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.
- Athletic Scholarships
- College-Specific Scholarships
- Company-Sponsored Scholarships
- Grants for College
- Merit-Based Scholarships
- Minority Scholarships
- Our Scholarships
- Scholarship Contests & Sweepstakes
- Scholarships by Major
- Scholarships by State
- Scholarships by Type
- Scholarships for Graduate Students
- Scholarships for High School Students
- Scholarships for Undergraduate Students
- Weird Scholarships
- $1,500 - I Have a Dream Scholarship
- $10,000 - Unigo $10K Scholarship
- $1,500 - Sweet and Simple Scholarship
- $2,500 - Superpower Scholarship
- $3,000 - All About Education Scholarship
- $1,500 - Fifth Month Scholarship
- $1,500 - Do-Over Scholarship
- $1,500 - Flavor of the Month Scholarship
- $1,500 - Make Me Laugh Scholarship
- $1,500 - Shout It Out Scholarship
- $2,000 - Zombie Apocalypse Scholarship
- $5,000 - Education Matters Scholarship
- $1,500 - Top Ten List Scholarship