Loan Payment and Financial Considerations

It is important for prospective volunteers to consider the financial impact of their decision to volunteer.  Many wonder, "Volunteer work?  How would I live without being paid?" 

Volunteer programs vary, but the majority provide financial support for volunteers.  In some programs you live in community with other volunteers and are provided the basics: food, money for rent/bills, etc.  Most provide some sort of monthly stipend for personal expenses.  Many programs place an emphasis on volunteers living simply. Consult Connections: A Directory of Volunteer Opportunities for more details on how each program works, and call programs with questions or for more information.  

One major issue many graduating students who consider voluntary service face is what to do about outstanding student loans.  Persons considering full-time volunteer service need not be deterred by educational debt.  Options exist to suspend loan payments while serving for one or two years with a tax-exempt organization, although interest may still accrue.  It is crucial to contact your lender or loan service officer to obtain the appropriate form and time line for submitting your request to defer payments.  The volunteer program will also need to send verification of your participation in their program.

One financial benefit of some volunteer programs is an AmeriCorps Education Award upon completing a year of service.  This award of $4,725 can be applied to pay off past student loans or used to pay for future educational expenses.  See programs listed in Connections for more information about the availability and eligibility requirements.

Still interested in full-time volunteer work but don't know how to start looking into programs?  Continue onto the next step, "How Do I Find a Volunteer Program?"