Grants To Pay Off Old Student Loans

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Looking for ways to pay off your student loans faster? Check out this list of grants to pay off student loans. (iStock)

Grants To Pay Off Old Student Loans

Student loan debt remains a major concern for many families in America, and borrowers have an average loan balance of $39,487. If you’re feeling overwhelmed by your debt, we’ve got you covered with available grants to help students pay. Pay off debt and get back on track with your finances.

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A grant is an award—usually monetary—given by a government or organization to be used for a specific purpose. Grants may be awarded based on need or merit. Unlike loans, they do not have to be repaid.

Refinancing is also an option that can help you pay off debt. By visiting Credible, you can learn more about student loan refinancing and compare rates from several private student loan lenders.

Professional grants provide assistance to certain professions, such as health care or education. These programs typically require recipients to adhere to a certain period of service, such as two years, in their chosen profession. In exchange for this commitment, the recipient receives a grant to pay off student loan debt.

If you work in the healthcare field, special grant programs may be available to help with your student loan debt.

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The NHSC Loan Repayment Program helps licensed primary care physicians, dentists, and behavioral and mental health specialists repay their student loans. To qualify, you must agree to work for at least two years at an NHSC-approved site in a designated health professional shortage area.

CDC’s Educational Loan Repayment Program for Health Professionals provides student loan repayment assistance of up to $50,000 per year to physicians, veterinarians, master’s and doctoral-level scientists, and other health professionals enrolled in its two- or three-year fellowship programs.

Veterans Grants provide assistance to borrowers who have served in the military and are looking for help paying off their student loan debt.

The National Guard Student Loan Repayment Program is available to former military personnel who have one or more federal student loans, who have been enrolled for at least six years and received an honorable discharge or honorable discharge after the end of service.

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Grants for teaching staff can often be found at the state and local levels. These grants are usually awarded to individuals who are committed to a teaching or other educational role for a specific period of time.

Educators who have served at least 12 months in AmeriCorps are eligible to apply for the Segal AmeriCorps Education Award. You can use federal student loans or borrow money from a state agency or institution of higher education to pay off loans.

The award amount is equal to the maximum Pell Grant value for that fiscal year, so it changes each year. For the 2023-24 academic year, the maximum Pell Grant award is $7,395.

Lawyers are often faced with student loan balances due to the high cost of law school. Fortunately, there are special grants available to help lawyers pay off their student loans.

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DOJ employees who are hired as attorneys are eligible to apply for the Attorney Student Loan Repayment Program. The program provides grants of up to $6,000 per calendar year, with a maximum term of $60,000 per attorney.

Herbert S. The Garten Loan Repayment Assistance Program provides student loan repayment assistance of up to $10,000 per year to attorneys who are employed full-time or have a job offer from a Legal Services Corporation grantee. Applicants are expected to be employed for at least three years, have at least $75,000 in law school loans, and meet annual income and net worth guidelines.

Research grants provide money for research projects related to a field of study. The amount and duration of the grant depends on the nature of the project. Grants are usually awarded based on merit and can often be used to pay off student loan debt.

The National Science Foundation and the National Institutes of Health are large, well-known funding agencies and may be good places to look for research grants in your area. In particular, the NIH offers a program for researchers who are employed and repay loans of up to $50,000 per year. You can also search for grants at Grants.gov, a federal government resource that includes information on thousands of grant programs.

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Military personnel who have enlisted in the U.S. military and served for at least three years may qualify for the Army Loan Repayment Program. The program pays 33⅓ percent of a soldier’s student loan balance, or $1,500, whichever is greater, annually for three years.

Many states have grant programs to help with student loan debt. These grants are usually given to people who work in certain professions.

The NYS Young Farmer Loan Forgiveness Incentive Program is designed to encourage recent college graduates to pursue careers in agriculture in New York State. To qualify, you must have a degree from an accredited New York State college or university and agree to work full-time in the state for at least five years.

The program offers up to $10,000 in grant money per year, with a lifetime award of $50,000.

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Bold.org’s Forget Your Student Loan Debt grant is open to anyone who is out of school and has student loan debt. The award is only $500, but the eligibility criteria are broad enough to make it worth applying.

Some employers offer subsidies to employees with student loans. This grant can help you make payments or even be used to pay off the entire loan balance. It’s important to check with your employer to see if they offer programs to reduce your student loan debt.

If you apply for a student loan grant but aren’t selected (or don’t receive enough grant money to pay off the loan in full), refinancing your student loan may be able to lower your interest rate or monthly payments. Refinancing allows you to consolidate all your existing debts into one loan – often at a lower interest rate. This can save you a significant amount of money and make it easier to manage your payments.

Another option is to apply for a loan forgiveness or cancellation program, which can get rid of your student loan debt under certain circumstances—for example, if you’ve worked in public service for a certain amount of time or experienced financial hardship. It’s important to research different programs to understand your options. With some hard work, you can get the relief you need from your student loan debt. Grants can provide financial assistance for student loan debt, with some programs offering full loan forgiveness. Learn more about grants to help pay off your student loans.

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Student loan debt is an issue that can have a lasting impact on a person’s ability to save, invest, and achieve other financial goals. Fortunately, there are grants to help people pay off student loans and reduce debt. This grant provides a great opportunity for individuals to make progress toward paying off their student loans and achieving financial independence. In this guide, we offer 12 grants to pay off student loans.

There are different types of grants that can help you pay off your student loans. This includes federal government grants, state and local grants, as well as private or non-profit grant programs. Each type of grant typically has different eligibility requirements, so it’s important to research the options available to you to determine which option is right for your situation.

Grants from the federal government are one of the most popular ways to pay off student loans. Government grants are funds provided by the federal government or other organizations that you do not have to pay. Consider one of the following options.

The College Affordability Challenge Grant (CACG) is a federal grant program that provides funding to states and other organizations that aim to increase access to college, particularly for disadvantaged populations. To qualify for this grant, students must demonstrate financial need, academic performance, and/or community service. The advantage of this program is that it offers financial aid and is open to a wide range of students. Disadvantages include complex requirements and limited funding.

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The federal Pell Grant is a financial aid program for students enrolled in graduate courses who demonstrate need. No payment is required and can cover the full cost of attendance. Eligibility includes US citizenship or qualified non-citizen status, enrollment in an eligible program at an accredited college or university, and demonstration of financial need. There are limits to how much a student can achieve in a lifetime.

There are Teacher Education Assistance (TEACH) grants for college and higher education

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