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Student Loan Repayment Grants
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Terri Said:Are there any need- or merit-based student loan repayment programs (e.g. grants, scholarships, fellowships...)?
We Answered:Another way to get some of your federal student loan debt forgiven is to participate in either the Peace Corps of Americorps. They won't write off all of your loans, but will write off some of it in exchange for serving in these services. There are also programs where you can teach in areas that are considered to be of special need and, in exchange, they will write off some of your federal student loans.
The federal government also has a program where you can work in the public sector for 10 years and make payments on your loans (you have to make at least 120 payments, or one a month for 10 years) and, at the end of those 10 years, they will write off any remaining loans that you have through the federal government. This works mainly for people who have very high federal student loan amounts. Obviously, if you only have a few thousand in loans, this program won't help much.
Go to www.financialaid.gov and look under "Repaying Your Loans" for information on different repayment plans available through the federal government.
As for private student loans (those that are not through the federal government, but are through private banks), there aren't as many programs available where they will write off some or all of your debt. Those sort of repayment plans are mostly available on loans that are financed through the federal government.
Seth Said:Student Loans???????????
We Answered:In the spectrum of educational funding, scholarships and grants are the "free money." These awards do not need to be repaid. In general, scholarships are given based on merit and grants are given based on financial need. They may be awarded based on need, or excellence in academics or other areas, or on a combination of both. The aid may be given by the federal or state government.
Many scholarships awarded to University students have separate processes, deadlines, eligibility criteria, and application forms. The resource links provided here will introduce you to a wide spectrum of possibilities available from the University and numerous other philanthropic agencies, organizations, and individuals.
Now the question is that how college funding works, the types of scholarships available, how to find them and how to apply for them. That’s pretty standard issue for a website about scholarships, although we think if you’ll pardon us saying so, that we’ve done an excellent and job of being comprehensive and readable. Here’s what’s different.
Scholarships are the ideal form of student aid, as they're basically gifts that never have to be repaid. On the other hand, student loans must be repaid, but they're made at very low interest rates, and you're usually you're not required to begin repayment until six months after you graduate. Some student loans require you to prove financial need, but some of them don't. Many students turn to student loans as a method to pay for college. Basically, if you cannot get access to the free money you have to borrow it in the form of a student loan.
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Student loans repayment is very hectic things for students who are not having proper job after their studies. I would like to suggest that the students who are in this type of situation to go and do communal volunteer works were need is necessary so that can help them in waving your loan to some portion.