Volunteering can be a great way of giving back to society as an international student. It’s an amazing way of adding value to, building and making the host community better. You also get to network with professionals who can help you develop your career upon graduation. So, here are some volunteer organizations that offer student loan forgiveness.
It’s good to know that volunteering offers opportunities to earn education awards that can help repay your student loan debt. Some volunteer organizations provide loan forgiveness to eligible members through repayment plans or forgiveness.
The government sometimes will cancel part or all of your educational loan if you meet the terms and conditions attached to qualify for the offer. You must
- Perform volunteer work.
- Perform military service.
- Teach or practise medicine in certain types of communities.
- Meet other criteria specified by the forgiveness program.
As aforementioned, we’ll take a look at two volunteer organizations that offer student loan forgiveness.
1. Americorps/Americorps Vista
Graduates performing full-time volunteer service through AmeriCorps or VISTA may receive forgiveness for federal direct loans. This is on the condition that they remain consistent with making student loan payments.
Perkins and parent PLUS loans are ineligible, and participants typically consolidate their loans. The organization has strict guidelines for the jobs that help pay for college. Social work, military service, and emergency management are among the fields commonly chosen by the program. To qualify, participants must maintain a file of pay stubs for ten years to prove their employment with an eligible agency.
International students who volunteer for Americorps and serve for 12 months can receive up to $7400 in stipends plus $4725 to be used towards their loans. For Americorps Vista, students need to provide 1700 hours of service and receive $4725.
2. Peace Corps
Peace Corps offers student loan forgiveness to volunteers to offset their loan debts. Participants may be eligible for partial cancellation, income-based repayment plans, or deferment. Peace Corps membership qualifies volunteers for the PSLF program.
All PSLF participants are required to make 120 monthly payments before receiving forgiveness. But certain qualifying plans allow volunteers to pay $0 during their period of service. Some private lenders also offer student loan relief to Peace Corps volunteers.
While you work hard to offset your student loan by volunteering, make a thorough search to get repayment assistance from other organisations. They can include federal or state government, NGOs, your school, department, etc. They’ll offer you student loan forgiveness or part repayment that you could balance up at the right time. Volunteer and become eligible for loan forgiveness.