting in will hardly be a lock, however. Heavy competition is expected for the crime-prevention and environmental slots. For information on which projects, if any, will be offered in your area and how to apply for them, call AmeriCorps (800-942-2677).