September 26, 2008, Newsletter Issue #87: Volunteering To Reduce Student Loan Debt

Tip of the Week

After graduating from college, some students are attracted to the idea of spending time volunteering and helping others. What many donít realize is that there is an advantage to doing this especially if you received a Perkins Loan to help pay for your college education. By volunteering to serve in the Peace Corp, you could qualify to have up to 70 percent of your Perkins loan forgiven (every year of service qualifies you for 15 percent off of your loan amount). Another opportunity exists with AmeriCorps, who will require a 12 month commitment and in return will provide $4,725 that can be applied towards your loan. For your service, they will also give you a stipend of $7,400. Finally, Volunteers in Service to America (VISTA) will help students earn $4,725 after serving 1,700 hours with various non-profit groups that participate in activities to help the hungry, impoverished, homeless or illiterate.

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