Frequently Asked Questions - Finances
Loan Forgiveness (3)
Loan Forgiveness
Besides the $5000 loan forgiveness fund, each goer is also eligible to raise an additional $200/mo to go toward the monthly payments of their student loans. Depending on the student loan debt amount, goers who make have these payments rolled into their monthly budget can pay an additional $2000-$3000 toward the principal of their student loans. Therefore, at the end of their two years of service, most goers will have paid down their student loans by at least $7000!
The $5000 loan forgiveness program is available for all GoCorps applicants that have student loan debt. Here's how the $5000 scholarship works: GoCorps raises the first $2500 which is a matching gift fund for each goer's student loans. GoCorps has made arrangements with each partnering organization to allow each GoCorps goer to raise an additional $125/mo into their monthly budget. This money is set aside each month and at the end of the two years of service, each goer will have raised $2500, which is then matched by the GoCorps loan forgiveness program. At that point, $5000 is sent to the loan provider of each goer.
There are two potential ways to take care of your student loan payments while you are serving overseas:
- You may qualify to postpone (defer) your loan payments until you return from your two years service
OR - You can raise additional funds to cover your loan payments while you are serving
You may qualify for deferment (postponement) or forbearance during your service. Since educational loans come from hundreds of different banks and institutions (providers), arranging to get your school loan payments deferred or for forbearance should be done directly with your loan provider(s).
In most cases, simply adding your loan payments to your living expenses is how volunteers cover their loan payments while serving overseas. This process usually involves applying with your loan provider to qualify for an 'income based payment schedule.' This will make your loan payments to be no more than $200/mo while your are serving overseas. GoCorps partnering organizations will then help you set your budget to include sufficient funds to cover your loan payments while you are serving overseas.
In addition, learn more about the $5000 loan forgiveness available for GoCorps goers.
- What expenses does the monthly support and one time gifts cover?
- Is the support raised monthly, or is it a total sum of money for the two years?
- How much do Goers raise?
- Should I apply for GoCorps if I’m not 100% sure that this is what I want to do after graduation?
- Can I defer my loan payments?
- How does the funding and fundraising work? Do GoCorps volunteers raise support?
Finances
The money that GoCorps volunteers raise goes directly to pay for all of the expenses of the work, ministry and living overseas. This includes lodging, food, transportation, ministry resources, language school and health insurance. In addition, there is an admin fee of 10%-15% that goes to the expenses of the organization goers are serving with. None of the funds that GoCorps volunteers raise goes to pay the salaries of either GoCorps or sending organization staff/employees.
Financial support is raised primarily through monthly partners, but portions of the funding needed are also covered by one-time gifts that are given.
GoCorps limits the amount that goers raise to between $1200-$2000/mo depending on the location that they are serving. In addition, goers can raise up to an additional $325/mo to cover their monthly student loan payments and to cover the goer portion of the loan forgiveness scholarship matching fund.
If you are interested in going overseas for a couple years after you graduate to serve among the global and spiritual poor, then we encourage you to apply. Filling out an application is not a commitment to go. Instead, it is an affirmation that you are open and interested in seeing if serving overseas may be your next step. The application and interview process is designed to help both you and us discern if serving overseas is a good fit for you in this next season of life. Going overseas and serving in missions is not easy and requires preparation and readiness in a variety of areas. We believe wholeheartedly that the application process with GoCorps will be a very helpful experience to you, either confirming your next step after graduation, or helping you understand your current state of readiness and potential next steps.
There are two potential ways to take care of your student loan payments while you are serving overseas:
- You may qualify to postpone (defer) your loan payments until you return from your two years service
OR - You can raise additional funds to cover your loan payments while you are serving
You may qualify for deferment (postponement) or forbearance during your service. Since educational loans come from hundreds of different banks and institutions (providers), arranging to get your school loan payments deferred or for forbearance should be done directly with your loan provider(s).
In most cases, simply adding your loan payments to your living expenses is how volunteers cover their loan payments while serving overseas. This process usually involves applying with your loan provider to qualify for an 'income based payment schedule.' This will make your loan payments to be no more than $200/mo while your are serving overseas. GoCorps partnering organizations will then help you set your budget to include sufficient funds to cover your loan payments while you are serving overseas.
In addition, learn more about the $5000 loan forgiveness available for GoCorps goers.
Yes. GoCorps goers raise their own financial support. Goers receive professional training on how to raise support during the GoCorps Orientation Week and coaching throughout the summer as they are raising the funds for their placement overseas. By following the GoCorps fundraising process, most volunteers have their full funding within ten weeks.