Has anyone done their loan forgiveness through the Peace Corps?
I want to focus on water conservation and preservation while I am in school. After I graduate, I have been thinking about joining the peace corps for loan forgiveness program. Has anyone taken this route for forgiveness, and if so how was your experience? Do you have any pointers?
I never did loan forgiveness myself, but basically how it works is that for the Public Service Loan Forgiveness (PSLF) Program, you need to make 120 monthly payments while working in public service and after that, whatever you didn't already pay off gets forgiven (after a LOT of paperwork). If you join the Peace Corps, your service counts for 27 of those months and you don't need to pay anything (as opposed to if you were a teacher or working for the government you would need to be making a minimum payment).
If you do decide to work in public service, then you will possibly get your federal loans forgiven 27 months earlier, but you would still need 8 more years of public service making payments every month before that happens. I know very few people who go that route.
Peace Corps is an awesome program, will give you many professional opportunities, and if you decide to go to grad school, there are a ton of scholarship opportunities that Peace Corps will open for you (I got my MBA for free) but undergrad loans are a tough one for many.
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