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Grants Pay Off Student Loans
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Johnnie Said:What grants can I apply for to pay off student loans?
We Answered:Sorry but there are no grants for paying off student loans
The government is NOT in the business of giving away free money for the sake of giving away money. There are no grants for paying bills, no grants for paying off credit cards, no grants for getting out of debt .
Grants are free, but it means OBLIGATION. You will be obligated to do as the grant sets out to do. Grants have objectives, and your purpose must fit the objective of the grant.
For one, you have to write the grant application and the grant application is not a simple document - you have to explain how your purpose for applying for the grant fits well with the objectives set out by the grant.
There is a stringent review process through a committee. You will compete with other applicants for the grant money, and this grant review committee will evaluate the merits of each proposal. Only those that they feel exemplifies the objective of the grant will be approved.
You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes.
Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently.
Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs
Ramona Said:are there any grants that will helpl pay off student loans?
We Answered:I found a helpful article about getting federal funding to help pay of loans: http://moneycentral.msn.com/content/Coll…
Connie Said:where do I find government grants to pay off student loans?
We Answered:Unless in teaching or nursing, there are no government grants to pay off student loans. Both programs are in underserviced areas or have a greater need for people in those professions. It comes with the condition of working in those areas for a certain number of years (at least two years). The best place if possible would be to find an employer who gives a bonus check on hiring if possible.
Daisy Said:Are there any programs or grants out there to help pay off student loans after graduation?
We Answered:my plans are to declare bankruptcy and live with my parents for 7 yrs then restart my life scott free!. . .
Beverly Said:I am trying to find information about governments grants to pay off student loans.?
We Answered:There won't be any grants to pay off your loans - if you qualified for any grants while you were in school, you would have received those then. The best advice I have is to contact your loan servicers and see if you qualify for your loans to be put on forbearance or deferment. You will still be responsible for paying back your loans, but it might help with the payments in the short term.
Hope this helps!
Henry Said:How to apply for grants to pay off student loans?
We Answered:Visit this site
Here you will find enough information that will help you solving your question.
Cecil Said:Are there grants to pay off existing student loans?
We Answered:Actually, Need, there is a program that might be of interest to you - a program called the Public Service Loan Forgiveness program. It's almost brand new - in fact - it was only established in 2007.
Unfortunately, it's not going to get you off the hook for those payments - or at least not for quite a while.
Don't shoot the messenger here - I'm only telling you how the program works.
If you remain a full-time, public service employee for 10 full years - and - you make all of the payments on your federal loans as scheduled every month - any balance remaining after that 10 year period will be written off and excused.
You don't have to start as of right now - the program took effect as of October 1, 2007 - so your employment and payments that you have made in the last 20 months would count towards the 120-month requirement.
I recommend that you investigate the possibility of consolidating your federal student loans through the Federal Direct Consolidation program. Unlike private loans, you will be able to arrange for consolidation of your fed loans through that program. Consolidating will have the effect of lowering your monthly payment by stretching your payment term. If you qualify to stretch your payment term from 10 to 20 years, you'll both lower your payment AND ensure that you'll have a good number of payments excused at the end of the 10-year qualifying period for the Public Service Forgiveness program.
For more information on the program, I recommend the lengthy discussion that can be found here: http://www.finaid.org/loans/publicservic…
Good luck to you - I hope this information helps you.
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