Student Loan Scholarships

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What are Student Loan Scholarships?

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.

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 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.

Types of Student Loan Scholarships

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.

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 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.

List of Student Loan Scholarships

You can get scholarships to pay off student debt. Check out over 30,034 student loan scholarships worth $885K.

Discover Student Loans Scholarship Award

This scholarship sweepstakes is open to U.S. high school seniors and undergraduate students who are 16 years of age or older. Students must plan to attend or be attending an accredited, non-profit, four-year college or university located in the 50 United States, District of Columbia, or Puerto Rico.

Total: $60000

Awards: 12

Deadline: January 31, 2021

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 business, economics, finance, accounting, business administration, or other bank related majors and maintain a GPA of 2.5 or higher.

Total: $2750

Awards: 10

Deadline: February 01, 2021

Speech-Language Pathologist Forgivable Loan (SLPL)

Mississippi students pursuing a master’s degree in a program at a Mississippi college/university leading to licensure as a speech-language pathologist are eligible. Students must have a GPA of 3.0 or higher and 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, 2021

Department of Justice Student Loan Repayment

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: March 31

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. Click to learn more and apply today!

Total: $2500

Awards: 1

Deadline: April 30

Sallie Mae Plan for College Sweepstakes

The Sallie Mae Plan for College Sweepstakes is available for U.S. students who are 18 years of age or older. To apply, applicants must register an account with Sallie Mae and fill out an application form. Each year twelve awards are offered annually. Click here to learn more and apply today!

Total: $12000

Awards: 12

Deadline: May 31

The College Monk’s Scholarship to Pay off Student Loans

The applicant must be a legal citizen of the U.S, applicants under DACA status or an International student with a valid student visa. The winners will be announced by April 30th and will be picked based on the essay provided.

Total: $500

Awards: 1

Deadline: May 31

Teacher Loan Forgiveness Program

If you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your?Direct Subsidized and Unsubsidized Loans?and your Subsidized and Unsubsidized Federal Stafford Loans.

Total: $17500

Awards: 1


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


NYS Child Welfare Worker Loan Forgiveness Incentive Program

The NYS Child Welfare Worker Loan Forgiveness Incentive Program offers loan forgiveness awards to individuals who provide direct care services at a New York State-licensed child welfare agency.? Up to $10,000 per year for up to 5 years, or the actual amount of the recipient’s student loan debt, whichever is less, is offered.

Total: $50000

Awards: 1


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