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Grants are a great way to pay off your student loans and usually don’t require repayment. However, there may be eligibility requirements and service or work requirements.
Grants To Help Pay Student Loans Off
Grants are often used to encourage graduates to work in fields experiencing workforce shortages. For example, there are many grants available for doctors, nurses and other healthcare professionals.
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Below we look at some of the options available to you when it comes to student loan repayment grants.
No, you usually do not have to repay the grants unless you fail to meet the agreed work requirements. Grants and scholarships are similar in this way.
If you do not meet all the requirements set by the grant, you may lose the entire grant amount or have to pay back some of the grant money you have already received.
Luckily for you, we’ve taken the guesswork out of it. All you have to do is find the category below that applies to you and click on it to see the grant options available to you.
Student Loan Forgiveness (and Other Ways The Government Can Help You Repay Your Loans)
You can start by looking into career-specific grants offered by federal government departments, then reach out to your school for any opportunities they may have available. You can check with your state and then your employer.
You can also seek out civil rights and advocacy groups that meet the criteria for grants they may offer.
National Health Service Corps: Doctors, dentists and mental health professionals are all eligible for this grant. You can get up to $50,000 off your student loans if you sign up for two years of full-time work in a high-needs community. Refunds for part-time work are also possible. Here are the funding levels.
Nurse Corps Loan Repayment Program: This is the main repayment option for nurses nationally. It is also a resource for finding funding for specialty areas in nursing. The program will pay 60% of student loan debt for registered nurses who work in an area of severe shortage for at least two years. If you opt for the third year, you can pay back an additional 25%.
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IHS Loan Repayment Program: This program will repay up to $40,000 of your qualifying student loans if you sign up for two years of service in American Indian and Alaska Native communities. You should stay and keep renewing the contract until you pay off your entire medical student loan debt.
Student-Service Loan Repayment Program: If you’re in your final year of medical or dental school, you can repay up to $120,000 in student loans by agreeing to work in an area with a shortage of three medical professionals. Years after you graduate.
Pennsylvania Primary Care Loan Repayment Program: Health care workers who want to work in fewer locations in Pennsylvania can receive between $30,000 and $100,000 to use toward student loans, but you must commit to two years of service.
Teacher Loan Forgiveness Program: If you agree to teach for five years in a low-income area, you may be eligible to have up to $17,500 forgiven of your federal Direct Grant and unsubsidized loans (including Stafford loans).
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Teacher Cancellation of Perkins Loans: There are no new Perkins loans in 2017, but if you already have a Perkins loan, the full amount will be forgiven if you qualify. Qualified teachers work in low-income communities or teach high-demand subjects such as math, special education, science, bilingual education, or foreign languages. There are no specific hours required or specific hours to work each week to qualify. Your forgiveness will be paid in percentage increments per year until the loan is forgiven.
Veterinary Loan Repayment Program: This program pays $25,000 per year toward your veterinary school loan if you agree to work in the area for less than three years. Offered by the National Institute of Food and Agriculture, you can earn up to $75,000 in total. To qualify, you must have an accredited degree in veterinary medicine and have at least $15,000 in credit debt.
John R. Justice Student Loan Repayment Program: This program is for public defenders and prosecutors. If you commit to 3-6 years of service, you can receive up to $10,000 per year ($60,000 total) toward your law school loan. You can apply through your state.
Judicial Attorney Student Loan Repayment Program: This program provides approximately $6,000 per year and up to a total of $60,000 to attorneys who work in the judiciary and have at least $10,000 in federal student loan debt. You must serve at least three years. The application process is competitive.
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Herbert S. Gordon Loan Repayment Assistance Program: This program operates on a lottery basis, providing $5,600 in grants to attorneys with student loans of at least $75,000. To qualify, you must work with one of the company’s grantees.
Other options: Many law schools offer loan forgiveness to graduates who work in the public sector, and there are also several state-based programs for public service attorneys. See the American Bar Association website for more resources.
National Institutes of Health (NIH) Loan Repayment Programs: This is actually a group of grant programs designed to attract medical professionals into prestigious research fields. You can receive up to $50,000 per year (for a total of two years) by agreeing to conduct research deemed important by the NIH. You don’t have to work to qualify for NIH.
New York State Young Farmer Loan Forgiveness Incentive Program: In New York, graduates who want to pursue a career in agriculture can receive up to $10,000 per year for up to five years to pay off their student loan debt. To be eligible to apply, individuals must have graduated from a New York college or university and have agreed to operate a farm in New York for at least five years. You must submit your application within two years of graduating from school, and both federal and private student loans are eligible.
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Military Loan Repayment Program: If you join the military after college and have student loans, you can get those loans forgiven.
Army Reserve College Loan Repayment Program: This program offers student loan forgiveness of up to $50,000 to those in certain specialties who agree to serve for at least six years. If you agree to work for three years and meet other qualifications, you can receive one-third of your dues each year for a maximum of $65,000.
Iraq-Afghanistan Service Grant: If your parent was a member of the military and died while serving in Afghanistan or Iraq and you do not qualify for a Bell Grant based on financial criteria, you may be eligible for an amount up to the maximum Bell grant available for the award year. The amount for 2020-21 is $6,345. You must be under the age of 24 or enrolled in college at least part-time when your service member’s parent dies.
Health Professions Student Loan Repayment Program: Doctors, dentists, pharmacists, nurses, veterinarians and other health care professionals who enlist in the military can receive up to $120,000 in student loan forgiveness if they enlist for three years. The amount and duration varies depending on the industry and service branch. In addition, the military offers special student loan forgiveness programs:
How To Get Student Loan Forgiveness
Also, if you are not yet enrolled in college, the military offers a wide range of scholarship programs for those who enroll. Go here for the complete list.
AmeriCorps, Peace Corps, and Teach for America all qualify for public service loan forgiveness and can provide you with funds to pay off your loans.
Some private companies use student loan forgiveness as a recruiting tool. These payments are typically $1,200 – $2,000 per year for a total of $10,000 toward your student loan debt. See if your institution offers student loan grants.
There are countless resources that can connect you with graduate program grants and scholarships. Here are some:
Finding The Right Grants To Pay Off Student Loans
Whether you’re writing a novel, script, or poem, there are several valuable grants you can look out for:
Grants are one option for how to find money for college. Grants are generally need-based and are awarded based on your financial situation. You can also research scholarships, which do not require repayment, but are based on your merit. Even if you don’t qualify for financial aid, you can pay for your education with scholarship opportunities.
U.S. Each branch of the military offers educational benefits that service members can take advantage of during or after service. If you want to enroll, you can access financial aid, college funds, and loan repayment programs.
Crowdfunding is the modern way to raise money for college. Through crowdfunding campaigns on sites like GoFundMe and Indiegogo, students can
What Charities Help Pay Off Student Loans?
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