Sunday, December 29, 2013

Grants to Pay off Student Loans


Many people are aware of grants for collegestudents, but there are other grant programs for people trying to pay back their student loans.  Grants are one of the best forms of financial aid because they often do not need to be repaid since they are considered gifts.  Most grants require that recipients perform community service, suffer financial hardship, be of minority status, or have high academic achievements.  This type of financial aid can come from public sources (like the government) or private organizations.

By making use of grant money, recent graduates can quickly pay off their student loans, which means they will likely pay less interest in the long run and save money.  Below are grant opportunities that can help you repay your loans:

  • National Institutes of Health Loan Repayment Programs (NIH LRPs): If you are a health professional doing research, NIH will help you pay back your student loans.  To qualify, applicants must be U.S. citizens or legal residents, have a doctoral degree, meet debt ratio requirements, and perform qualified research for a nonprofit domestic organization.  Upon acceptance, participants are committed to at least two years of research and can receive up to $35,000 in repayment assistance.  This program is also available to existing NIH employees.  To apply or learn more, visit here http://scholarshiphelpcenter.blogspot.com/
  • Federal Teacher Education Assistance for College and Higher Education (TEACH) Grants: Teachers can receive up to $4,000 from the U.S. Department of Education each year if they agree to teach a high-need subject at a facility that serves low income families for a minimum of four years.  In addition to fulfilling general eligibility requirements for federal student aid programs, applicants must be enrolled in a TEACH-approved program and maintain certain GPAs or similar academic achievements.  A list of high-need subjects and additional information about the grant can be found at the TEACH site.

  • Peace Corp, AmeriCorps, Teach for America and other public outreach programs: Organizations with an interest in improving public health, education, or general quality of life frequently offer student loan grants and other educational incentives for those who volunteer.  Participants live and work in a high-need community in exchange for assistance with student loan repayments.
  • State government grants: States offer a variety of grant programs for students in school and graduates trying to pay back loans.  Programs such as teaching at high-risk schools, providing medical services to low-income areas, and other public-interest projects are available in many states and will help repay your student loans or offer other educational benefits.  Other grants are available to those with minority status or for earning special achievements at school.  Individual programs vary from state to state.  A list of all state-level Departments of Education can be found here.

Since they are essentially free money, grants are a great way to eliminate your student loan debt.  In addition to the resources above, visit your school’s financial aid office, as they may know about other grant opportunities in your local area.