We don't believe student loans or finances should be a reason why qualified recent grads do not consider using their degree globally for two years. Toward that end, GoCorps has launched the first of its kind student Loan Forgiveness program. This program was established so that graduating seniors and recent grads that have student loan debt will be able to go overseas and at the same time make progress on paying down their student loans. All Goers are eligible to receive $5000 toward the principal of their student loans! Further, GoCorps staff assist Goers to either defer their loans or to sign up for an 'income based payment plan' during their two years of service.
The loan forgiveness fund is available for GoCorps applicants that have student loan debt. It is our goal to provide every goer who is accepted to serve with GoCorps with $5000 toward their student loan principle and in our first three years, we have been able to meet this goal of providing loan forgiveness for all of our Goers who had student loans!
How does the $5000 Loan Forgiveness program work?
Here's how it 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 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 and $5000 is sent to the loan provider of the Goer.
What about monthly payments?
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!
To learn about defering your loans and other questions, check out the FAQs.
Interested in helping to fund the GoCorps Loan Forgiveness program and unlock recent grads to go overseas? Please learn more how you can participate in giving.