Lana Oconnell
Student loan debt is a significant burden for many, with the cost of education soaring and millions of borrowers in the US alone. Fortunately, there are grants and loan forgiveness programs available to help alleviate this financial strain. These programs are offered by federal and state governments, as well as various organisations, and can provide much-needed relief to students and graduates struggling to repay their loans. While some grants and scholarships may have specific requirements, such as service or employment conditions, there are also need-based grants that can provide free money to help pay off student loans. With the right research and application, individuals can explore these opportunities to reduce their student loan debt.
| Characteristics | Values |
|---|---|
| Number of Americans with student loan debt | 45 million |
| Total student loan debt in the US | $1.7 trillion |
| Grants availability | Yes |
| Who provides grants? | Federal and state government-funded programs, nonprofits, Bold.org, National Institutes of Health (NIH), military, colleges and universities, hospitals, businesses |
| Who are the grants for? | Current students, graduates, teachers, doctors, nurses, lawyers, researchers, veterans, public defenders, prosecutors, military members, veterans' relatives |
| Requirements | Need-based, service or employment requirements, merit-based, career-specific, race-based, disability status, income-based |
| Amounts | Up to $50,000, up to $65,000, up to $7,395, up to $120,000, up to $25,000, up to $17,500, up to $6,000, up to $10,000, up to $60,000 |
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What You'll Learn
Grants for lawyers
Grants are a form of financial aid that, unlike scholarships, are typically need-based rather than merit-based. They can be used to help current students or graduates pay off loans taken out for college expenses. There are several grants and loan forgiveness programs available to lawyers to help pay off student loans.
Attorney Student Loan Repayment Program
Attorneys and other employees working in the Department of Justice can receive grants of up to $6,000 per year, with a lifetime limit of $60,000. Prosecutors and public defenders can receive up to $10,000 per year through the John R. Justice Program.
State Loan Repayment Assistance Programs
Twenty-four states offer loan repayment programs for lawyers working in public interest law, which can help pay off debt from law school.
National Institute of Health Loan Repayment Program
The NIH loan repayment program offers up to $50,000 annually for health professionals in biomedical and biobehavioral research careers. Attorneys working in health law or conducting research may be eligible for this grant.
Public Service Loan Forgiveness (PSLF)
PSLF provides loan forgiveness for employees of qualified employers such as nonprofits, government agencies, and hospitals. Lawyers working for these organizations may be eligible for loan forgiveness after making 120 qualifying payments.
Military Grants
Various branches of the military offer loan repayment programs for those who have served or are currently serving. For example, the Army College Loan Repayment Program can repay up to $65,000 in debt over three years of service. The Iraq-Afghanistan Service Grant is another option for those with a parent or guardian who was a member of the U.S. armed forces and died while serving in those regions.
It is important to note that eligibility requirements and award amounts may vary for each grant program, so it is advisable to review the specific criteria before applying. Additionally, some programs may be classified as "scholarships" rather than "grants," but they can still help achieve the goal of paying off student loans.
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Grants for teachers
The cost of education has skyrocketed over the past few decades, far outpacing the rate of inflation, and forcing many to rely on loans to finance their education. Grants are a form of financial aid that can be used to pay off student loans. They are usually need-based and are provided by the government, colleges, universities, hospitals, and businesses.
There are a variety of grants and loan forgiveness programs available for teachers. The Teacher Loan Forgiveness Program (TLF) offers student loan forgiveness of up to $17,500 off of Direct Subsidized and Unsubsidized Loans and Subsidized and Unsubsidized Federal Stafford Loans. To qualify for TLF, teachers must have completed five full and consecutive academic years in a qualifying school, with at least one year being after the 1997-98 academic year, and they must have been new borrowers after October 1, 1998. Additionally, certain highly qualified special education and secondary mathematics or science teachers can qualify for up to $17,500 in forgiveness.
Many states also offer loan forgiveness programs for teachers, especially if they teach in a high-need area or a low-income school. Teachers with Perkins Loans may qualify for student loan forgiveness if they teach high-needs subjects or work in low-income schools.
Furthermore, career-based grants are national grants that provide funds to qualified teachers. These grants can be awarded by the government, colleges, universities, and other organizations. It is recommended to research the specific state and industry to identify the grants that are applicable.
Other notable grant programs include the National Institutes of Health (NIH) Loan Repayment Programs (LRPs), which provide up to $50,000 per year to doctoral-level researchers in various fields, including clinical, pediatric, health disparities, and research for individuals from disadvantaged backgrounds. Additionally, various branches of the military offer loan repayment programs for eligible active-duty members, such as the Army Reserve College Loan Repayment Program, which can pay up to $20,000 toward student loans.
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Grants for health professionals
The cost of obtaining a college degree has skyrocketed, forcing many students to rely on loans to finance their education. Grants are a form of financial aid that can be used to pay off student loans. While scholarships are often merit-based, grants are usually need-based and do not need to be paid back. There are grants available to help health professionals pay off their student loans.
The National Health Services Corps (NHSC) has several grant programs designed to help medical professionals in different fields repay their student loans. The Nurse Corps Loan Repayment Program will provide funds to pay off 60% of your student loan debt if you work for at least two years in a critical shortage area. For a third year, eligible nurses may get another 25% of their student loans paid off. The IHS Loan Repayment Program gives out grants of up to $50,000 to pay off student loans for those who work for two years in American Indian and Alaska Native areas.
