How do I get my americorps moolah?
September 2, 2008 5:37 PM Subscribe
LoanForgiveness Filter: I just completed my first year with AmeriCorps and come to find out that the student loan forgiveness benefit doesn't apply to my Plus loan. So, can I take out a student loan for my brother and use the AmeriCorps benefit on that?
posted by karyotypical to work & money (5 answers total)
So... after a year of working my butt off (and another year already started), I find out that my AmeriCorps loan forgiveness benefit doesn't apply to my college Plus loans. This is because my parents could get a better rate with a Plus loan from Sallie Mae than anything I qualified for, so rather than taking out a loan in my name, I just decided to let my parents take out what they could and agreed to pay them back. However, it turns out that AmeriCorps will only forgive loans that are in your name and Plus loans are (as far as I can tell) completely nontransferable.
So, since all my school costs were all financed by Plus loans, I was wondering if I could possibly take out a loan in my name for my brother (or co-sign?). He's in college now and I'd much rather have him get the money than let it go to waste.
So, in general, I'm wondering:
1. Can I take out a student loan for my brother? and have it paid off by AmeriCorps? How would I do this?
2. Is there some way I can actually transfer the Plus loan to my name or strings I can pull to get it paid off by AmeriCorps?
And if all else fails, any awesome ideas for what to do with the extra educational money besides grad school?