Student Loans Grants – Are there Grants to help pay Student Loans?
Student Loans Grants – Are there Grants to help pay Student Loans?
To your belief, there’s a simple way you can cut down your student loan and free yourself of the financial burden. Quite simple and affordable through some rigorous brainstorming you’re likely to come across student grants. It is the easiest way to cut down your student loan or even get them paid completely.
According to the information provided by Institute for College Access & Success, about 62% of four-year graduates in 2019 have a students loan on average of $28,950. This is in line with the fact that an average student in the developed countries will have to acquire a student loan to be able to fund their education due to the huge tuition fees ascribed.
If you’re burdened with the student loan from your studies days and you’re willing to make the payments through some free alternatives, they’re numerous grants out there for you to apply and be given. This will help you to pay up the money faster and also save you the stress of going through a long time of pressure.
How Students Loans Grants Works
Unlike a student loan, grants are forms of gifts, either from the government, school, or charitable organization which helps students to pay their student loans through releasing funds for the service. That is to say, grants are financial aid and wouldn’t be paid back after one has graduated.
It is a form of financial aid like the scholarship, but unlike grants, the main difference is that scholarship qualification is fixed on academic performance and possession of certain skills which isn’t so in the case of grants. Grants eligibility is mostly based on a lack of finances.
With student loan grants, you can easily pay all your student loans and even complete the interest as quickly as possible. Depending on the initial agreement on the amount of interest to be paid and the methods of payments, individuals can decide to surge the payment at once or make it a gradual process.
Grants to pay off your Students Loan debts
As stated above, there’s a possibility that you may be financially burdened to an extent that paying your student loan debts could be hectic, or you may want to look for faster ways to clear up the loan and have a free hand. This is why they’re a list of international grants out there for you to explore and help yourself.
If you’re looking forward to knowing the various grants that may help you pay off your student’s loan debts, below they are;
Department of Justice Attorney Student Loan Repayment Program (ASLRP)
The ASLRP is mainly designed for those employed in the Department of Justice. The program offers payments of student loans on the condition that such students will work in exchange for a three years service obligation.
In a nitty-gritty, the department of justice will pay a certain amount of money to cover the student loan for highly qualified attorneys who in turn will later work for them for three years. This contract agreement is not a free service as the employees will be receiving their payments, and at the end of the year, they can be given up to $6,000 to pay up their student loan.
Veterinary Medicine Loan Repayment Program
The Veterinary Medicine Loan Repayment Program is designed for veterinarians who have agreed to work in some shortage areas. The loan is about $75,000 and can be used to pay both government and private students loans. Such individuals must be willing to work for about three years in exchange.
TEACH Grant
The TEACH grant is a financial aid program primarily designed for those intending to become teachers. The student loan grant can be up to about $4,000 per year. Such persons must in return be enrolled to teach in either elementary school, secondary or educational service agency for a period not less than four years.
NHSC Students to Service Loan Repayment Program
The NHSC Students to Service Loan Repayment Program is offered to final year students with an agreement for a three-year service at any approved site. The grants received are normally up to $120,000.
The loan is selective, that is for you to be eligible for the NHSC Students to Service Loan Repayment Program, you must be enrolled in any dental, medical, or nursing school.
National Health Service Corps (NHSC) Loan Repayment Program
The National Health Service Corps (NHSC) Loan repayment program is designed to aid primary care clinicians to pay up their student loan debts. The program helps to pay up to about $50,000 and in return, such persons will work for two years at an NHSC site. It is a financial aid grant which can be used to pay up loans for both government and private ones.
To be eligible for the loan, you must be practicing one of the following professions
- Dentists
- Allopathic and osteopathic physicians
- Physician assistants
- Psychiatric nurse specialists
- Health service psychologists
- Licensed clinical social workers
- Marriage and family therapist Nurse practitioners
- Certified nurse-midwives
- Dental hygienists
NHSC Rural Community Loan Repayment Program
This program is designed to help students in paying their loans debts. Such individuals can be granted up to $100,000 in exchange that he/she will work for three years in a rural NHSC-approved substance use disorder treatment facility. It is opened for individuals in the following professions
- Registered nurses
- Clinical pharmacists
- Licensed clinical social workers
- Nurse practitioners
- Psychiatrists
- Physician assistants
- Psychiatric nurse specialists
- Allopathic and osteopathic physicians
- Certified nurse-midwives
Indian Health Service (IHS) Loan Repayment Program
The Indian Health Service (IHS) Loan Repayment Program is mainly for nationals of India in the healthcare field. The program is designed in such a way that an individual can receive up to $40,000 to pay their student loan and in return, they’ll have to work for at least two years at an IHS facility, Tribally-operated 638 Health Program, or an Urban Indian Health Program.
The program can help you to pay any type of students loan either federal or private loans and the professions eligible for the loan are listed below;
- Nurses
- Optometrists
- Acupuncturists
- Behavioral health professionals
- Chiropractors
- Dental hygienists
- Dentists
- Dieticians
- Medical laboratory scientists
- Advanced practice nurses
- Allopathic and osteopathic practitioners
- Pharmacists
- Physical therapists
- Physician assistants
- Social workers
NHSC Substance Use Disorder Workforce Loan Repayment Program
The loan is designed to help combat underserved areas. It is a student loan repayment grant that covers up to $75,000 of your debts. Such offers are granted in exchange for three years of services on any approved site.
To be eligible for the NHSC Substance Use Disorder Workforce Loan Repayment Program, you must be in any of the following professions.
- Physicians
- Pharmacists
- Registered nurses
- Certified nurse-midwives
- Nurse practitioners
- Physician assistants
National Institute of Mental Health Loan Repayment Program
The program is designed for those in healthcare fields who have doctoral degrees in conducting biomedical or behavioral research. Such research must be funded by a government or domestic nonprofits organization. Individuals in this category are entitled to up to the sum of $100,000 in exchange for two-year research service.
Nurse Corps Loan Repayment Program
The Nurse Corps Loan Repayment Program is administered by the Health Resources & Services Administration. It helps in paying up to 60% of the student loan for nurses that are eligible. You must offer a two years service commitment in a designated area where there’s a nurse shortage.
