Student Loans Repayment Grants
Are there any need- or merit-based student loan repayment programs (e.g. grants, scholarships, fellowships…)?
Are there any merit loan repayment programs? If so, can you please given the pertinent information?
I know there are need-based repayment programs. How exactly do they work?
Are there any scholarships that pay student loans off?
Or alternatively are there any scholarships that dispense the award directly to the awardee (in which case I would pay off the loans myself)?
Another way to get some of your federal student loan debt forgiven is to participate in either the Peace Corps of Americorps. They won’t write off all of your loans, but will write off some of it in exchange for serving in these services. There are also programs where you can teach in areas that are considered to be of special need and, in exchange, they will write off some of your federal student loans.
The federal government also has a program where you can work in the public sector for 10 years and make payments on your loans (you have to make at least 120 payments, or one a month for 10 years) and, at the end of those 10 years, they will write off any remaining loans that you have through the federal government. This works mainly for people who have very high federal student loan amounts. Obviously, if you only have a few thousand in loans, this program won’t help much.
Go to www.financialaid.gov and look under “Repaying Your Loans” for information on different repayment plans available through the federal government.
As for private student loans (those that are not through the federal government, but are through private banks), there aren’t as many programs available where they will write off some or all of your debt. Those sort of repayment plans are mostly available on loans that are financed through the federal government.
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