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Grants for Paying Off Student Loans
by Jon Faranda
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Overview
Grants for paying off student loans usually require individuals to dedicate their time to some form of public service. If you don't qualify for loan repayment grants or loan forgiveness, you might consider debt counseling or loan consolidation.
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Teachers
There is a variety of programs offering education debt grants for teachers, most notably the Teach for America program, which grants individuals $4,725 per year of service.
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AmeriCorps
AmeriCorps also offers $4,725 per year for individuals willing to work in disadvantaged communities on a variety of community service projects.
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Peace Corps
Peace Corps volunteers may qualify for loan forgiveness of 15 percent on Perkins loans for their first year of service, and 20 percent every year thereafter, up to a total of 70 percent.
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Service Jobs
Many individuals working in public service (i.e., firefighters, law enforcement officers, or social workers) may qualify for state and national student loan forgiveness grants, usually on publicly funded loans.
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Considerations
While it is not strictly a grant, student loan consolidation may significantly decrease your total monthly payments, or decrease the total amount you will have to pay.
