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Student Loans are usually seen as financial aid that helps someone to pay their college tuition and other related study expenses. It sounds very good of student loans but in the end, they are still loans. Loans have to be paid back at any cost. Paying back their student loans has been a challenging task for many.
Scholarships are financial aids that are provided to the students for their academic excellence in various fields during their studies. Scholarships are not meant to be issued only for achievements studies.
Students can get scholarships for their excellence in sports, research and other extracurricular activities. Unlike student loans, you need not repay the scholarships. And you should remember that you can apply and get a scholarship only when you are in college.
If you are already into student loans then Scholarships can help you to completely pay off your student loans or can at least can be useful to pay an effective sum towards your student loans.
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If you are not actually in the need of a huge amount of money, you can just settle with scholarships and grants.
They may be enough to satisfy your monetary requirements.
Scholarships are the first financial aid that you can get when you are in college. Before thinking of student loans you should try getting as many scholarships as possible. Student loans are the last and final options for fetching you monetary support when your financial requirement is high that cannot be satisfied by scholarships and grants.
Anyways, if you are already in student loan there are best scholarships available that you can make use of to pay off your student loans as soon as possible.
Student loan repayment and forgiveness programs
As student loan repayment is mandatory there is no way to escape from it. But there are smart ways to repay them. Student loan repayment can be made simple by a student loan repayment program or a forgiveness program.There are many such programs available and the borrower can choose the right one that suits them. Many student loan repayment programs and forgiveness programs are specific to states and professions. Most of these programs your expect service in return for their benefits.
Becoming an AmeriCorps member and providing your service for at least 10 months can provide you with the benefits of deferment and forbearance towards your student loans during your service period. This program provides other opportunities and many benefits.
Peace Corps Volunteers work at the grassroots level toward sustainable change that lives on long after their service—at the same time becoming global citizens and serving their country. Volunteers travel to a foreign country and focus on one specific volunteer area, determined by the needs of the host country and by the qualifying skills of the volunteer.
During the period of service, you will be relieved from repayment towards your student debts. And if you hold any Perkins loans then you will be eligible for getting them forgiven. Up to 70% of the Perkins loan amount can be forgiven through this program. The minimum period of service required to get the benefits of this program is 2 years.A nurse who agrees to work under the conditions of this program can enjoy the benefits of this program. On an agreement to offer service under this plan for 2 years on a full-time basis one can get up to 60% of the student loans forgiven.
An extension in the service period to 3years can get an extra 25% on the student loan forgiveness. For a total period of 3years, up to 85% of the student loans can be forgiven under this program.
The beneficiaries of this program are those who belong to the health and medicine related profession. Doctors and dentists can draw advantage of this program. Health professionals can get their student loans forgiven by accepting to work at specific service shortage areas for a minimum of 2 years on a full-time basis.Teachers with student loans can opt for this program to get their student loans forgiven. They have to agree to work in a school that is in need of a faculty in a specific department. On an agreement to work for 5years in such school a teacher may be eligible for anywhere from $5,000-$17,500 in the forgiveness of your student loans
You must make a required 120 qualifying payments on your Direct Loans on time, monthly payment made under one of the Direct Loan Program repayment plans, while employed full-time by a public service organization. Jobs include public health and safety, social work, library, and varied law professions. After you make your 120th qualifying payment, you will need to submit the Public Service Loan Forgiveness (PSLF) application to receive loan forgiveness.The list of programs is not restricted to this, there are many other student loan repayment and forgiveness programs other than the above-mentioned ones. So choose the right one that suits your requirements.
Paying off student loans is quite a challenging task which most of them realize only in the later stages. But you don’t need to worry much. Choosing the best plans and programs can help you pay off a part of the student loans. Before getting into student loans better lookout for all the possible ways of receiving some scholarships. And while you are opting for student loans make sure you choose the best student loans and be aware of everything about them.
Career-Specific Student Loan Forgiveness Programs. (2024, Feb 08). Retrieved from https://studymoose.com/career-specific-student-loan-forgiveness-programs-essay
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