Did you know the Americorps, Peace Corps and Teach for America all offer educational service awards to students looking for cash? The best part about these awards is the fact that they will not impact your federal financial aid eligibility one cent.

The Peace Corps allows volunteers to reduce their Perkins loans balance by 15% for each year of service. Americorps, the national arm of the Peace Corps, offers up to $4,725 in educational awards for each term of service, as well as some living expenses.

Soon-to-be teachers who applied for a scholarship under the Paul Douglass Teacher Scholarship Program are generally required to teach two years for every year of scholarship assistance. However, if you are teaching in an area where there is a federally approved shortage of teachers, you could cut that requirement down to one year per year of assistance.

If you've already graduated and find your self with a huge loan to pay off, fear not; you are in the majority. Organizations like the Army National Guard, the National Institute of Health and the National Health Services Corp offer loan forgiveness programs that wipe-away your loans in exchange for post-graduate work.

For each year of active duty in the Army, Navy or Air Force after you graduate, the military will make a payment of 33.5% or $1,500, whichever is greater, on the remaining balance of your loan. The Army and Navy pays up to $65,000 in student loans.

Check out fedmoney.org, a site that has government grants and loans, as well as a list of employers who offer loan forgiveness incentives.

As for James, he signed with the Navy. His college debts were paid in full after eight years, thanks to his service to our country.