During service, Peace Corps Volunteers receive
vacation time, pay and living expenses, deferment of student loans, and
transportation to and from the country of service.
Vacation Time
Volunteers receive two vacation days per month of service,
a total of 48 days over two years. Many use this time to travel to
nearby countries, expanding their opportunities for adventure and cross-cultural
experiences. Some invite family or friends to visit so they can share
their experience of the host country with loved ones. And of course,
Volunteers can use this time for a visit home (at their own expense).
Pay
and Living Expenses
The Peace Corps provides Volunteers with a living
allowance that enables them to live in a manner similar to the local
people in their community. Returning from overseas requires some adjustment,
so when you complete your service, the Peace Corps provides just over
$6,000 toward your transition to life back home. This money is yours
to use as you wish: for travel, a vacation, making a move, or securing
housing.
Deferment of Student Loans
Volunteers may defer repayment of student loans under several federal
programs, i.e., Stafford (formerly known as guaranteed student loans),
Perkins, direct and consolidation loans. Some commercial loans may also
be deferred during Peace Corps service. Because the rules that authorize
deferment are complicated and subject to change, it is best to talk to
a Peace Corps recruiter about how this benefit applies to your situation.
Cancellation of Student Loans
Only Volunteers with Perkins loans are
eligible for a partial cancellation benefit. Fifteen percent of your
Perkins loans can be cancelled upon the completion of each 365 days
of service during your first two years of service, and 20 percent can
be cancelled upon completion of each of the third and fourth years. Therefore,
four full years of service would equal a 70 percent cancellation of
your existing loan. |