Other Types of Financial Aid Programs

You might be interested in participating in a program during or following college that will provide funds to pay for college:

• Armed Forces. The military has programs that provide you with money for college in exchange for service. The Montgomery GI Bill provides money that active-duty members of the armed forces can use towards higher education. The Reserve Officers’ Training Corps (ROTC) also gives you money to pay for college. You learn skills for the military while in college and serve for four years after graduation. Each branch of the service also offers its own scholarships.
• Peace Corps. The Peace Corps gives individuals the opportunity to volunteer in foreign countries. Volunteers with Perkins loans are eligible for a 15 percent cancellation of their outstanding balance for each year of Peace Corps service. The Peace Corps is a full-time commitment, so people volunteer after they've graduated from college.
• AmeriCorps. The AmeriCorps program provides money for education (currently up to $4,725 per year) in exchange for community service. It’s similar to the Peace Corps, except you volunteer in the United States. There are opportunities to volunteer full- or part-time over a 10- to 12-month period, either before or after college.
• Benefits for Teachers. There are several financial aid opportunities available to students who go into teaching. For example, people who teach in low-income schools or in certain subject areas are eligible to have parts of their federal loans canceled. People who teach in areas where there are teacher shortages may qualify for deferment or forbearance of loan payments.