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Student loan scholarships are a way to pay off debt. 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.
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 might not get money per se. And, you must meet strict criteria from the giver.
A popular loan forgiveness program comes from the federal government. For example, the Public Service Loan Forgiveness program is available for full time employees in approved government agency or nonprofits.
In the PSLF program, the federal government will forgive your loan. However, you need to make 120 qualifying payments. And work for one of their approved employers.
Student debt is at a record high of 1.4 trillion dollars. According to the NCES, many students rack up about $37,172 in debt after 4 years.
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 drawing.
Others may have a call to action or ask for a short essay. Awards like these come from private donors and agencies.
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 given 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, the Maine Dental Education Loan Program assists dentists practicing in undeserved areas in Maine. It pays up to $80,000 for dental education loans.
Also, New York State offers assistance for child welfare workers. For instance, the NYS Child Welfare Worker Loan Forgiveness Incentive Program offers loan forgiveness awards up to $10,000 per year. It is available for New York State residents with an undergrad or graduate degree.
You can get scholarships to pay off student debt. Check out over 31 student loan scholarships worth $729K.
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