Peace Corps and AmeriCorps Student Loan Forgiveness Act

The Peace Corps and AmeriCorps Student Loan Forgiveness Act amends federal student loan rules to count months of deferment or forbearance during service as Peace Corps volunteers or AmeriCorps members toward Public Service Loan Forgiveness. It applies to borrowers with eligible federal student loans who were in deferment or forbearance after October 1, 2007, while serving in approved Peace Corps or AmeriCorps roles. This change treats each qualifying service month as a "qualifying payment," reducing the time needed to reach the 120 required payments for loan forgiveness. The bill directly benefits current and former Peace Corps volunteers and AmeriCorps members with federal student loans.