My student loan can’t be deferred while serving as a Peace Corps volunteer. Are there any other options?
December 6th, 2009
Kaela asked:
I want to volunteer for the Peace Corps, but I have a private student loan (Wells Fargo Collegiate Loan) that is not eligable for deferment or federal consolidation, and it would be very difficult to make payments during my time of service.
Are there any other options for me???
I want to volunteer for the Peace Corps, but I have a private student loan (Wells Fargo Collegiate Loan) that is not eligable for deferment or federal consolidation, and it would be very difficult to make payments during my time of service.
Are there any other options for me???
Have you spoken to both the Wells Fargo and Peace Corps people? Perhaps you have been misinformed.
If you’re interested in overseas volunteering, you might investigate church-related groups. You can probably get a shorter committment than with Peace Corps (which is for two years). Church-related work doesn’t have to be the typical preaching and evangelizing of the missionary. I think Habitat for Humanity (non-secular) has overseas volunteer possibilities.
If you stay in the US you should look at AmericaCorps.
The other option is to simply default on your student loan. Don’t pay it. Wells Fargo has gotten all kinds of government subsidies, and they certainly can afford to take the loss.
Wells Fargo is scum if they don’t let you defer it for the Peace Corps. Sorry I’m not helping but I can’t believe they would do that.