National Institutes Of Health Loan Forgiveness
The five NIH extramural Loan Repayment Programs include the Clinical Research LRP, Pediatric Research LRP, Contraception & Infertility Research LRP, Health Disparities Research LRP, and Clinical Research LRP for Individuals from Disadvantaged Backgrounds
In return for loan repayments, LRP awardees are legally bound to a service obligation to conduct qualifying research supported by a domestic nonprofit or U.S. government entity for 50 percent of their time for two years. NIH makes quarterly loan repayments concurrent with the awardees satisfaction of their service obligation.
Payment projections are based on eligible educational debt at the start date of the LRP contract. The NIH will repay 25 percent of the eligible education debt, up to a maximum of $35,000 per year.
Learn more about this program here.
John R Justice Repayment Program
The John R. Justice Student Loan Repayment Program will pay up to $60,000 in student loans for lawyers who go into public defense.
These payments will be up to $10,000 per year and require a three year commitment as either a state prosecutor or a state public defender. You can also check-in with your law school about other repayment grants for public service. Many law schools, including top programs like the Yale School of Law, offer loan forgiveness grants to alumni who go into public interest law.
Veterinarian Medical Loan Repayment
The Veterinarian Medical Loan Repayment program helps vets pay their loans. You must meet the following to be eligible:
- Have a Doctor of Veterinary Medicine degree
- Have educational debt tied to the degree
- Work for or own a veterinary practice in a needy area
You are ineligible if:
- You defaulted on your federal loans
- Have any federal liens against you
The U.S. Department of Agriculture pays up to $25,000 per year for education loan repayment. Eligible participants must also have at least $15,000 in qualifying debt.
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Student Loan Discharge Options
There are also ways to get your student loans discharged in some circumstances. We consider student loan discharged to be a little bit different than forgiveness, both due to the nature of the way the loan is eliminated and the potential taxability surrounding it.
There are various discharge options you may qualify for.
Difference Between Scholarships And Grants
The primary difference between scholarships and grants is the qualifications for each. Scholarships are often awarded based on academic accomplishments and other talent or merit-based qualifications. Grants, on the other hand, might be awarded based on financial need. They can also be awarded based on fields of study.
Reimbursement programs often fall outside of these two categories but are most often associated with grants since they focus on reimbursing tuition based on a specific career path or field of study.
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Student Lines Of Credit
If you have a student line of credit through your financial institution, youâll have to pay the interest on the amount of money you borrow while youre still in school.
After you graduate, many financial institutions give you a 4 to 12-month grace period. During this time, you only have to pay the interest on your line of credit. After this period, youll pay back your debt through a repayment schedule agreed upon with your financial institution.
Contact your financial institution to get information about paying back your student line of credit.
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What Is A Student Loan Grace Period
For some types of student loans, particularly federal loans, you dont have to start making loan payments when the loan is disbursed. Instead, your loans are deferred, and you have a six-month period after you graduate, drop below half-time enrollment or leave school before you have to start repaying your debtyour grace period.
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How To Get The Best Student Loan
Nitrocollege $2000 College Repayment Grant
If you have student loans, you can enter to win the NitroCollege $2,000 College Repayment Grant to pay off a portion of your debt. Its offered every month to a different borrower. Payment is made directly to your loan servicer, rather than being sent to you.
- Eligibility: Open to any U.S. citizen who has student loans. Parents who have taken on debt to help pay for their childs schooling are also eligible.
- Deadline: End of every month
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Are Student Loans And Grants Taxable Income
While student loans may seem like a source of income that would need to be reported on your tax return, they don’t count as taxable income. Since student loan debt is meant to be repaid, the money doesn’t count as income so you shouldn’t report it as income when filing your taxes.
Grants also aren’t considered taxable income in most cases. As long as you use the money for education costs, such as tuition or books, and the amount received doesn’t exceed the cost of your education expenses, then the grant money is tax-free.
Nih Loan Repayment Programs
The National Institutes of Health runs a loan repayment program for medical professionals. With a goal of recruiting health professionals into research careers, the program offers up to $50,000 per year in grants to pay off student loans.
Researchers in the program must specialize in areas like health disparities in minority populations, clinical research for individuals from disadvantaged backgrounds, and contraception and infertility research.
