Student Loan Scholarships

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What are Student Loan Scholarships?

Student loan scholarships are a way to pay off debt. So, unlike most scholarships, the money is not for your tuition.

But there is more to student loan scholarships to know about. For one, you may need to be out of high school to apply.

Also, you may have to pay taxes on the money you win. And that means reporting the total on your annual tax forms.

Some awards cancel your loan allowing you to stop payments. While others are sums of money used to repay all or part of the loan.

What is Student Loan Forgiveness?

Student loan forgiveness can mean a few things. One is a grant. You use them money to pay some or all of your loans.

The term also refers to a program that cancels your loan. Or, ‘forgives’ it.

So, you will be able to stop paying your loan. But you do not get money per se. And, you must meet strict criteria from the giver.

A popular one of these comes from the federal gov’t. The Public Service Loan Forgiveness program.

In the PSLF program, the federal gov’t will forgive your loan. But you first need to make 120 qualifying payments. And work for one of their approved employers.

Types of Student Loan Scholarships

Student debt is at a record high of 1.4 trillion dollars. And, many students rack up about $37,172 in debt after 4 years. This through loans and credit cards.

If you need help to repay loans, there are a few paths to think over. While not the same, they may help you reduce or do away with your debt.

One kind is a contest you enter. As these tend to have simple forms to fill out, they are no brainers. But you win by chance.

For some contests all you do is fill out contact info. And this enters your name in a draw.

Others may have a call to action. Or ask for a short essay. Awards like these come from private donors and agencies.

Do.Something.org is one. It runs campaigns. A new one asks you to share online tips about the perils of vaping. Doing so, you enter to win $5,000.

Federal and State Student Loan Forgiveness Programs

Are you willing to work or volunteer? If so, you have other options from the federal gov’t or your home state.

For these programs, the rules to qualify vary. But it is usual you will have to work in your field for a period of time.

Also, both the loan and you as a person must meet the giver criteria. Plus, you have to wait in most cases until your job term is up to apply.

Then, the grant may pay a certain amount or wipe out your entire debt. To give you an idea, there is one is from the finance dept. of Maine. It pays up to $80,000 for dental education loans.

Another from Ohio offers loan funding to nurses. You need to be in good standing at your school. Also, submit info from your FAFSA so the board can assess your financial need.

Top 11 Student Loan Scholarships for 2020

You can get scholarships to pay off student debt. Check out these 11 student loan scholarships. Then apply for 2020.

FBEF Forgivable Loan Scholarship

This loan forgiveness program is available for Florida college juniors, seniors, and graduate students who are attending an eligible college. Students must major in a banking-related field, such as business, economics, finance, accounting, business administration, business management, marketing, or human resources and must maintain a grade point average of 2.5 or higher. Students who have already worked in Florida banking for five years or more can apply for grant funding at the freshmen and sop...

Total: $5000 Awards:  10
Deadline:  February 1
2020

Speech-Language Pathologist Forgivable Loan (SLPL)

This forgivable loan is available to Mississippi students pursuing a master's degree in a program at a Mississippi college/university leading to licensure as a speech-language pathologist. Students must have a grade point average of 3.0 or higher; students must agree to work in a Mississippi public or charter school district as a speech-language pathologist to forgive the loan.

Total: $7925 Awards:  4
Deadline:  March 31
2020

NYS Child Welfare Worker Loan Forgiveness Incentive Program

The NYS Child Welfare Worker Loan Forgiveness Incentive Program is available for New York State residents who have an outstanding balance on eligible student loan debt used to fund an undergraduate or graduate degree from an approved NYS college or university. To be eligible, applicants must agree to work full-time as a child welfare worker providing direct care services in an OCFS-licensed voluntary not-for-profit child welfare agency in NYS for five years.

Total: $50000 Awards:  1
Deadline: 

Public Service Loan Forgiveness Program (PSLF)

The Public Service Loan Forgiveness Program (PSLF) is available for full time employees in approved government agency or certain nonprofits. To be eligible, students must be employed in public service for a minimum of five years and have a remaining educational loan balance after making 120 qualifying payments.

Total: $50000 Awards:  1
Deadline: 

Segal AmeriCorps Education Award

Segal AmeriCorps Education Award is available to help pay for college, graduate school, or vocational training, or to repay student loans.

Total: $6195 Awards:  1
Deadline: 

Teacher Loan Forgiveness Program

The Teacher Loan Forgiveness Program is available for a full time teacher with five consecutive academic years of teaching. Awards are used to fund student loan debt forgiveness of up to $17,500 per recipient.

Total: $17500 Awards:  1
Deadline: 

NYS Young Farmers Loan Forgiveness Incentive Program

The NYS Young Farmers Loan Forgiveness Incentive Program is available for NYS residents who have an outstanding balance on an eligible student loan debt(s) from obtaining such degree. To be eligible, applicants must own and operate a farm in the state of New York for a minimum of five years.

Total: $50000 Awards:  10
Deadline: 

Department of Justice Student Loan Repayment

The Department of Justice Attorney Student Loan Repayment Program (ASLRP) is an agency recruitment and retention incentive program. The ASLRP is intended as a supplement to the individual attorney’s loan repayment obligations, not as a substitute. Once accepted, you will have to complete a three year service contract with the DOJ. Attorneys who do not complete their service obligation must repay the Department for all funds received through the ASLRP.

Total: $6000 Awards:  1
Deadline:  April 01

Student Loan Relief Scholarship

The Student Loan Relief Scholarship is available for high school seniors, undergraduate, and graduate students attending an accredited college or university in the U.S. Applicants must be 18 years of age and must be enrolled no later than fall of 2020.

Total: $2500 Awards:  1
Deadline:  April 30

Licensed Mental Health Services Provider Education Program (LMH)

The Licensed Mental Health Services Provider Education Program (LMH) offers loan forgiveness awards to individuals who provide direct care services at a New York State-licensed mental health agency. Recipients can receive up to $15,000 per year for up to 3 years, or the actual amount of the recipient’s student loan debt, whichever is less.

Total: $15000 Awards:  1
Deadline:  October 31