Serving in AmeriCorps might be a great way to reduce student debt, but the service doesn't impact your car payments.
Background
In September 1994, AmeriCorps sent its first class of 20,000 volunteers into more than 1,000 field locations. The popular U.S. service program connects about 75,000 volunteers per year to local and national nonprofit groups (as of 2010).
Benefits
AmeriCorps service helps students manage college loans. Volunteers who complete a term of service receive $4,725 to pay toward student loans.
In addition, the Department of Education forgives outstanding balances and accrued interest on certain kinds of student loans for AmeriCorps volunteers. AmeriCorps support is limited to educational loans, not to other consumer debt.
Transportation
While you can bring your car with you, the program doesn't cover its costs nor does it cover the costs to transport it to your assignment. You may receive a stipend, which you can use to make car payments, but there are no policies for reducing a car loan while performing volunteer service.
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