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The Alaskadvantage Education Grant Program
This program allows students to use grants for their needs pertaining to education. The students have to be pursuing a course at the postgraduate level. Some grants are dedicated to students who have opted for a course in natural resources extraction, health science, teaching, community, and social service.
http://akadvantage.alaska.gov/STUDENT-PARENT/Grants_Scholarships/AlaskAdvantage_Education_Grant.aspx
Indian Health Service Loan Repayment Program
The Indian Health Service is a culturally enriching program that contributes up to $40,000 to your eligible student loans in exchange for two years of service. Opportunities are designed to address the needs of the underserved American Indian and Alaska Native communities.
You can opt to stay longer, renewing your contract until your student loan is paid in full. Many students find this program stimulating and rewarding.
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Federal Teacher Loan Forgiveness
If youre a teacher who has federal student loans, you might be eligible for full or partial loan forgiveness. The Teacher Loan Forgiveness Program is a federal program that can forgive up to $17,500 of your subsidized and unsubsidized loans.
To qualify, you must hold a teaching degree and agree to teach in a low-income school or educational facility for at least five consecutive years. Your loans must also be in good standing to receive this grant. This grant primarily is gifted to full-time teachers, but some funding can be offered to part-time teachers.
You can learn more about the federal Teacher Loan Forgiveness Program and how to apply here.
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Grants To Pay Off Student Loans For Single Mothers
This one is a bit difficultthere arent a lot of student loan forgiveness programs specifically for single mothers.
However, if youre a single mom who needs student loan debt relief, any of the above may be an option depending on your career, the state you live in, and other circumstances.
Which leads us to…
Public Service Loan Forgiveness Program
The PSLF Program is proposed to inspire individuals to enter and continue to work full time in public service jobs. Under this program, you may meet the requirements for the forgiveness of the remaining balance due on your William D. Ford Federal Direct Loan Program loans after you have made 120 succeeding payments on those loans while employed full-time by certain public service employers.
Any non-defaulted loan made under the Direct Loan Program is eligible for loan forgiveness. Applicants can find additional information at
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How To Work With Your Servicer
If you want to restart payments during the automatic forbearance, contact your student loan servicer its the private company that manages payment of your federal loans. But you donât have to do anything to get the forbearance or the 0% interest rate.
To find out which loan servicer is yours, log in to studentaid.gov with your FSA ID.
You can get in touch with all of the loan servicer contact centers by calling 1-800-4-FED-AID.
For additional information visit studentaid.gov/coronavirus for forthcoming details.
About the author:Anna Helhoski is a writer and NerdWalletâs authority on student loans. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. Read more
Should I Look Into Loan Repayment Programs
Using grants to pay off student loans is a great strategy, but you may still have leftover student debt. Depending on your financial situation, a loan repayment program may make your debt more manageable.
There are many different types of student loan repayment assistance available, including income-driven repayment plans which alter your monthly payments based on your income.
Depending on your area of work, there may be loan forgiveness options available. Teachers, medical workers, and public defenders are just some examples of groups who can take advantage of public service loan forgiveness, but there are also loan repayment programs and grant forgiveness opportunities available in other fields as well.
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Usda Veterinary Medicine Loan Repayment Program
This is a program for those who practice veterinary medicine. This program will pay up to $25,000 each year towards qualified educational loans of eligible veterinarians who agree to serve in a NIFA-designated veterinarian shortage situation for a period of three years.
You can find out the timing and learn more information about this program here.
Armed Forces Loan Payment Programs
Many branches of the United State military offer loan payment programs that will pay off your student loans:
Each program is a little different, but will potentially pay off tens of thousands of dollars in student loans for you. As with other types of service-based loan repayment programs, these are specifically for federal student loans and not private loans.
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Student Loan Repayment Assistance For Healthcare Professionals
Different loan repayment assistance programs are available for healthcare professionals.
- National Health Service Corps Loan Repayment Program: Depending on your profession and where you practice, as well as whether you work full-time or part-time, you could get between $25,000 and $50,000 toward reducing your student loan debt.
- NHSC Students to Service Loan Repayment Program: Depending on your specialty and profession, if you serve four years in an area thats considered a shortage area, you could receive up to $120,000 in loan repayment help.
- Nurse Corps Loan Repayment Program: You could receive up to 85% of your debt from nursing school paid off when you work in an area experiencing a shortage of nurses. This includes private loans as well.
