Some private employers offer student loan forgiveness, grants, and scholarships to their employees on a monthly basis. National Health Service Corps: Doctors, dentists, and mental health professionals can all qualify for this grant. Reimbursement for part-time work is also possible. The funding levels are here. Nurse Corps Loan Repayment Program: This is the main repayment option for nurses on the national level.
You can choose to stay longer and keep renewing your contract until your entire physician student loan debt is paid. Teacher Cancellation of Perkins Loans: There are no new Perkins loans as of , but if you have an existing Perkins loan, the full amount can be forgiven if you qualify. Qualifying teachers work in low-income communities or teach high-needs subjects like math, special education, science, bilingual education, or foreign languages.
There is no set time requirement or specific hours to work each week in order to qualify. Your forgiveness is given in per-year percentage increments until the loan is forgiven. John R. You can apply through your state. You must commit to at least three years of service. The application process is competitive. Herbert S. Other options: Many law schools offer loan forgiveness for graduates who work in the public sector, and there are numerous state-based programs for public-service lawyers as well.
Check out the American Bar Association website for more resources. National Institutes of Health NIH Loan Repayment Programs: This is actually a group of grant programs designed to entice medical professionals into valuable research fields.
To be eligible to apply, individuals must have received their degree from a New York college or university, and agree to operate a farm in New York for at least five years. You must submit your application within two years after graduating from school, and both federal and private student loans are eligible. Army Loan Repayment Program: If you enlist in the military after going to college and you have student loans, you can get forgiveness for those loans.
Iraq-Afghanistan Service Grant: If your parent was a member of the military and died while serving in Afghanistan or Iraq, and you were not eligible for a Pell Grant based on financial criteria, you could be eligible for an amount up to the maximum Pell Grant amount available for the award year.
You must have been under 24 years of age or enrolled at least part-time in college when your service member parent died.
The amount and time period vary by profession and service branch. In addition, the military offers special student loan forgiveness programs in:. Go here for a complete list. Some private companies use student loan forgiveness as a recruitment tool.
Check with your company to see if they offer student loan grants. There are a myriad of resources that can connect you to graduate program grants and scholarships. Here are a few:. There are grants offered by the federal government that are available to nontraditional students.
These include:. Whether you are writing a novel, a script, or poetry, there are several valuable grants you can look into:. Grants are just one option of how to find money for college. Grants are typically need-based and awarded based on your financial situation. You can also research scholarships, which also do not need to be repaid, but are based on your merit.
While some organizations offer scholarships before or during college attendance, paying off debt after a student leaves school is rare. However, a couple of knights in shining armor are helping borrowers across the country tackle their debt. Rolling Jubilee acts like a debt collector.
They pay lenders pennies on the dollar to take debt that the borrower is unlikely to pay back. However, instead of hounding the borrower for debt payments, they forgive the loan altogether. Rolling Jubilee takes on mortgage debt, medical bills, student debt, and more. Perhaps due to the lack of institutional charities paying off student loans, crowdfunding sites have become an increasingly popular way for students to raise money to pay off debt. Crowdfunding programs allow users to create a campaign and solicit donations from friends, family, and strangers.
You can think of crowdfunding as a decentralized charity for paying off your student loans. Before you choose a platform, though, make sure to evaluate the costs of each option. For example, some programs charge fees, which will decrease the amount of money you can put toward paying off your loans. You may also want to choose a site with a strong reputation for customer service and satisfaction.
Finally, you might consider using a popular platform like GoFundMe, as people might recognize the name and be more likely to donate. Some organizations may negotiate with lenders on your behalf to reduce interest rates or waive penalties for late payments.
In some cases, you may be able to set up a plan where you pay the nonprofit, which then distributes the funds to your creditors in the most efficient way. Plus, you can receive guidance on how to avoid more debt in the future. However, many students have had trouble getting their loans forgiven under PSLF. Importantly, if you leave the agency or are fired before you finish your service period, you may have to pay back the agency for the student loan payments it made for you.
Also see: Everything you need to know about student loans. Yes, there are actually some private grants that will help you pay off your student loans! While most of the other grants have a service requirement, these grants and scholarships have no such strings.
Here are a few that you might be eligible for:. This can save students tens of thousands of dollars in student loan debt. Qualifying employers include the government or any c3 non-profits. This means that teachers, civil servants, non-profit employees, and other social impact professionals can have their student loans paid off. This means that private student loans are not eligible.
One of the perks of these plans is that they will all pay off your remaining student loans after 20 or 25 years of payments. The downside of waiting the 20 or 25 years for loan forgiveness is that it is possible to pay even more in interest than the original loan amount. If you are a nurse, the Nurse Corps Loan Repayment program may be a good option! In order to receive the student loan benefit, nurses must work for at least two years in a Critical Shortage Facility or serve as a nurse faculty at an eligible school of nursing.
So in addition to getting some of your student loans paid off, you will be doing an important service by serving in a community that is in need of nursing professionals! In order to receive this loan benefit, teachers must be employed as full time, qualified teachers for five complete and consecutive academic years.
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