April 11, 2005: Headlines: Loans: Perkins Loans: Benefits: Daily Free Press: Students joining the Peace Corps have the opportunity to defer repayment of their loans during service without interest accruing. Those who have Perkins may also cancel up to 15 percent of their outstanding balance for each year of service.
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April 11, 2005: Headlines: Loans: Perkins Loans: Benefits: Daily Free Press: Students joining the Peace Corps have the opportunity to defer repayment of their loans during service without interest accruing. Those who have Perkins may also cancel up to 15 percent of their outstanding balance for each year of service.
Students joining the Peace Corps have the opportunity to defer repayment of their loans during service without interest accruing. Those who have Perkins may also cancel up to 15 percent of their outstanding balance for each year of service.
Students joining the Peace Corps have the opportunity to defer repayment of their loans during service without interest accruing. Those who have Perkins may also cancel up to 15 percent of their outstanding balance for each year of service.
Students delay debt with Corps
By Jonathon Sip
Published: Monday, April 11, 2005
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If you plan on graduating from BU, chances are that you will be paying for that diploma through the better part of your 20s.
According to U.S. News & World Report, 59 percent of BU students who don the cap and gown graduate in debt with an average $17, 535 per student.
With such grim statistics, many students consider joining programs such as Peace Corps and AmeriCorps, which allow them to defer their loans.
Students joining the Peace Corps have the opportunity to defer repayment of their loans during service without interest accruing. Those who have Perkins may also cancel up to 15 percent of their outstanding balance for each year of service.
"Volunteers receive a $6,000 end of service award to help ease transition and resettling back in the U.S. and to cover costs of initial bills and living expenses," said Peace Corps spokeswoman Joanna Shea. "Not everyone has the luxury of returning home to live with their parents."
Peace Corps volunteers relocate to different countries to promote education, AIDS awareness and business development. They deal with agricultural and environmental issues such as bringing clean water to communities. When volunteers are serving abroad, a modest living allowance is provided along with complete medical and dental care.
"I don't think that anyone should do [Peace Corps] just to pay off their student loans," said Phil Minnitte, a junior in the College of Arts and Sciences. "But I don't believe that a lot of people go into the program solely for that reason."
CAS freshman Igor Fedyuk said he preferred the prospects of earning money for his student loans at a regular job as opposed to serving in Peace Corps and living in poor countries.
"Since moving to the United States from Russia, I would rather get a job and work here after graduation because of the high standard of living," Fedyuk said.
Another popular choice for college graduates is the AmeriCorps Program, in which participants can earn money to repay student loans in return for national service. The more than 50,000 volunteers spread across the country help to educate youth, build affordable housing, teach computer skills, clean parks and streams, run after-school programs and help communities to respond to disasters. AmeriCorps volunteers may be eligible for forbearance of their federal student loans during times of service.
When this story was posted in April 2005, this was on the front page of PCOL:
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Story Source: Daily Free Press
This story has been posted in the following forums: : Headlines; Loans; Perkins Loans; Benefits
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