There are several ways to pay off student loans, but if you are one of the roughly 45 million Americans with student loan debt, you may already be aware of loan forgiveness and repayment plans.
Student loan grants are available through federal, state, and nonprofit programs. Even though many of these grants are easy to get, most come with service or employment requirements.
Grants to pay off student loans
Wondering how to get rid of student loans? There are plenty of available free grants to pay off debt and student loan forgiveness programs, based on your profession, where you work and how long you’ve carried your student loans.
Here are some grants to pay off student loans to narrow your search:
- Health care professionals grants
- Veterinarian grants
- Teacher grants
- Lawyers grant
- Research grants
- Military grants
- State grants
- Volunteer and nonprofit grants
- Employer-sponsored grants
Top Grants To Pay Off Student Loans
1.National Health Service Corps loan repayment program
The National Health Service Corps (NHSC) provides a grant designed to help doctors, dentists, nurse practitioners, mental health providers and other health care professionals reduce their overall student loan debt.
If you do two years of full-time service in an area with limited health care availability, you could receive up to $50,000 toward your student loan debt. Part-time service opportunities are also available, with grants up to $25,000.
2. Nurse Corps Repayment Program
The Health Resources and Services Administration (HRSA) offers student loan grants for the following nursing professionals:
- Licensed registered nurses (RN)
- Advanced practice registered nurses (APRN)
- Nurse faculty members (NF)
Applicants must commit to two years of service in a health care facility with a critical shortage or as faculty at an accredited nursing school to receive 60% of their outstanding student loan balance. You can earn an additional 25% by completing a third year of service.
Checkout : Best Nursing School Without Prerequisites
3. The Veterinary Medicine Loan Repayment Program (VMLRP)
If you’re a veterinarian looking for grants to pay off student loans, look no further than the National Institute of Food and Agriculture (NIFA). Its loan repayment assistance program provides up to $25,000 annually — $75,000 total — in exchange for three years of paid work in an underserved area.
To be eligible, you must have an accredited degree in veterinary medicine and carry at least $15,000 in loan debt.
4.Department of Justice Attorney Student Loan Repayment Program
If you work as an attorney for the Department of Justice, you can apply for about $6,000 per year, with a lifetime maximum of $60,000 in student loan assistance. You need at least $10,000 in federal student loan debt and must commit to three years of service to qualify.
Since this grant is highly competitive, it’s worth applying for additional grants in case you aren’t selected.
5.Health professionals in the military
The Health Professions Loan Repayment Program helps medical professionals tackle student loan debt while on active duty or in the Army Reserve. If eligible, you can receive up to $40,000 per year for a specified term, typically three years. That’s a potential total of $120,000 in student loan forgiveness.
FAQS
1. What are grants for student loan repayment?
Individuals who need financial assistance to repay their student loans are eligible for student loan repayment grants. Borrowers are not required to repay this money grant, as they are with scholarships. State governments, nonprofits, and private organizations offer grants for student loan repayment.
2. What types of student loans can be paid off with grants?
Grants are available for all student loans. Students in both undergraduate and master’s programs may be eligible for grants. These grants help students pay off all or part of their student loans.
Conclusion
The complex landscape of student loan debt often leaves individuals feeling overwhelmed, but it’s important to recognize that viable grants and programs exist to provide valuable relief. Throughout this article, we’ve delved into some of the best grants to pay off student loans.
