What is loan scholarship?
One of the biggest worries of students on loans is how to pay up the loans after graduation. It is no news that most advanced countries give loans to students to help in footing their education for both tuition fees and maintenance. Students loans are normally paid back after one has secured a job and has started working.
Sometimes most of the students find it difficult to pay off their student loans, probably due to the huge interest incurred or the monthly payments they receive with respect to the percentage charged. This is why many alternatives have been set to help and improve this initiative. The most efficient of them all is the student loan scholarships.
Do you know they’re many scholarship programs designed mainly to help students in repaying their student loans? Paying a student loan is a gradual charge according to your earnings per month or annually. If you’re interested in knowing all the various scholarship programs that help in paying student loans, below are some little insights about how they work.
Students Loans Scholarships
Student Debt Relief Scholarship
The student debt relief scholarship is an established scholarship scheme that helps students to reduce some fees. The scholarship gives up to about $2000 as part of tuition fees in any institution of learning either colleges or universities. If you’re willing to study today and you think the student loan can be somewhat ridiculous in terms of payment, then you can try a student debt relief scholarship as it is very affordable and flexible.
Another initiative to help students with their financial burden is the debt scholarship. It aims to help students on student loans to pay off some percentage of their loan, particularly tuition fees, and it is opened annually. The grant is open for all programs and the acceptability is accessed based on many criteria.
Federal Pell Grants
The Federal Pell Grants is a strict scholarship program that helps students in their studies by easing their financial burdens. The scholarship is open to only undergraduates who have not pursue any bachelor’s degree program before and are willing to enroll themselves.
Federal Supplemental Educational Opportunity Grant
Federal Supplemental Educational Opportunity Grant is also a financial aid initiative that helps to cut down financial burden from students by reducing the student loans. The grant is specifically for undergraduates that have had any bachelor’s degree before and are willing to further it.
The main criteria for applying for this student loan scholarship is that you have some coursework in any given program covered by the Teacher Education Assistance for College and Higher Education (TEACH). Such students must be willing to pursue their careers in the teaching field.
Iraq-Afghanistan Service Grant
The Iraq-Afghanistan Service Grant is specifically for the nationals of Iraq and Afghanistan. It is for students who have their parents or guardians die while serving in the military either in Iraq or Afghanistan. However such students must be in school at the time of death to be eligible for this scholarship.
The AlaskAdvantage Education Grant Program
This grant is offered to postgraduate students willing to enroll in any of the following field courses, social services, natural resources extraction, health science and teaching, community.
Arkansas Health Education Grant
The Arkansas Health Education Grant is the type of scholarship granted to students who are willing to enroll themselves in the health field such as medicine, dentistry, optometry, and pharmacy.
The Cal Grant program helps in aiding students through their financial support. They’re many factors to be considered before one can be qualified for this grant such as the school you’re enrolled in, the financial needs, the cost of studies, and others. You can visit their official page to know more about this grant.
Tuition Assistance Program
The tuition Assistance Program is only available for students looking forward to enrolling themselves in their postgraduate programs. It is the largest grant program in the city of New York. The taxable income of the family of the applicant actually determines the amount of this grant.
During your service as an AmeriCorps, your student loan will be dismissed and will pay off after they are granted an education award.
Army Loan Repayment Program
For those who are owing student loans and are willing to enroll in the army, this is a breakthrough because your student loan can be forgiven.
Noteworthily, the above-mentioned student loan scholarship is basically for US citizens. However, if you’re an international student, below is the list of the student loan scholarship programs you can easily apply to.
Erasmus Mundus Scholarships for All Countries
The Erasmus Mundus scholarship is designed for all countries of the world. It helps international students in paying parts of their fees across European countries.
$50,000 OPEC/OFID Scholarships for Developing Countries
This scholarship program is mainly granted to international students from developing countries who need scholarship loans to further their education. The award is over $50,000.
Full List of DAAD scholarships
DAAD is a scholarship program designed by the German government for its international students. The program is mainly for those looking forward to pursuing their masters in any university in the country.
700 South Korean Government Scholarship Program
700 South Korean Government Scholarship Program is a postgraduate scholarship award given to international students who want to study in South Korea.
Canadian Government Scholarships
The Canadian government scholarships are a path to sail towards having a quality education in Canada for free. The scholarship is open for both undergraduates and postgraduates and It helps international students by granting them fees to cover their tuition fees and other expenses while studying in the country.
Full Commonwealth Scholarships
The commonwealth scholarship is a fully-funded scholarship scheme designed by the UK government to help both citizens and international students in pursuing their postgraduate programs in the country.
British Chevening Scholarships
The British Chevening Scholarship program is open to all international students that are willing to enroll in a master’s degree in any university in the UK. The offer is about GBP10,000.