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Grants are a great way to pay off your student loans, usually with money you don’t have to pay. However, there may be eligibility requirements as well as service or employment requirements.
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Grants are often used to encourage graduates to work in fields that experience labor shortages. For example, there are many grants available for doctors, nurses and other health care professionals.
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Below we will consider some of the options available to you when it comes to grants to pay off student loans.
No, you generally do not have to repay the grants, unless you are unable to meet any agreed employment requirements. Grants and scholarships are similar in this way.
If you do not meet all of the requirements set out in the grant, you may lose the entire amount of the grant or even get back part of the grant money that you have already received.
Lucky for you, we’ve taken the guesswork out of it. All you have to do is find the category below that suits you and click on it to see the grant options available to you.
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You can start by looking at subject-based grants offered by federal government departments, then contact your school about the opportunities they have. You can check with your state, and then with your employer.
You can also find civil rights and advocacy groups that meet the criteria for the grants they offer.
National Health Service Corps: Doctors, dentists and mental health professionals can all qualify for this assistance. If you’re willing to enroll in two years of full-time work in a high-need community, you’ll receive up to $50,000 of your student loans. Compensation is also given for partial work. Funding levels here.
Nurse Corps Loan Repayment Program: This is the primary repayment option for nurses nationally. It is also a means of finding funding for specific areas in nursing. The program will pay 60 percent of student loan debt for registered nurses who work for at least two years in a critical shortage area. If you choose the third year, you can get an additional 25% return.
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IHS Loan Repayment Program: This program pays off up to $40,000 of your qualifying student loans if you enroll in two years of service in American Indian and Alaskan communities. You can choose to stay longer and continue to renew your contract until all medical student loan debt is paid off.
Student Loan Repayment Program: If you’re in your final year of medical or dental school, you can get up to $120,000 in student loan repayment by agreeing to work in an area after graduation. Shortage of medical professionals for three years.
Pennsylvania Primary Care Loan Repayment Program: Health care professionals working in underserved areas of Pennsylvania are eligible for between $30,000 and $100,000 to be used in student loans, but you must have two years of service Will be bound to do.
Teacher Loan Forgiveness Program: If you are willing to teach in a low-income area for five years, you may qualify for forgiveness of up to $17,500 in subsidized and unsubsidized federal direct loans (including Stafford loans).
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Teacher Perkins Loan Cancellation: There are no new Perkins loans as of 2017, but if you have an existing Perkins loan, the full amount may 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 is no set time requirement or specific hours to work each week to qualify. Your forgiveness will be granted in percentage increments every year until the loan is forgiven.
Vet Medical Loan Repayment Program: This program pays $25,000 per year toward your vet school loan if you agree to work in an underserved area for 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 carry at least $15,000 in loan debt.
John R. Justice Student Loan Repayment Program: This program is for public defenders and state prosecutors. You can get $10,000 a year ($60,000 total) toward your law loan if you agree to 3-6 years of service. You can apply through your state.
DOJ Student Loan Repayment Program: This program provides approximately $6,000 per year, and up to $60,000 in total, to attorneys who work for the Department of Justice and have federal student loan debt of at least $10,000. You must serve at least three years. The application process is competitive.
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Herbert S. Garten Loan Repayment Assistance Program: This program operates on a lottery system, offering grants of up to $5,600 to attorneys with at least $75,000 in debt. You must work with one of the organization’s beneficiaries to qualify.
Other options: Many law schools offer loan forgiveness to graduates who work in the public sector, and there are many state-based programs for public service lawyers as well. Check out 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 to valuable research areas. You can receive up to $50,000 per year (for a total of two years) by agreeing to conduct research deemed critical by the NIH. You do not have to work for the NIH to qualify.
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 five years to pay off their student loan debt. To be eligible to apply, individuals must have earned their degree from a New York college or university, and must agree to operate a farm in New York for at least five years. You must apply 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 provides up to $50,000 in student loan forgiveness to those in certain majors who agree to serve at least six years. If you agree to serve three years and meet other qualifications, you can pay up to one-third of your vacation fund each year, up to a maximum of $65,000.
Iraq-Afghanistan Service Grant: If your parent was a military member and died while serving in Afghanistan or Iraq, and you are not eligible for a Pell Grant based on financial criteria, you may be eligible for a maximum Pell Grant amount. do Amount available for the grant 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 parent dies.
Health Professional Student Loan Repayment Program: Doctors, dentists, pharmacists, nurses, veterinarians and other health care professionals who join the military can get up to $120,000 in student loan forgiveness if they Enroll for three years. The amount and time period varies according to profession and branch of service. Additionally, the military offers special student loan forgiveness programs in:
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Also, if you have not yet enrolled in college, the Army offers a variety of scholarship programs for those who enroll. Go here for the full list.
AmeriCorps, Peace Corps, and Teach for America are all eligible for public service loan forgiveness, and can provide you with funding for your loan.
Some private companies use student loan forgiveness as a recruiting tool. These payments are typically $1,200 – $2,000 per year on $10,000 of your student loans. Check with your company to see if they offer student loan grants.
There are a large number of resources that can connect you with grants and scholarships in graduate programs. Here are some:
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Whether you’re writing a novel, screenplay or poem, there are several valuable grants you can check out:
Grants are just one option for finding money for college. Grants are usually need-based and awarded according to your financial situation. You can also research scholarships, which also do not need to be paid, but are based on your ability. Even if you don’t qualify for financial aid, you can pay for your education with scholarship opportunities.
Each branch of the US military offers educational benefits that service members can take advantage of during or after service. If you want to get involved, you can access financial aid, college funds, and loan repayment programs.
A more innovative way to raise money for college is crowdfunding. With a crowdfunding campaign on sites like GoFundMe and Indiegogo, students can
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