Loan Forgiveness Scholarship program

GoCorps Loan Forgiveness Scholarships

In 2010, GoCorps launched the first of its kind student Loan Forgiveness Scholarship (LFS) 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.  The first 40 GoCorps applicants that are accepted to serve in GoCorps placements with starting dates in the Fall of 2012 are all eligible to receive $5000 toward the principle of their student loans!  Further, all of our GoCorps partnering organizations will help goers to either defer their loans or to sign up for an 'income based payment plan' during their two years of service.

How does the $5000 Loan Forgiveness Scholarship program work?
The $5000 loan forgiveness scholarships are available for GoCorps applicants that have student loan debt.  Each year, there is a limited # of scholarships, so prospective goers are encouraged to apply for their GoCorps track and placement as early as possible.  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 scholarship program and a check for $5000 is sent to the loan provider the goer.

What about monthly payments?
Besides the $5000 scholarship, 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 principle 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.

If you're interested in helping to fund the GoCorps Loan Forgiveness Scholarship pragram and unlock recent grads to go overseas, please learn more how you can participate in giving.