Available Grants for Students to Pay Off Student Loans

Available Grants for Students to Pay Off Student Loans.
Available Grants for Students: It is pertinent you know that 70% of college graduates have student loan debt. As a matter of fact, 44 million Americans have student loan debt. This totals to nearly $1.5 trillion.
Having student loan debt affects your ability to meet other long-term financial goals.  Example of these goals are:
  • Buying a home.
  • Also, building an investment portfolio.
  • And even taking the trip of a lifetime.
However, are you aware you can avert the problem of the student loans? There are available grants for students that makes this possible. Thus, it’s important you learn about these grants. They can help you pay off your student loan debt more quickly. Thus, helping you get to work on your other post-graduation financial goals.
Available Grants for Students to Pay Off Student Loans
Additional benefits of grants is that you don’t repay grants. This is as long as you fulfill your contractual requirements. Thus, if you’re looking for help paying off your debt, then don’t ignore grants. You may want to know what a grant really is.

What is a Grant?

Before looking at the available grants for students, what is grant? Grants are non-repayable funds or products. They are disbursed or given by one party (grant makers). Often, a government department, corporation, foundation or trust, to a recipient. The recipient often is a nonprofit entity, educational institution, business or an individual.

However, please note. Most grants are made to fund a specific project. Thus, they require some level of compliance and reporting. Other grants can be given to individuals, such as victims of natural disasters. Also, to individuals who seek to open a small business.

Some Available Grants for Students

Below are some of the available grants for students:

1. National Health Services Corps (NHSC) Loan Repayment Program

This is one of the available grants for students. The NHSC Loan Repayment Program pays up to $50,000. This is in student loan payments for medical professionals. It is for those who sign a two-year service contract to work in a Health Professional Shortage Area (HPSA).

HSPAs are areas identified as having a shortage of health-care providers who serve in primary care, dental care or mental health. Those working in HPSA sites with a score of 14 or higher are eligible for the full $50,000. Those working at HPSA sites with scores of 13 or below are eligible for up to $30,000.

And those who still have remaining unpaid student debt after their two-year service contract ends can apply for a continuation contract. If accepted, NHSC will pay the entire remaining student loan balance.

2. Nurse Corps Loan Repayment Program

This is one of the available grants for students. It is a call to all nurses. The Nurse Corps Loan Repayment Program pays up to 85% of your nursing-related education debt.

To be eligible, you must be a licensed registered nurse. Also, you must be an advanced practice registered nurse. Furthermore, you must be a nurse faculty member who received nursing education from an accredited school of nursing in the U.S.
Other requirements are that you work in a critical shortage area. Also, you must  work at least 32 hours/week.

3. Teacher Cancellation of Perkins Loans

Low-income schools often have trouble attracting top teaching talent. Congress has instituted two different teacher student loan repayment grants designed to encourage teachers to serve in these schools.

One of these is cancellation of Perkins Loans. In fact, teachers with Federal Perkins Loans can qualify to have 100% of their loans cancelled. To qualify, To qualify, you must meet one these requirements. Teach in a school serving low-income students. Also, you must serve as a special education teacher.

Additionally, you must teach in fields currently designated as having a shortage. These fields include mathematics, science, foreign languages and bilingual education

4. Teacher Loan Forgiveness Program

This is one of the available grants for students. It forgives up to $17,500 of a teacher’s student debt on qualifying loan types. To qualify, you must serve in an eligible low-income school.

Also, you must serve in an educational agency for at least five years. Additionally, you must also be “highly qualified.” This includes having a bachelor’s degree and full state certification as a teacher.

Finally, you must not have loan balances from before Oct. 1, 1998. Applications for this program should only be turned in after you have completed the five years of teaching, not before.

5. Department of Justice Attorney Student Loan Program (ASLRP)

This is one of the available grants for students reading law. Cost of law school is sky-high. Also, it shows no signs of dropping anytime soon. Even in a field with a reputation for paying well, the debt can be suffocating.

Thankfully, there are a couple of grants to pay off student loans for legal professionals. One of these is the Attorney Student Loan Program (ASLRP). The ASLRP will match up to $6,000 per year This is for an individual attorney’s student loan payments for a maximum of three years.

To qualify, attorneys must have at least $10,000 of student loan debt. Also, must be committed to serving in the Department of Justice for at least three years.

6. Public Service Student Loan Forgiveness

Some Available Grants for Students

This is also one of the available grants for students. It is perhaps one of the most well-known student loan forgiveness programs. It offers loan forgiveness on your Direct Loans. This can be a federal student loan under the U.S. Department of Education.

However, this is after you’ve made 120 qualifying monthly payments. It is important you note this. This program isn’t for everyone. It’s meant for those who work full-time for a government agency or nonprofit organization.

Also, you’ll have to be on an income-driven repayment plan. There are also some guidelines on what constitutes a qualifying monthly payment.

7. National Institute of Mental Health Loan Repayment Program

This one of the available grants for students. This program aims at health professionals who want to pursue research-based careers. Think biomedical, behavioral, social, and clinical research projects.

It repays up to $35,000 of your student loan debt per year. However, this is in exchange for two years of qualified research funded by a U.S.-based nonprofit organization. Additionally, these loan benefits are on top of the salary you’d receive for your research.

8. Iraq and Afghanistan Service Grant

This is also one of the available grants for students. It helps with paying off the student loans of the children of people who lost their lives defending U.S in Iraq or Afghanistan.

There are two qualification requirements. You must have been under 24 years of age. Also, you must be enrolled in college at least part time when your parent or guardian died serving the country overseas.

9. John R. Justice Student Loan Repayment Program

This is one of the available grants for students. You can receive up to $10,000 per year to put toward your student loan debt. The debt is not to exceed $60,000.

It requires a 3-year commitment to work as a state prosecutor or state public defender.

10. Army Loan Repayment (LRP) Program

The Army Loan Repayment (LRP) Program is a great option. It’s a great option to those in the military. This is because it helps them to pay off a chunk of their student loans.

To qualify, you’ll need to enlist for at least 3 years. Also, you must have the Army Loan Repayment Program mentioned specifically in your contract. Furthermore, you must have a high school diploma.
You must score a 50 or higher on the Armed Services Vocational Aptitude Battery Test.  This program pays recipients 33 ⅓ % of their outstanding balance. Also, with a minimum of $1,500 and a maximum paid of $65,000.

In a Nutshell

In a Nutshell

The above are some of the available grants for students. Thus, you now have varieties to chose from. However, if you don’t qualify for any of the grants from above, don’t worry yet. There may still be programs that could help with paying off your student loans.

Carry out research on Ultimate Guide to Student Loan Forgiveness Programs. This will give you a comprehensive list of options. Also, if you’re not sure which grant is best for you, consider a student loan consultation.

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