In over your head with student loan debt? Depending on what you do for a living, you may be eligible for a student loan repayment grant to have a portion of your student loan debt paid for on your behalf. The U.S. Government also offers several loan forgiveness and cancellation programs for teachers and public service organization employees working in high needs areas.
Armed Forces Student Loan Repayment Program
This program is open to members of the U.S. Armed Forces and to new recruits. Qualified recipients can receive $10,000 to $65,000 to pay off student loans by serving in the military.
California Dental Association
This grant is available to new dentists in California willing to work in underserved communities. The grant will pay $35,000 per year up to a total of $105,000 for student loan repayment.
Health Professions Faculty Loan Repayment Program
This loan repayment program helps faculty from health professional schools of disadvantaged backgrounds pay off student loan debt. This grant will pay a maximum of $40,000 to a recipient’s student loans for working at an accredited health profession college or university for a period of at least 2 years.
Health Professionals State Loan Repayment Programs
This federally funded grant program is for primary health care providers working in shortage areas in 36 states. Eligible health care disciplines, length of service commitment and the amount of repayment varies from state to state.
National Health Service Corp Loan Repayment Program
This program provides loan repayment grants to medical, dental and mental and behavioral health providers that work in communities with limited access to care. The application deadline is in April, each year.
NY District Attorney and Indigent Legal Services Loan Forgiveness Program
This program is for District Attorneys, Assistant District Attorneys and Public Defenders across the State of New York. The program will pay $3,400 per year to your student loan debt up to a lifetime total of $20,400. Applications are available in March, each year.
Public Service Loan Forgiveness Program
This federal program is available to those working in the public service sector. You may qualify for forgiveness of the remaining amount due to your student loans if you have made 120 payments on your loans and are employed full-time at a public service organization.
Teacher Forgiveness and Cancellation Programs
This federal program is designed to help teachers pay off student loan debt and to encourage others that do not teach to become teachers. Under the program you can receive $5,000 to $17,500 of federal loan forgiveness. Forgiveness is not available for PLUS loans. Teachers are required to teach a minimum of 5 years at a low-income, high-needs elementary or secondary school.
Union Plus LaborCorps Education Grants
If you are a young labor activist with at least $10,000 in outstanding student loans debt, you could receive a grant of $500 to $2,000 paid directly to your student loan lender. To be eligible, you must be employed full-time currently and for a period of at least two years with a union that offers Union Plus benefits or with an eligible AFL-CIO affiliated organization. You must be 35 years old or younger and have received a degree from an accredited college or university. LaborCorps Grants are only available as long as funds last for the grants program. The applications deadline for this grant is July 31, each year. Recipients will be notified no later than Labor Day.
U.S Office of Personnel Management Student Loan Repayment Program
This program allows government agencies to offer student loan repayment grants to recruit and retain highly qualified employees. Agencies through this program will pay $10,000 per year up to $60,000 total toward your student loan debt.