Financial Benefits and Loan Deferment
Pay and Living Expenses
The Peace Corps provides Volunteers with a living allowance that enables one to live in a manner similar to the local people in his or her community, covering housing, food, and incidentals. It provides complete dental and medical care during service, including shots, vaccinations, and medicines. It also covers the cost of transportation to and from the country of service. Unlike other international volunteer programs, there is not a fee to participate in the Peace Corps.
Deferment and Cancellation of Student Loans
Volunteers with Perkins loans may be eligible for a partial cancellation benefit. School loan deferments exist for several federal programs (i.e., Stafford, Perkins, direct, and consolidated loans). For private loans, you will need to contact your lender to see if your loan is eligible for deferment or forbearance. Because the rules that authorize deferment are complicated and subject to change, you will need to talk to your lending institution to see if and how this benefit applies to your particular situation.
Vacation Time and Visits
Volunteers receive two vacation days per month of serviceóa total of 48 days over two years. Many use this time to travel to nearby countries. Some invite family or friends to visit so they can share their experience of the host country. And, of course, Volunteers can use this time for a visit home (at their own expense).
Earn Funds for Transition
The Peace Corps recognizes that returning from overseas requires some adjustment, so when you complete your 27 months of service, it provides $7,425 (pre-tax) to help with the transition to life back home. This money is yours to use as you wish.
- Instructions for Student Loans
- Learn how Peace Corps service affects loan deferment, interest payment, and more.
- Loan Deferment FAQ
- Find answers to your loan deferment questions.
Last updated Nov 25 2013