Student Loan Forbearance and PSLF

Student Loan Forbearance


Members may qualify for forbearance on the repayment of qualified student loans during their term of service. Members may request this benefit in their My AmeriCorps account. Additionally, if the member has received forbearance on a qualified student loan during their term of service, the National Service Trust may repay a portion or all of the interest that accrued on the loan during the member’s term of service. The member may apply for Interest Accrual online through the My AmeriCorps account at the end of their term of service. Interest payments will be sent to the member’s loan holders.

Public Student Loan Forgiveness


As an alternative to putting qualified student loans into forbearance, members serving a full-time AmeriCorps position may be eligible to count the regular student loan payments made during their service toward the PSLF program.  Members may elect to participate in the IBR plan in order to make their loan payments more affordable during service.  Under IBR, loan payments may be as low as $0 per month.  Additionally, loan payments made using the Segal Education Award may count toward PSLF, even if the loan(s) are put into deferment or forbearance during service.  The PSLF program allows an exception for AmeriCorps alums to make a lump sum payment using the AmeriCorps Segal Education Award and receive credit for up to 12 qualifying payments for PSLF. The number of payments for which a member will receive credit is determined by dividing the amount of the lump sum payment by the scheduled full monthly payment amount, (but members may not receive credit for more than 12 monthly payments toward the PSLF payment requirement).  See http://www.nationalservice.gov/pdf/08_1210_ccraa_faqs.pdf  for additional reference.