Help Needed: Paying Off Student Loans

Help paying off student loans is likely more necessary now than ever before. Perhaps the most important thing you need regarding your outstanding student loans is a plan to begin repaying them. Things to consider include the different payment options available, how to make your payments, and the timing involved. In addition, it’s important to know how to contact your loan officer and what to do if you find you cannot make your payments. It seems like a lot to manage, and it is, but there is hope on the horizon. GrantWatch recognizes that there are individuals who are struggling with student loans. The following is information about loan forgiveness, loan repayment, and a list of grants and scholarships that may be useful.

Is There Help From the Government?

In a word, yes. There is help from the government. According to the federal government, there is help available in the way of loan forgiveness programs. However, the programs are very specific and there are a multitude of rules and qualifications to consider.

• Public Loan Forgiveness is specific to employees of U.S. federal, state, local, or tribal government or not-for-profit organizations.
• In addition, there are Teacher Loan Forgiveness programs that require you to be full-time, have five years of experience, and teach in a low-income or underserved community.
• The IHS Loan Repayment Program (LRP) helps clinicians pay off qualifying health profession education loans. They offer up to $50,000 in return for a two-year service commitment to work in health facilities serving American Indian and Alaska Native communities.

Paying Off Student Loans?

Whether you’re still in college, about to finish school, already graduated, or are returning for graduate studies, it’s important to be in control of your loan repayment plan. Additionally, it’s also good to be aware of the tips and resources you have available.

Loan Officer:  It’s wise to keep in touch with your loan officer. They need to be up to date on things that might affect your repayment like a change of address or a return to school. They can also answer questions and help with issues.

Have a Plan: Explore your repayment options and bear in mind that you can make changes at any time. It’s good to know you have choices when paying off your student loans.

Consolidation:  Consider consolidating your loans to streamline your payments. However, it’s essential to be aware that consolidation may result in the loss of certain benefits associated with the original loans. A Direct Consolidation Loan carries a fixed interest rate determined by averaging the interest rates of the loans being consolidated.

Trouble with Payments: Reach out to your loan officer if you’re having trouble paying your student loans. They can offer help like changing due dates, switching repayment plans, consolidation, and deferment or forbearance.

GrantWatch has pooled our resources to offer readers a valuable list of currently available higher education grants, fellowships, and scholarships. We hope this provides a step forward

Student Loan-related Grants and Educational Scholarships

1. First, grants of up to $15,000 and $30,000 to West Virginia students in the health profession to help repay loans for higher education. Awards are made to students who are interested in working in underserved communities.
2. There are also grants for tribes to plan and implement programs that employ volunteer staff to address community needs. Funding supports services for veterans and their families, including Science, Technology, Engineering, and Math (STEM) education, along with teaching native languages and environmental stewardship.
3. In addition, scholarships of $1,000 to individuals studying arts engineering designs, computer graphics, animation, and designs. The purpose is to encourage development and advancements in the 3D industry.
4. Grants to graduate students and postdoctoral fellows for research related to conservation. Funding is to support scientific work conducted by early-career researchers in the Yellowstone to Yukon regions.
5. Scholarships to Israel students to pursue doctoral studies at U.S. universities. Funding supports the advanced study of law, economics, or political science.
6. Finally, grants of up to $1,000 to U.S. qualifying military veterans and their spouses to cover unexpected expenses. Funding helps to complete postsecondary education programs.

We hope there is a Student Loan grant or educational scholarship that will be of help to you or to someone in your community!

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