Student Loan Grants
Updated – Jan 2nd 2020
Most of us have at least a few major goals like having enough money for retirement, starting a new business or saving enough money for down payment on a new dream home. But more many of us at the top of that list sits the goal of paying off our student loans. In this article we are going to talk student loan grants.
Surprisingly, not many of us are aware or have little knowledge about the possibility of grants to accomplish this goal of paying off their student loans
Believe it or not, there are many grants for student loans that can be used to pay off your student loan debt.
After Graduation Funding
We all are aware that grants exist but generally we associate them with the act of looking to access funds to accommodate payment to attend a college or university. However, grants are available for individuals that work in specific fields or industries.
These grants for student loan payoff can help soothe a great deal of pressure from paying student loans.
Locating a Grant
There are many directions you can take for seeking a grant for student loan payoffs. The U.S. Dept Of Health and Human Services of the federal government has many grant options.
You can also search for grants by state. Sometimes the state works independently from the federal government and offers their own federal programs for grants. The goal is to encourage grads to build their careers in certain fields with and areas of need in our country.
If you work for a non-profit organization in certain fields there are also options to help with dealing with your student loan debt.
Current Existing Grants for Student Loan Payoffs
Here is a list of student loan grant programs individuals can pursue for student loan payoffs.
Nurse Corps Repay Program
- Nurses can have up to 85% of their student loan balance paid off with this program. The Nurse Corps Repay Program is offered by the Services Administration as well as Health Resources.
To qualify you must be:
A licensed Registered Nurse (RN)
A Nurse Practitioner
Work in a nursing facility with a degree in nursing
National Institute of Mental Health Loan Repayment Program
- Students that graduate with a degree in healthcare and earn careers in social, clinical, or behavioral research with in a non-profit organization can get grants for student loan payoffs from the (NIMH) National Institute of Mental Health Receivers of this grant can use the money to pay of graduate, undergraduate or medical school debt. Those rewarded can receive up to $35,000, to apply applications are online. Applications are accepted from Sept 1st – Nov 15th
Iraq-Afghanistan Service Grant
- This grant is for individuals that had a parent that died as a result of serving in the military either in Iraq or Afghanistan. Those who qualify can receive up to $5,413.77 dollars for student loan debt. To qualify you have to less than 24 years of age or have been attending as at least a part-time student during the time of the parents death.
To qualify, you have to less than 24 years of age or have been attending as at least a part-time student during the time of the parents death.
Pennsylvania Primary Health Care Loan Repayment Program
Grant is specific for dentist and physicians that are willing to practice in economically challenged areas of the state of Pennsylvania. Receivers of this grant can receive from $30,000 up to $100,000 to go toward the balance of theirs student loan debt
There must be a 2 year service agreement for practice in the state to qualify. Applications must be submitted by Dec
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Contraception and Infertility Research Loan Repayment Program
Students that enter into the field of reproductive research can receive up to $35,000 a year to assist with student loan repayment under the Contraception and Infertility Research Repayment Program. This program was structured to encourage students to work in the reproductive research field
Receivers must commit to two years of research in contraception and infertility. Visit the website to apply
New York State Young Farmers Loan Forgiveness Incentive Program
Students that seek a career in farming can receive up to $10,000 a year for up to 5 years to payoff their student loan debt if they attend a college or university in New York and agree to operate a farm in the state of New York for a minimum of 5 years.
Applicants must apply within two years of graduating from school and private and federal student loan borrowers are eligible for this grant. Applications will be available in Oct.
John R. Justice Student Loan Repayment Program
Grant is for individuals that are state public defenders or state prosecutors. If so you may be eligible for the john R. Student Loan Repayment Program. Receivers can receive $10,000 a year for up to six years to payoff their student loan debt
You must agree to work as a public defender or state prosecutor for a minimum of three years to apply for this grant. Additional qualifications may be required, visit your state agency website to find out more.
North Dakota Science, Technology, Engineering, and Mathematics (STEM) Student Loan Grant
If you attend a college or university in North Dakota and got your degree in Science, Technology, Engineering or Mathematics you could qualify for the North Dakota Science, Technology, Engineering, and Mathematics (STEM) Student Loan Grant.
Many receivers of this grant have been able to save on thousands over the life of repayment of their student loans and finish paying off their student loans in rapid time.
To apply for the North Dakota Science, Technology, Engineering, and Mathematics (STEM) Student Loan Grant you can submit your application after May 1st.
Alternatives if you don’t qualify for student loan grants
Public Service Loan Forgiveness
Borrowers that work for the government or a non-profit but are qualified for any of the student loan grants, you may be eligible for Public Service Loan Forgiveness. With Public Service Loan Forgiveness, after ten years of service while making qualifying 120 payments on your federal student loans, the government will give you forgiveness on the remaining balance.
Alternative Repayment Options
If you still find yourself not falling into any of the categories above and are having trouble making your monthly payments and your student loans are federal government student loans, then seek to look into income driven repayment plan programs.
These programs can be a tremendous help if you find that you do not qualify for student loan payoff grants or Public Service Loan Forgiveness.
Plans Include: Income Based Repayment, Income Contingent Repayment, Pay As You Earn, and Revised Pay As You Earn
Student Loan Consolidation
And finally, if you can do not find that the alternative repayment plans are not an option you could consider student loan consolidation.
Student loan consolidation can help in many ways from lower interest rates, reduced monthly payments to better loan terms and single loan accounts to manage easier.
With student loan consolidation you can save a lot of money and if you still have a balance at the end of your student loan consolidation term, you could still receive loan forgiveness after 300 months.
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Additional Student Loan Help Information
As mentioned there are many options a borrower can look into for student loan grants, forgiveness or repayment options. Some options offers help for both federal and private student loan borrowers alike.
Be sure to check with your state and visit your state website for more information on these student loan grants offers for student loan debt payoff.
For information on repaying student loans, check out our article on student loan forgiveness programs.