Walter Byers Postgraduate Scholarship Program
National Collegiate Athletic Association set up the Walter Byers Postgraduate Scholarship Program as a method of recognizing the contributions of the former executive director through encouraging excellence in academic performance. Under this program, one male and one female student-athlete will be awarded a postgraduate scholarship annually in acknowledgement of exceptional academic achievement and potential for success in postgraduate study. Candidates must hold a minimum GPA of 3.5, compete as a member of a varsity team at an NCAA member institution intercollegiate athletics, be graduating senior from an accredited institution. The interested candidates must visit the NCAA scholarship webpage and follow through with the instructions to apply for the scholarship. Under Byers scholarship program, the recipients will receive a considerable stipend of $24,000.
Provided By: National Collegiate Athletic AssociationAmount: $24,000Apply Now
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Iraq And Afghanistan Service Grants
Iraq-Afghanistan Service Grants are federal grants that help people pay for education expenses. Payment procedures for this grant are the same as the ones for the Federal Pell Grant. This grant is not a post-graduation grant, however. Its a grant thats paid while the student is in school.
Eligibility
The applicant must not be eligible for a Federal Pell Grant based on Expected Family Contribution, but they must meet the remaining Federal Pell Grant eligibility requirements. Applicants can be eligible if their parent or guardian was a member of the U.S. armed forces and died as a result of their service in Iraq or Afghanistan.
Amount
Currently, the amount available is a maximum of $5,717.11 if its disbursed on or after Oct. 1, 2018, and before Oct. 1, 2019.
How to Apply
To apply for this grant, you will need to complete the FAFSA. Then, your school can work with the U.S. Department of Education to determine whether or not youre eligible.
John R Justice Student Loan Repayment Program
If you are a state public defender or prosecutor, you may be eligible for the John R. Justice Student Loan Repayment Program. Under this initiative, you can receive up to $10,000 per year with a maximum benefit of $60,000. The funds can be applied to the remaining balance of most federal student loans, apart from parent PLUS loans.
To apply for the grant, you must agree to work as a public defender or state prosecutor for at least three years. For more information, visit your state agency website to learn about your areas requirements.
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Total And Permanent Disability Discharge
If you become totally and permanently disabled, you may be eligible to have your student loans discharged.
To qualify, a physician must certify that the borrower is unable to engage in substantial gainful activity due to a physical or mental impairment. This impairment must be expected to result in death or last for a continuous period of at least 60 months, or it must have already lasted for a continuous period of at least 60 months.
Any remaining balance on your Federal student loans will be discharged from the date that your physician certifies your application.
The Secretary of Veteran Affairs can also certify the borrower to be unemployable due to a service-connected disability. If the VA certified your application, any Federal student loan amounts owed after the date of the service-related injury will be discharged, and any payments you made after your injury would be refunded to you.
Borrowers may also be eligible for discharge if they have been certified as disabled by the Social Security Administration where the notice of award for Social Security Disability Insurance or Supplemental Security Income benefits indicates that the borrowers next scheduled disability review will be within 5 to 7 years.
If you were approved due to the SSA determination, any remaining balance on your Federal student loans would be discharged. This benefit recently became tax-free thanks to Trump’s student loan reform.
You can learn more about Disability Discharge here.
Air Force College Loan Repayment Program
The main Air Force College Loan Repayment program is paused in 2018 . This program allowed you to get up to $10,000 in student loan debt paid off in 3 years.
However, the Air Force JAG student loan repayment program is still active. You can receive up to $65,000 in student loan forgiveness if you go into JAG in the Air Force.
You can learn more about this program here.
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Fact Sheet: President Biden Announces Student Loan Relief For Borrowers Who Need It Most
A three-part plan delivers on President Bidens promise to cancel $10,000 of student debt for low- to middle-income borrowers
President Biden believes that a post-high school education should be a ticket to a middle-class life, but for too many, the cost of borrowing for college is a lifelong burden that deprives them of that opportunity. During the campaign, he promised to provide student debt relief. Today, the Biden Administration is following through on that promise and providing families breathing room as they prepare to start re-paying loans after the economic crisis brought on by the pandemic.Since 1980, the total cost of both four-year public and four-year private college has nearly tripled, even after accounting for inflation. Federal support has not kept up: Pell Grants once covered nearly 80 percent of the cost of a four-year public college degree for students from working families, but now only cover a third. That has left many students from low- and middle-income families with no choice but to borrow if they want to get a degree. According to a Department of Education analysis, the typical undergraduate student with loans now graduates with nearly $25,000 in debt.
- Provide relief to up to 43 million borrowers, including cancelling the full remaining balance for roughly 20 million borrowers.
These reforms would simplify loan repayment and deliver significant savings to low- and middle-income borrowers. For example: