Grants To Pay Off Student Loans For 2022
Student loan borrowers can apply for grants for specific professions to pay off their loans. These grants often include minimum years of service requirements.
Edited byJared HughesUpdated October 13, 2022
Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”
While you may know that grants are available to help fund your college education, you may not realize that you can also use certain grants specifically to pay off student loan debt.
Grants are a form of gift aid, which means you dont have to repay them. Similar to student loans, you must apply and meet the grants eligibility requirements.
Here are some grants you can use to pay off student loans, whos eligible, and how to apply:
Nimh Loan Repayment Program
The National Institute of Mental Health participates in a loan repayment program for certain healthcare professionals. The NIH Loan Repayment Program provides grants to mental health researchers at nonprofit organizations.
Healthcare professionals specializing in mental health clinical research, pediatric research, health disparities research, and research in emerging areas critical to human health may qualify. The program offers up to $50,000 per year in student loan repayment.
Nitrocollege $2000 College Repayment Grant
If you have student loans, you can enter to win the NitroCollege $2,000 College Repayment Grant to pay off a portion of your debt. Its offered every month to a different borrower. Payment is made directly to your loan servicer, rather than being sent to you.
- Eligibility: Open to any U.S. citizen who has student loans. Parents who have taken on debt to help pay for their childs schooling are also eligible.
- Deadline: End of every month
Read Also: Mckay Scholarship Application 2022-2023
What Is The Difference Between Student Loans And Grants
Student loans are a form of debt taken out to pay for college tuition and other education-related expenses. There are multiple types of student debt, including private student loans provided by a lender and federal loans that come from the federal government. After filling out the FAFSA, your aid package will likely include an option to borrow a certain amount from the government.
Grants and student loans are similar in the sense that grants can also come from both private and federal programs and are used for education costs. However, grants are a form of aid that doesn’t need to be paid back, and some grants are even designed to pay off student debt.
I Paid For College Entirely With Scholarships And Grants Here’s What I Want Other Students And Parents To Know
Samantha Leach is a junior at Clemson University.
She covered her entire tuition with grants and scholarships.
This is Leach’s story, as told to Kelly Burch.
This as-told-to essay is based on a conversation with Samantha Leach. It has been edited for length and clarity.
When I was a high-school student at an academically rigorous school, everyone was thinking about the cost of college constantly. My friends and I didn’t want to be paying for college for the rest of our lives: that was the horror story looming over us.
I always knew it would be difficult for my family to pay for college, even if they didn’t explicitly say it. My dad passed away in 2010, and my mother and grandparents worked together to raise me.
My senior year, I decided to get serious about pursuing grants and scholarships. I applied to about 60 scholarships. It took about as much work as taking an extra class.
But the payoff was much more than just an A grade. I was selected for about 10 scholarships, which together were enough to pay for my entire undergrad education. Having all of college paid for is comforting, and I want other people to have that, too. Here’s my advice on applying for scholarships:
Don’t Miss: D1 Track And Field Scholarship Standards
Employer Grants And Tuition Reimbursement
Businesses include Fidelity Investments, which offers up to $15,000, and Google, which matches up to $2,500 per year. Other companies that offer student loan repayment assistance include Hulu, Ally Financial, Carhartt, Peloton, and EstÃ©e Lauder.
Boldorg Forget Your Student Debt No
If you have student loan debt and dont want to write an essay, the Forget Your Student Debt. No-Essay Grant is for you. You can apply with a rolling deadline until December 2022.
- Eligibility: Open to anyone who has student loan debt. Adults who have started their careers and are no longer in school are eligible.
- Amount: $10,000
- Deadline: Every month until the award is made on December 1
Recommended Reading: Free Scholarships For Single Mothers
How To Find Money For College
Grants are just one option of how to find money for college. Grants are typically need-based and awarded based on your financial situation. You can also research scholarships, which also do not need to be repaid, but are based on your merit. Even if you do not qualify for financial aid, you can pay for your education with scholarship opportunities.
Every branch of the U.S. Military offers educational benefits that service members can take advantage of during or after service. If you feel like joining up, you can access financial aid, college funds, and loan repayment programs.
A more modern way to raise money for college is Crowdfunding. With a crowdfunding campaign on sites like GoFundMe and Indiegogo, students can ask their friends, relatives, and communities to invest small amounts in their future without asking any one person for a large amount of cash.
Employer reimbursement is also another option depending on where you work. Many private companies now offer up to $10,000 in college tuition reimbursement disbursed over several years of employment.
