Getting a scholarship can be a great way to pay your tuition fees. This is also still true even after you graduate. Yes, many scholarships to pay off student loans are available out there. You can find them by checking out state and federal government programs.
In addition, certain non-profit organizations usually offer similar scholarships to help students who are in debt. However, it is worth noting that most of these opportunities require their successful candidates to carry out certain service or job duties.
So, if you are concerned about your student loans and are looking for a way to pay them off, then keep reading this guide. You will learn about how you can find and secure the following scholarships.
5 Scholarships to Pay Off Student Loans
If you are looking for scholarships to pay off your student loans and end your debt, then the first thing you should do is see if you meet any of the criteria from the following list. Here is a summary of the best scholarships to pay off student debt in 2021 that we have rounded up from various sources:
1. Nurse Corps Loan Repayment Program
The Nurse Corps Loan Repayment Program pays off 85% of your nursing education debt. Instead, you are required to work for two years at either a Critical Shortage Facility (CSF) or an eligible nursing school as a nurse faculty.
These scholarships to pay off student debts are only available to a licensed registered nurse, advanced practice registered nurse, or a member of the nurse faculty. In addition, applicants must also receive their nursing education from an accredited nursing school located in a state of the United States of America.
By applying for the Nurse Corps Loan Repayment Program, you will have the opportunity to acquire 60% of your total nursing education debt over the course of two years. Then, after your two-year service contract, you may be entitled to a third year and an additional 25% of your loans.
However, note that these funds are not exempt from federal income and employment taxes.
All in all, you can learn more about the Nurse Corps Loan Repayment Program by visiting its official web page here.
2. New York State Young Farmers Loan Forgiveness Incentive Program
While the Nurse Corps Loan Repayment Program targets nurses in need, the NYS Young Farmers Loan Forgiveness Incentive Program is open to recent college graduates pursuing careers in the agricultural sector in NYS.
By applying to one of these scholarships to pay off student loans, you will have the opportunity to receive a loan forgiveness award for a total of $50,000.
To qualify, you must have an outstanding balance in your eligible student loan that you are using to finance an undergraduate degree from an approved NYS university or college. Eligible student loans include federal or NYS government loans or private student loans made by commercial entities that are subject to government examination.
NYS Young Farmers Loan Forgiveness Incentive Program payments are available for up to five years. The awards will be paid out in annual disbursements of up to $10,000. However, any additional payments made to reduce the outstanding balance may result in a reduction of the total award amount.
Click here to gain more information about the NYS Young Farmers Loan Forgiveness Incentive Program, including its precise requirements and application procedures.
3. John R. Justice Student (JRJ) Loan Repayment Program
If you are a state public defender, you may be eligible for these scholarships to pay off student loans. Under this initiative, you can receive ten thousand dollars a year for up to six years to help end your debt.
This funding requires a three-year commitment as either a state attorney or a state public defender. In addition, you can register with your law school for other repayment grants in the field of public service.
Generally, many law schools offer loan forgiveness grants to alumni who go to public interest law. Visit your state agency’s website about your area’s requirements for more information.
4. Teacher Loan Forgiveness Program
If you teach full-time for five consecutive academic years at a low-income school or educational service agency and meet other qualifications, you are eligible for forgiveness of up to $17,500 on your student loans under the Teacher Loan Forgiveness Program.
In addition, the teaching must be at an elementary school, high school, or an education service agency. On the other hand, the loans for which you are seeking forgiveness must have been made before the end of your five academic years of qualified teaching service.
However, one of the downsides of the Teacher Loan Forgiveness Program is that private student loans and Direct PLUS loans are not eligible. In other words, the benefits only make sense if you have Direct Stafford loans.
However, it never hurts to try. If you are a teacher interested in learning more about these scholarships to pay off student loans, then click here.
5. ND Career Builders Scholarship & Loan Repayment Program
The ND Career Builders Scholarship & Loan Repayment program is a tool for businesses to recruit and retain talent in high-need and emerging occupations in the state.
This unique partnership provides $1 of state funds for each $1 of private-sector matching funds, up to a total of $17,000 per recipient. The high-need and emerging occupations list is reviewed annually to determine qualifying positions.
Individuals can receive a scholarship on the front end, loan repayment on the back-end, or both, for their commitment to the state to fill one of the high-need occupations.
To qualify, students must be admitted into a qualifying certificate or degree program in the state. Qualifying programs are those at the associate’s level and below or other programs up to a bachelor’s level that are not longer than four semesters or six quarters in length.
Then, the institution will initiate the scholarship application process with the student. Next, North Dakota University System (NDUS) will confirm final eligibility based on program guidelines.
Note that payments may not exceed the cost of tuition, fees, books, and supplies up to a lifetime maximum of $17,000. They will be made on a semester, quarter, or term basis. Students must maintain at least a 2.50 minimum GPA to qualify for payment.
Learn more about these scholarships to pay off student loans by clicking here.