Loan Repayment via Volunteer Work

Volunteer Work

AmeriCorps and Volunteers in Service to America (VISTA)

AmeriCorps and VISTA encourages engaging adults to participate in community service work with the goal of helping others and meeting the needs of the community. By serving for 12 months one can receive up to $7,400 in stipends plus $4,275 to be used towards one’s loan after 1700 hours of service. This can be received for up to two years and is not applicable on Direct Parent PLUS Loans.

Additional information about AmeriCorps loan repayment:
http://www.nationalservice.gov/programs/americorps/segal-americorps-education-award
http://www.nationalservice.gov/pdf/08_1210_ccraa_faqs.pdf

Peace Corps

The Peace Corps is a service organization that sends Americans abroad to assist the needs of people around the world. After at least two years of service to the Peace Corps, one may volunteer for deferment on Stafford, Perkins, and Consolidation loans and or partial cancellation on Federal Perkins loans (15% for each year of service, up to 70% in total). Loans may partially be forgiven after the two years of service as well after making 120 qualifying payments on Direct Loans after October 1, 2007.

Additional information about Volunteer Education Loans through the Peace Corps

Medical Studies Volunteer Work

The U.S. Department of Health and Human Services offers loan forgiveness programs through the National Health Service Corps and the Nurse Corps Loan Repayment Program. These programs offer loan forgiveness to physicians and registered nurses who agree to practice for a set number of years in areas that lack adequate medical care (including remote and/or economically depressed regions).

For information in becoming a part of the National Health Service Corps and the Nurse Corps Loan Repayment Program see here:
http://nhsc.hrsa.gov/loanrepayment/
http://www.hrsa.gov/loanscholarships/repayment/nursing/

 Last Modified 3/10/17