If you have federal student loans, you might be eligible to get all or part of the interest that accumulates during your service term paid for you.

Forbearance means that you neither make payments nor pay interest on your loan(s) over a specified period. In other words, you will not have to make payments on your loan(s) while you serve. Then after you successfully complete service, the National Service Trust will pay the interest that gathered while you were a member.

Loans do not go into forbearance automatically. There is a forbearance process to follow; the earlier in your term, the better.

Over your term, the interest on your loan will continue to grow. The National Service Trust will pay off the interest that has accumulated once you complete all phases of your service.

• After you have finished your term, completed the exit paperwork, and your program has submitted the paperwork to CNCS, go back to your My AmeriCorps account. This time click on the "interest accrual request" link on the left side of the screen.
• Within a few weeks, CNCS will send funds to your lender to cover all or part of the interest that gathered while you were serving. Your loan balance ideally will return to the amount it was on the day you began your term.
• You can find the Accrued Interest Formula Resource link by clicking here.