Your first step should always be to fill out the FAFSA to see if you qualify for federal grants and financial aid, which have the best benefits associated with them.
National Institute Of Mental Health Grant
The National Institutes of Health Loan Repayment Programs were created by Congress to recruit and retain healthcare professionals in the fields of biobehavioral or biomedical research.Two loan repayment programs are available through the National Institute of Mental Health, or NIH.
One repayment program is for researchers at universities, medical centers, and other institutions not employed by the National Institute of Health. The other program is specifically for researchers employed by the National Institute of Health. These programs may repay loan amounts of up to $50,000 per year.
Regarding the non-NIH employed grants, the National Institute of Mental Health participates in four types of programs: clinical research, pediatrics research, health disparities research, and research in emerging areas critical to human health.
Read Also: Mount Saint Mary’s Scholarships
National Institute Of Mental Health
The National Institute of Mental Health Loan Repayment Program is aimed at health professionals who want to pursue research-based careers, like biomedical, behavioral, social, and clinical research projects.
This grant program will repay up to $50,000 of student loan debt per year in exchange for two years of qualified research funded by a U.S.-based nonprofit organization. It also reimburses federal and state taxes resulting from the repayment award.
Another bonus? These loan benefits are on top of the salary candidates receive for their research.
Programs And Scholarships To Pay Off Student Loans
What is AmeriCorps?What do you do with AmeriCorps?How long will I volunteer for? What types of student debt relief will I qualify for? Will I get paid?
What is Peace Corps?Peace Corps Mission StatementWhat do you do with Peace Corps?How long will I volunteer for? What types of student debt relief will I qualify for? Will I get paid? Plus, Career Connections:
Career-Specific Loan Forgiveness Programs
Nurse Corps Loan Repayment Program
Whats agreed to:What youll get in return:Added value:
National Health Service Corps. Program
Whats agreed to:What youll get in return:Added value:
Loan Forgiveness Program for Teachers
Whats agreed to:What youll get in return:
Whats agreed to:What youll get in return:Increments:
Public Service Loan Forgiveness Program
Whats agreed to:What youll get in return:Added value:
Don’t Miss: Scholarships For 60 Year Olds
Nurse Corps Loan Repayment System
When you are a nursing assistant, the newest Nurse Corps Financing Payment program nurses with scholar obligations can wake-up to 85% of the medical related student loans paid off!
The fresh Nursing assistant Corps Mortgage Payment program are run-through the human Tips & Properties Management that is accessible to the second types of nurses:
In order to get the education loan benefit, nurses need to work with no less than two years during the a critical Scarcity Business or act as a nurse professors within a qualified university out-of nursing.
Thus as well as getting some of your own figuratively speaking reduced of, you may be doing a significant service by helping for the an excellent community thats trying to find medical gurus!
Department Of Justice Attorney Student Loan Repayment Program
If you work as an attorney for the Department of Justice, you can apply to receive about $6,000 per year, with a lifetime maximum of $60,000 in student loan assistance. You need at least $10,000 in federal student loan debt to qualify. However, this grant is highly competitive so its worth applying for additional grants in case you dont get selected for this one.
You May Like: General Scholarships For Graduate Students
National Health Service Corps Loan Repayment Program
The National Health Service Corps provides a grant designed to help doctors, nurse practitioners, dentists, mental health providers and other health care professionals reduce their overall student loan debt.
Its fairly straightforward: You do two years of full-time service in an area with limited health care availability. In exchange, you receive up to $50,000 to go toward your student loan debt. Part-time service opportunities are also available, with grants up to $25,000.
Grants To Pay Off Student Loans July 2022
Hiiii! All of these scholarships and/or grants close July 31, 2022. Be sure to apply!
Don’t Miss: Scholarships For 16 Year Olds
The Alaskadvantage Education Grant Program
This program allows students to use grants for their needs pertaining to education. The students have to be pursuing a course at the postgraduate level. Some grants are dedicated to students who have opted for a course in natural resources extraction, health science, teaching, community, and social service.
Types Of Student Loan Scholarships
Student debt is at a record high of 1.4 trillion dollars. According to the NCES, many students rack up about $37,172 in debt after 4 years.
If you need help to repay student loans, there are a few paths to think over. While not the same, they may help you reduce or do away with your student debt.
One kind is a contest you enter. As these tend to have simple forms to fill out, they are no brainers. But you win by chance. For some contests all you do is fill out contact info. And this enters your name in a drawing.
Others may have a call to action or ask for a short essay. Awards like these come from private donors and agencies.
