Janice Lozano
Volunteering is a great way to give back to the community and gain new experiences. It can also help pay off student loans. There are various volunteer positions and programs that offer debt repayment assistance or loan forgiveness in exchange for service. These include government-supported programs such as AmeriCorps and the Peace Corps, as well as platforms like Shared Harvest Fund and SponsorChange. Volunteers in these programs may receive benefits such as living allowances, travel expenses, healthcare coverage, and education awards that can be used to repay student loans. Some programs may also offer partial loan cancellation or forgiveness after completing a certain term of service.
| Characteristics | Values |
|---|---|
| Volunteer positions | AmeriCorps, Peace Corps, Shared Harvest Fund, SponsorChange, Seed Global Health |
| Benefits | Flexible schedules, exposure to new experiences, personal reward, network-building, educational awards, living allowance, travel expenses, vacation days, medical and dental coverage, graduate school opportunities, job support, federal employment advantages, loan forgiveness |
| Requirements | Full-time service for at least a year, qualification in a relevant field, work experience |
| Loan repayment options | Income-driven plans, Public Service Loan Forgiveness (PSLF), Perkins Loan cancellation, partial loan cancellation, loan postponement or forbearance, cash stipend |
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What You'll Learn
AmeriCorps
After completing their term of service, AmeriCorps participants receive the Segal AmeriCorps Education Award. This award is equivalent to the maximum value of the Pell Grant for the fiscal year in which the term of national service is approved. The amount of the Pell Grant can change each year, so the amount of a full-time award can also change. The award can be used to repay qualified student loans and to pay current educational expenses at eligible institutions of higher education and training programs.
There are several AmeriCorps programs with varying service terms and benefits. AmeriCorps NCCC, for example, has no limit on service terms, but members may not serve more than two consecutive terms without a break of at least 10 months. AmeriCorps VISTA, on the other hand, focuses on alleviating poverty through partnerships with government agencies and nonprofit organizations. Participants in AmeriCorps VISTA must commit to a one-year term of full-time service and may serve for up to five years total. Upon completing their service requirement, VISTA volunteers are eligible for the Segal Education Award or a cash stipend of $1,800, and may also be eligible for up to 15% cancellation of certain kinds of student loans.
Additionally, an individual's service year with AmeriCorps counts towards the 10 years of full-time employment required for Public Service Loan Forgiveness (PSLF).
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Peace Corps
The Peace Corps is a government-supported program that provides volunteer opportunities to help pay off student loans. Volunteers are sent abroad for two years of service in community development, working in areas such as education, agriculture, economic development, or healthcare. Most positions require a four-year degree, but some may accept an associate degree with relevant work experience.
Volunteers in the Peace Corps receive benefits such as housing, a monthly living allowance, and medical support. They also receive a readjustment allowance upon returning to the US, which can be $10,000 for two service years or $20,000 for certain high-need positions. This benefit can be applied to student loans.
Overall, the Peace Corps offers a unique cultural experience, the opportunity to build crucial workforce skills, and the potential to reduce student debt through various benefits and loan forgiveness programs.
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Public Service Loan Forgiveness (PSLF)
Borrowers can take advantage of income-driven repayment plans, which offer low monthly payments based on income and the amount of debt. Some of these plans include Pay-As-You-Earn (PAYE), Income-Based Repayment (IBR), Revised-Pay-As-You-Earn (REPAYE), and Income-Contingent Repayment (ICR).
Volunteering with programs like AmeriCorps and the Peace Corps can help borrowers qualify for PSLF. These programs provide volunteer opportunities that offer student loan repayment assistance. For example, AmeriCorps offers the Segal AmeriCorps Education Award, which is equivalent to the full Pell Grant award for the fiscal year and can be used to pay back qualified student loans. The Peace Corps also awards a readjustment benefit of $10,000 for two years of service, which can be applied to student loans.
It is important to note that the PSLF program has faced some challenges, including a backlog of applications. As of July 31, there were 72,730 borrowers waiting for the Department of Education to process their applications. Despite these delays, borrowers can still benefit from the PSLF program by meeting the eligibility requirements and submitting their applications.
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Shared Harvest Fund
Shared Harvest Foundation Inc. (SHF) is a Black and woman-founded 501(c)3 corporation led by three doctors. The organisation's mission is to mobilise its network of professional volunteers to serve communities facing social and economic inequities, tackling the COVID-19 public health and student loan debt crises.
Shared Harvest provides disaster relief, care coordination, and frontline support for organisations serving vulnerable populations. They also offer fiscal sponsorship to organisations doing impact work who need a supportive partner. The foundation has produced educational tools and documentaries to inspire, educate, and effect change in healthcare practices and policies. For example, they produced the documentary short 'I Am Not Your Hero', which highlights the challenges faced by Black women physicians working against structural racism.
Volunteering with Shared Harvest can be a way to give back to the community and build crucial connections while also earning money towards paying down student loan debt. Volunteers can gain experience in disaster relief, care coordination, and other areas, as well as build a professional network.
Shared Harvest is not the only organisation that allows people to pay off student loan debt through service. Other volunteer programs that offer debt repayment assistance include government-supported programs such as AmeriCorps and the Peace Corps. These programs often require longer terms of service, usually at least a year, and may offer education awards or cash stipends that can be used towards student loan repayment.
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Seed Global Health
Volunteering with Seed Global Health
Volunteering with Seed Global Health to pay back student loans
The organisation's CEO, Vanessa Kerry, has spoken about the importance of health workers in strengthening health systems and addressing the diverse and specific health needs of communities. Seed Global Health's work includes educating and training doctors, nurses, and midwives to deliver high-quality health services, which can be a valuable opportunity for volunteers to gain experience and build their professional network while also contributing to a worthy cause.
Volunteering with Seed Global Health can provide a range of benefits, including flexible schedules, personal fulfillment from helping others, and the opportunity to gain experience in new areas. In addition, volunteers may be eligible for education awards or other financial incentives that can help with student loan repayment.
To get started with Seed Global Health, interested individuals can fill out a form on the organisation's website to connect with a team member and learn more about the application and placement process. By volunteering with Seed Global Health, individuals can make a meaningful impact on global health while also working towards paying back their student loans.
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Frequently asked questions
There are several volunteer positions that can help with paying back student loans. These include:
- AmeriCorps
- Peace Corps
- Shared Harvest Fund
- SponsorChange
- Seed Global Health
The Peace Corps is a government program that sends volunteers abroad for two years of service in community development. Volunteers can work in education, agriculture, economic development, or healthcare. After completing their service, volunteers receive a readjustment benefit of $7,425 to $20,000 that can be put toward their student loans.
AmeriCorps is a government program that places individuals into service positions within the US, ranging from relief effort assistance to conservation work. After completing a term of service, participants receive the Segal AmeriCorps Education Award, which can be used to repay qualified student loans.
