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Paying back your loans with service

Submitted by Taylor Hoffard on March 9, 2012 – 3:01 pmNo Comment

Student loans are tricky and can be difficult to pay back, but there are ways it can be done even if you don’t have the money.

Student loan forgiveness offers students an opportunity to pay their debt back in exchange for service. Volunteers in Service to America, is one of those programs. In the VISTA program, you can volunteer with a private, non-profit group that helps prevent hunger, homeless, poverty or illiteracy.  After completing 1700 hours of service the student is given a $4,725 award to pay back student loans.

Joining the Peace Corps is another option to pay back student loans. And with the Peace Corps serving more than 70 developing countries you can see the world and make a difference.

There is also a public service loan forgiveness program. The program discharges debt after 10 years of full-time employment in public service. To be eligible, students must have made 120 payments toward the Federal Direct Loan. 120 monthly payments plans have to be based off of an income repayment plan or a standard repayment plan based on 10 year period. Eligible public services include public child care, social work in a public child or family service agency, public health and education, and public services for the disabled or elderly.

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