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.

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!

There are two potential ways to take care of your student loan payments while you are serving overseas:

  1. You may qualify to postpone (defer) your loan payments until you return from your two years service
    OR
  2. 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.

The GoCorps loan forgiveness funds are contingent upon the completion of your GoCorps two years of service. Therefore, GoCorps is not able to match any payments to the loan provider that are made prior to the end of your two year GoCorps commitment.

Since the GoCorps Loan Forgiveness is a matching fund, if you have less than $5000 in student loans, then the maximum matching amount is half of your total loan amount. For example, if you have $4000 in student loans at the end of serving for two years on your GoCorps placement, you would write a check for $2000 to your loan provider and GoCorps would match it with $2000 from the Loan Forgiveness fund.

Each Goer raises $1,000 of start-up funds that are directed toward the GoCorps Mobilization Fund.  These funds are a part of each class of Goers sowing into mobilization the next class of Goers, helping to offset the operating costs of recruiting, training, and sending Goers toward the continued growth of the mid-term missions movement.  It is crucial that global placement opportunities are healthy, effective for their participants, and well-run, and the $1,000 mobilization funds help GoCorps to ensure the selection of good placement opportunities and to continue to offer a steamlined pathway for young adults to use their degree overseas.

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 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 readiness and calling to serve globally as your next step, or helping you understand other potential next steps.

There are two potential ways to take care of your student loan payments while you are serving overseas:

  1. You may qualify to postpone (defer) your loan payments until you return from your two years service
    OR
  2. 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 goers have their full funding within ten weeks!

Note: For many people, this is the main deterrent that keeps them from pursuing the type of overseas placements that we list with GoCorps. We completely understand that many of you have questions either to your ability to raise this amount of money or your desire to enter the fundraising process. It is normal to have to have the feelings you're feeling. We simply offer you two things to consider:
1. Of all of the goers we've sent in the past three years, most have had the same feelings you're feeling, but by the end of the process, most have found that the fundraising process was an exciting, faith-building, call-confirming experience that they would not trade!
2. GoCorps places a high priority on giving all of our goers the best training, materials and coaching available to ensure that their fundraising process will be successful and quick!

Finally - we implore you not to let an aversion to fundraising be the reason why you don't pursue a placement with GoCorps. If you are excited about the idea of serving globally while making a difference and using your degree or a skill-set you have, then don't let fundraising be the reason you don't apply.

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