It is no longer news that the cost of education has increased, causing many top students to start looking for loans to help them further their education which has an important role to play in securing a good job that pays well and has excellent opportunities for growth.
Sometimes, students who receive this loan have difficulties in paying back may be due to the interest rates accrued. But there are other ways around this, one which includes paying off student loans with scholarships. As I discuss further, you will get to know more about these scholarships.
1. Student Debt Relief Scholarship
This scholarship aims to help students get higher education without being burdened with debt from student loans. The scholarship program is once a year and gives a total of $2000 to be used as tuition fees in any university or college.
2. Debt Scholarships
These scholarships are designed to help students meet their financial obligations with respect to student loans. The Debt scholarships offer a huge sum which can be used to pay off these loans.
3. Federal Pell Grants
These grants can be used as scholarships for paying off student loans. Only undergraduate students that do not have their bachelor’s degree or any other professional degree can apply.
4. Federal Supplemental Educational Opportunity Grant
This particular grant can only be used by undergraduates. They need to demonstrate that they possess an exceptional financial need for the grant.
5. TEACH Grant
Students who have taken the necessary coursework in a program that is covered by the Teacher Education Assistance for College and Higher Education (TEACH) grant can apply for financial aid. They need to fulfill a set of academic criteria and must be intent on pursuing teaching as a career.
6. Iraq-Afghanistan Service Grant
Students can apply for this grant only if one of their parents or their guardians had died while serving their tenure in military service in either Afghanistan or Iraq. The students should have already been enrolled in any college at the time of the death of their parent or their guardian.
7. The AlaskAdvantage Education Grant Program
This program allows students to use grants for their needs pertaining to education. The students have to be pursuing a course of the postgraduate level. Some grants are dedicated to students who have decided to go for a course in natural resources extraction, health science, teaching, community, and social service.
8. Arkansas Health Education Grant
This scholarship is available for students who are enrolled in certain medical courses such as dentistry, medicine, and optometry. It is possible for the students to apply for the scholarship even if they are enrolled in an institution in a state other than Arkansas.
9. Cal Grants
The Cal Grant program oversees the distribution of the scholarships. Various factors will be taken into consideration when awarding a student with one of these grants. They can include factors such as the financial need of the student, the school enrolled in, the cost of attendance and the status of enrollment.
10. Tuition Assistance Program
This is the largest grant program available in New York. These grants are only available to students that are enrolled in their postgraduate courses. The amount given through the grant will be dependent on the taxable income of the family of the applicant.
Students can postpone educational loans during my service with AmeriCorps. Members at AmeriCorps may qualify for postponement, or forbearance, of the repayment of your loans during their service. The education award will support the students to pay off qualified student loans when they are finished.
12. 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.
If you agree to serve for three years and meet other qualifications, you can get a third of your outstanding principal paid each year, for a maximum of $65,000.
How to Apply for Student Loan Scholarships?
The process for applying will be different depending on the individual scholarship you’re applying to, but here’s a general outline:
1. Search for a Scholarship that fits your circumstances
- Search for scholarships available in your state.
- Look into scholarships available for members of the military or nonprofits such as Teach for America or the Peace Corps, if you’re willing to join up.
- Find out if your college offers student loan forgiveness for people in your major.
2. Fill out the application
The organizations offering the scholarships should have an application on their website. You may have to print it out and mail it, or you might be able to fill it out online.
3. Keep an eye on the due dates
Have it in mind that many grants are given out on a cycle, and there’s usually a deadline every year. so if you missed the deadline on a grant that looks like it would be a good fit, check when it will open again and set a calendar reminder to apply. It’s best to do this early in the cycle, as many grants have limited funds and are first-come, first served.