Recommended Reading: Scholarships For Study Abroad Students
Students To Service Loan Repayment Program
Students in their final year of medical or dental school may qualify for the Students to Service Loan Repayment Program. Nurse practitioners, certified nurse midwives, and physician assistants also qualify.
The program, run through the Health Resources and Services Administration, provides up to $120,000 in student loan grants. Recipients agree to work for three years at approved clinical sites. These include rural health clinics, critical access hospitals, community mental health centers, state and local health departments, and community outpatient facilities.
Pay Off Loans With The Highest Interest Rate First
If you have multiple student loans, there are a few different ways to approach repayment. Some graduates opt to pay the smallest loan off first â this is the debt snowball method. However, paying off the loan with the highest interest rate first might save a little more money in the long-term. This method is called the avalanche method.
âIf you can afford to make extra payments on your student loans, target them at the loan with the highest interest rate. This will save you the most money,â Kantrowitz said. âpecify that this is an extra payment that should be applied to the loan with the highest interest rate and not as an early payment of the next installment. You want it treated as an extra payment in addition to the regular installments, not instead of them.â
For example, if you have a $10,000 loan at 3 percent interest with a 10-year term, and you only make minimum payments, you will pay about $1,500 in interest. Alternatively, a $5,000 loan at a higher 15 percent interest with a 10-year term will cause you to pay almost $4,700 in interest.
Donât Miss: Are Student Loan Forgiveness Programs Legit
You May Like: Kaiser Permanente Health Equity Scholarship 2022
How Can I Find Out About Different Grants I Can Apply For
Its definitely worth research what grants and benefits youre eligible for. Not only could they improve your living condition but they could help you pay off your debts as well.
You can look for grants and benefits available to you online but if you need extra help, then you can contact Turn2Us for further debt advice. Turn2Us is a charity that helps people suffering from debt and other financial issues find grants and other services to support themselves.
Consolidate And Refinance Your Loans
Refinancing your student loans can help lower the amount of interest you pay.
Refinancing is when a private lender pays your existing student loans, and then you pay that lender through a new loan with different terms. Often, the new terms include a lower interest rate. This strategy can also help you consolidate multiple loans into one so that you have fewer separate payments to make.
Its important to note that refinancing may not be the best option, or may not be possible, for everyone. To refinance, you will have to meet the lenders criteria. In most cases, this includes a high credit score and a stable income. If you dont have these, youll need a cosigner. On the bright side, some lenders will offer you a small discount on interest for refinancing with a creditworthy cosigner.
You also should not refinance your loans if it wont actually lower your payments or shorten your payment period. Even if your payments are lower, having a longer payment period will not save you money in the long run.
You can refinance both federal and private student loans. However, be aware that refinancing federal loans may lose you any potential benefits or relief that comes with federal loans.
There are many tools you can use to determine if you should refinance, and who you should refinance with. Be sure to compare lenders to get the best rate.
Recommended Reading: Scholarships For Nursing Students In Iowa
Think About Consolidating Or Refinancing Your Student Loans
Consolidating and refinancing student loans are two options for streamlining repayment. Debt consolidation is the process of combining numerous debts at an interest rate that represents the average rate paid on all of your loans.
Refinancing is a little more complicated. Youre getting a new loan to pay off the old ones, so youll only have one monthly payment. However, if the new loan has a lower interest rate than the average rate you were paying throughout the old loans, you may be able to save some moneyas long as you dont prolong the term. One thing to keep in mind when refinancing private student loans is that youll need good credit to qualify, which may entail the addition of a cosigner.
Grants Or Student Loan Which Should I Go For
Grants and Scholarships provide free Money to Fund College fees and other fees. We have received testimonies of how students were almost giving up on college education, just a Scholarship turned things around.
On the Other hand Student loan almost provide money but with the notion that youll refund the system based on agreed terms and conditions.
Placing Student loans and Grants side by side, youll find out they both are designed to help students pay their University and College fees on time. Scholarships are giving by donors who found you worthy based on need base or merit base to award you with the fund for College.
These Scholarships take care of your College expenses, some are recurrent, some are just prizes that may not be enough for College.
What a Student needs is just a Fully Funded Scholarship that will take care of Feeding, Accommodation, Books, Air Tickets for International Students, VISA, etc.
Student Loans will be an Alternative for me if I cant get a Scholarship to Study or the Scholarship I have is not enough to take care of my College Expenses.
Whenever you choose a Student loan plan, get a Student Loan Counsellor to advise you on what to do to fix your debt. Im so sure that he/she must recommend grants to Pay Off Student Loans.
You May Like: Scholarships For Daughters Of Veterans