The National Institutes of Health (NIH) offers Loan Repayment Programs (LRPs) that provide up to $50,000 per year to doctoral-level researchers in various fields, including clinical, pediatric, health disparities, contraception and infertility, and research for individuals from disadvantaged backgrounds. These grants aim to attract health professionals to careers in research.
The Army Reserve College Loan Repayment Program can pay for 15% of the student loan balance up to $20,000 for those who work in a Military Occupational Specialty (MOS), enlist in the army for at least six years, and have student loans before active duty. Healthcare professionals on active duty or in the Army Reserve may be eligible for up to $120,000 ($40,000 per year for three years) to pay off their student loans through the Health Professionals Loan Repayment Program.
The Agency for Healthcare Research and Quality (AHRQ) provides an array of predoctoral and postdoctoral educational and career development grants and opportunities in health services research. The Bureau of Health Workforce also offers over 60 different health workforce grants, including the State Loan Repayment Program, which enables states and territories to operate their own loan repayment programs.
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Grants for military members
Grants are a great way to pay off student loans without having to pay the money back. Military grants are offered to military members, veterans, and relatives of active military members and veterans. They are often need-based and funded by the government, but some may be offered by colleges and universities.
The Post-9/11 GI Bill is one such grant that allows service members to transfer education benefits to their spouse or child. To qualify, the service member must be on active duty and transfer up to 36 months of their benefits.
The Army, Navy, Air Force, and National Guard offer up to $65,000 toward federal student loans for eligible active-duty members. The Iraq and Afghanistan Service Grant provides up to the maximum Pell Grant amount for students whose military parent died as a result of service.
The Military Heroes Program by the PenFed Foundation provides high-impact grants to celebrate the leadership and service of military members and support their transition from service to civilian life. The PenFed Foundation also offers Military Heroes Individual Grants to veterans, active military, National Guard, and Reserve members for community leadership and successful employment expenses that they cannot afford on their own.
Additionally, the National Health Services Corps has several grant programs to help medical professionals in different fields repay their student loans. The Nurse Corps Loan Repayment Program, for instance, will fund 60% of a nurse's student loan debt if they work for at least two years in a critical shortage area.
Military OneSource also provides school liaisons who help military-connected students with college preparation and planning. They offer various services, including standardized test preparation and scheduling assistance.
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$9.95
Grants for students
Grants are a form of financial aid that can be used to pay off student loans. Unlike scholarships, which are often merit-based, grants are typically awarded based on financial need. They can be a helpful solution for the millions of students burdened by student loan debt, which has reached a staggering $1.7 trillion in the United States alone.
There are various types of grants available to students, each with its own unique requirements and benefits. Here are some examples of grants for students:
Federal and State Government Grants:
The US federal government offers student loan forgiveness programs, such as the Public Service Loan Forgiveness (PSLF) program. Under PSLF, students must make 120 monthly payments on their federal student loans, repay their loans on an income-driven repayment plan, and be employed by a qualifying employer for the entire 120 months. Qualifying employers include government agencies and 501(c)(3) non-profits, such as AmeriCorps and the Peace Corps.
Additionally, each state usually has at least one grant program available to students. These state-based grants are often tied to specific jobs or industries, so it's worth researching opportunities based on your profession and location.
Military Grants:
Military grants are available for active-duty military personnel, veterans, and their relatives. These grants are typically need-based and funded by the government or, in some cases, colleges and universities. To be eligible, students must have a military status or have a family member with military status, and they may need to complete the FAFSA (Free Application for Federal Student Aid). The Army, Navy, Air Force, and National Guard may offer up to $65,000 towards federal student loans for eligible active-duty members.
The Iraq and Afghanistan Service Grant is another example of a military grant, providing up to the maximum Pell Grant amount for students whose military parent died as a result of service after September 2001.
Career-Based Grants:
Career-based grants are typically awarded by the government, colleges and universities, hospitals, or businesses to qualified individuals in specific careers. For instance, the National Health Service Corps (NHSC) offers grant programs for healthcare professionals, including doctors, dentists, nurse practitioners, and mental health providers, to help reduce their student loan debt.
The Teacher Loan Forgiveness Program (TLF) is another example of a career-based grant, offering up to $17,500 in student loan forgiveness for teachers who devote five years to teaching in low-income areas.
Research Grants:
Research grants are available for doctoral-level researchers in various fields, such as clinical, pediatric, health disparities, and more. The National Institutes of Health (NIH) offers Loan Repayment Programs (LRPs) that provide up to $50,000 per year to eligible researchers.
These are just a few examples of the grants available to students to help pay off their student loans. It's important to regularly check for grant opportunities and carefully review the eligibility requirements and application processes for each program.
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Frequently asked questions
Yes, there are grants available to pay off student loans. These grants are offered by federal and state governments, as well as nonprofit organisations.
Some organisations offering grants to pay off student loans include the National Health Service Corps (NHSC), the National Institute of Food and Agriculture (NIFA), the National Institutes of Health (NIH), and Bold.org.
Eligibility for grants to pay off student loans varies depending on the specific grant programme. Some grants are targeted towards individuals in certain professions, such as teachers, lawyers, medical professionals, or military service members. Other grants may have need-based or merit-based criteria for eligibility.
