Peace Corps Service Benefits
The Peace Corps also offers benefits that help reduce student loan debt.
Volunteers who complete their service receive a financial award that can be used toward education costs or loan repayment.
Peace Corps volunteers may also qualify for:
- Student loan deferment during service
- Partial cancellation of certain loans
- Service awards after completing their assignment
These benefits allow volunteers to focus on global service without worrying about immediate loan payments.
Employer Student Loan Repayment Programs
Many companies in the United States now offer student loan repayment assistance as an employee benefit.
Under federal tax law, employers can contribute up to $5,250 per year toward an employee’s student loan payments without the employee having to pay taxes on that assistance.
Companies offering these programs include organizations in industries such as:
- Technology
- Healthcare
- Finance
- Consulting
Employers use these benefits to attract talented graduates who are dealing with student loan debt.
Over time, employer contributions can significantly reduce the total balance borrowers owe.
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