Grants to Pay-off Student Loans

Student grants are financial aid awards that do not have to be repaid. They are usually awarded based on merit, need, or both and are available to undergraduate and graduate students in pretty much every field. Although some grants are only available to students in specific majors, most are open to all.

To qualify for grants, a student must meet the eligibility requirements set out by the Federal government or their school. The student will need to be enrolled as a degree-seeking candidate, regularly attend classes, be in good academic standing, and have demonstrated financial need.

Grants are sometimes given to students in the form of scholarships or fellowships. These awards can be used for any purpose, but they are usually meant to help students pay for education-related expenses. For example, a scholarship might allow the student to use the money towards tuition and fees, while a fellowship might allow them to use it for living expenses. In short, grants can be used for any educational expense, including transportation, boarding, and lodging, books and stationery, educational supplies, etc. But perhaps one of the lesser-known facts is that students can use grants to pay off student loans.

There are various options available for getting student loans forgiven. Many of these are related to one’s job and where one works, but people can also get grants through their workplace, organizations they are engaged with, volunteer opportunities, and other avenues.

Student loan forgiveness programs and grants to pay off student loans will fall into one of the categories listed below:

Note: If the application time or deadline for a suitable grant has ended, set a calendar reminder to check back when it reopens because many are distributed on an annual basis, and some are distributed on a first-come, first-served basis. Furthermore, several of these programs are only offered once a year.

1. Grants based on Career

A. For Doctors, Nurses, and Healthcare Professionals

National Health Service Corps Loan Repayment Program:

This program is one of the most well-known grant programs for medical professionals, such as doctors, dentists, and mental health specialists. To be eligible, applicants need to work full-time in an urban, rural, or tribal community for two years and get up to $50,000 paid off on their college loans. It is also feasible to get reimbursed for part-time work. Details are here.

IHS Loan Repayment Program:

This program will refund up to $40,000 of an applicant’s qualified student debts if they enlist themselves for two years of service in American Indian and Alaska Native communities

Nurse Corps Loan Repayment Program:

The Nurse Corps Loan Repayment Program is the most well-known at the national level. For registered nurses who work for at least two years in a severe shortage area, the program will pay off 60% of their student loan debt. Those who choose to work a third year may be eligible for an additional 25% compensation.

Students-to-Service Loan Repayment Program:

Final year medical or dental school students might receive up to $120,000 in student debt repayment if they agree to work for three years in an area where medical professionals are in short supply.

B. For Teachers

Teacher Loan Forgiveness Program:

Individuals who have been teaching for five years in a low-income area might earn up to $17,500 in forgiveness for their federal Direct Subsidized and Unsubsidized Loans (including Stafford loans).

C. For Veterinarians

Veterinarian Medical Loan Repayment Program:

This program will pay up to $25,000 per year towards a veterinarian school debt if the candidate agrees to work for three years in a location where veterinarians are in short supply.

D. For Lawyers

John R. Justice Student Loan Repayment Program:

This program is for public defenders and state prosecutors. Applicants must commit to three to six years of service, to get up to $10,000 per year ($60,000 total) for their law school loans. Individuals can apply through their state.

Department of Justice Attorney Student Loan Repayment Program:

This program gives approximately $6,000 per year, up to a total of $60,000, for attorneys who work for the Department of Justice and have federal student loan debt totaling at least $10,000. A three-year service commitment is required. Applicants are chosen through a competitive process.

Herbert S. Garten Loan Repayment Assistance Program:

This program is a lottery-based program that awards payments of up to $5,600 to attorneys with at least $75,000 in student debt. To be eligible, applicants must work with one of the organization’s grantees.

E. For Researchers

National Institutes of Health (NIH) Loan Repayment Programs:

The NIH Loan Repayment is a collection of funding programs aimed at luring medical experts into important research disciplines. By agreeing to undertake research that the NIH considers vital, applicants can get up to $50,000 each year (for a total of two years). Applicants do not need to work for the National Institutes of Health to be eligible. Individual research topics that qualify for funding include:

Contraception and Infertility

Health Disparities in Minority Populations 

Pediatrics 

Clinical Research for Individuals from Disadvantaged Backgrounds   

Clinical Research

2. Federal Student Loan Forgiveness

Public Service Loan Forgiveness (PSLF):

Under this program, applicants who work for a qualifying government or nonprofit organization can have the remaining balance of their federal student loans forgiven after 10 years or 120 qualifying payments. Doctors, lawyers, professors, and a variety of other professionals may be eligible for forgiveness, despite the program focusing on whom one is working for rather than one’s job title.

Income-Driven Repayment Plan Forgiveness:

Income-driven repayment plans come in four varieties, each of which bases one’s federal loan payments on a portion of one’s income. The remaining balance will be forgiven after 20 or 25 years, but the applicant will have to pay taxes on the forgiven balance.

Perkins Loan Cancellation:

Although there is a Perkins Loan Forgiveness program for teachers, the federal government will forgive an applicant’s Perkins debt if they choose other vocations. In some unusual instances, the federal government may forgive your debts due to:

3. State Grants

Almost every state in the United States provides some form of student loan forgiveness or repayment aid to its residents. One may be eligible for a variety of programs in some states. Here are a few examples:

A: Colorado Loan Forgiveness Programs

B. Pennsylvania Student Loan Forgiveness Programs

C. Texas Student Loan Forgiveness Programs

D. Arizona Student Loan Forgiveness Programs

E. North Carolina Student Loan Forgiveness Programs

4. Grants for Military Personnel & Their Family Members

Army Loan Repayment Program:

After graduating from college and having student loans, applicants who join the military may be eligible for loan forgiveness under this program.

Army Reserve College Loan Repayment Program:

This program offers up to $50,000 in student loan forgiveness for those who agree to serve for at least six years in particular specialty areas. An applicant can get a third of their outstanding principal paid each year, up to $65,000, if they agree to serve for three years and complete other requirements.

Iraq-Afghanistan Service Grant:

If an applicant’s parent served in the military and died while serving in Afghanistan or Iraq, and they were not eligible for a Pell Grant for not meeting the criteria, they may be eligible for up to the maximum Pell Grant amount available for the award year. For 2020-21, the sum is $6,345. It is noteworthy that the applicant had to be under the age of 24 or enrolled at least part-time in college at the time of their parent’s death.

Health Professions Student Loan Repayment Program:

Doctors, dentists, pharmacists, nurses, veterinarians, and other healthcare professionals who enroll in the army for a specific duration (usually three years), can get up to $120,000 in student loan forgiveness. The amount and length of time vary depending on the profession and service branch.

The military also offers specific student loan forgiveness programs in the following areas:

5. Grants for Nonprofit Employees and Volunteers

Several public and nonprofit organizations have Public Service Loan Forgiveness programs that may award funds to an applicant to pay off their student loans. Examples include:

6. Grants from Corporates and Private Companies for Employees

It is not uncommon for large corporations and private companies to offer (usually) their employees student loan forgiveness money. However, a recipient of such grants will almost certainly have to have served the company for several years and/or will have to continue serving the company for a specified duration. Here are a few examples of businesses that give our student forgiveness grants:

There are various options available for getting student loans forgiven. Many of these are related to one’s job and where one works, but people can also get grants through their workplace, organizations they are engaged with, volunteer opportunities, and other avenues.

Student loan forgiveness programs and grants to pay off student loans will fall into one of the categories listed below:

Note: If the application time or deadline for a suitable grant has ended, set a calendar reminder to check back when it reopens because many are distributed on an annual basis, and some are distributed on a first-come, first-served basis. Furthermore, several of these programs are only offered once a year.