Student loans. A headache tends to form just thinking of those two words. According to researchers, there are close to 45 million people with student loans. That is a massive amount of individuals, and with the stress that can come with those loans, it can lead to a lot of financial burdens that you should not have to carry. So now more than ever is the perfect opportunity to learn about scholarships for those student loans!
Now you may be wondering how exactly scholarships for student loans work. As in most cases you would get a scholarship entering into school or in the middle of your education. Well what about after? It turns out that the answer can be a little complicated, but we are here to break down the confusion and alleviate some of that anxiety.
Let’s learn about:
- How scholarships for student loans can work
- How you find scholarships to pay off student loans
- Resources and help for YOU to “uncomplicate” the complicated
Scholarships can feel overwhelming, but luckily sorting through the confusion with good tools will lead you one step closer to feeling less anxious moving forward!
How Do Scholarships For Student Loans Work?
Traversing the landscape of scholarships is key to any student that needs financial help. Beginning in Ancient Rome, financial aid has been a part of our society for thousands of years. However, finding scholarships for your student debt is what we’re discussing today and how exactly they work. So let’s break this down:
- Question 1: Can you use any scholarship for student loans?
- Answer: No, unfortunately most scholarships are largely used to cover your tuition. Usually being sent directly to your college, or if sent to you, the provider will normally list what you are able and/or unable to do with that money.
- Question 2: Can I try and use my scholarship money to pay off my student loans?
- Answer: In most cases, no. If you try to use your scholarship money for something other than what is specified by the supplier, they may take that money back from you.
- Question 3: Can just any student get a scholarship to pay off their student loans?
- Answer: Yes…ish. The land of college scholarships is known for being intricate, and finding scholarships to pay off those student loans tends to have some stipulations.
In that event, let’s decode those stipulations and give you examples of how you can qualify to pay off those pesky student loans!
The answers can be frustrating and limited to find, but scholarships to pay off student loans are out there!
How Can You Find Scholarships To Pay Off Student Loans?
A great deal of scholarships to pay off student loans are hard to find and might have regulations you need to take a peek at. Looking into scholarships as you enter school or are currently in the progress of your education is always good for students. Additionally planning for your student loans after your schooling is done can be super beneficial.
Scholarships To Pay Off Student Loans
Founded in 2007, MoneySolver started as a tax relief company, but just 10 years later it began to dive into the world of student loans with it’s: Student Loan Solver, it’s first student loan service product to help with the student debt crisis. With their rise into the world of college expenses, they released their own scholarship and even a contest to help pay off those student loans, (with some other helpful resources too)!
Ask For Some Guidance!
It’s tough sometimes to ask for help, with small things such as opening a bag of chips or big things like how all of this scholarship stuff works. Yet taking that tiny step forward into asking for assistance can save you time and maybe even some money! Try calling your local universities, or your past one, and see if their intelligent individuals who specialize in the world of college finances can help you find opportunities for scholarships.
Let’s Learn About Grants!
If you are having trouble finding scholarships to pay off student loans then let’s discuss grants. Grants and scholarships are a lot of the times confused, as they are similar in some respects and different in others.
- Scholarships are usually merit based, meaning they are given to prospective hopefuls based on a certain quality like athletic capability, academic achievements, community services, or extracurricular activities.
- Grants are “need-based” which students who are looking to pay off their student loans are definitely seeking, because as stated before, loans can be debilitating. They tend to be available to students based on their income.
Now that you know the fundamental difference between scholarships and grants, it’s time to talk about their similarity, both being methods to lessen the burden, they are a gift aid. A gift aid being financial aid that does not require money back to the provider.
Grants, Grants, and More Grants!
Just like understanding the in’s and out’s of scholarships, breaking down the road of grants can be a little tricky, with resources like this Grantford article, it should help alleviate some of that confusion.
There are a lot of opportunities for grants to pay off student loans, and some of them can be very useful when dealing with the growing debt that follows most people well into their adult lives.
Grants, just like scholarships, tend to have some rules and regulations that stipulate certain requirements from you. Doing your research into the specific grants you are looking for is crucial to make sure that you can get the most amount of money and no problems for your future self.
- If you are a health-care professional, teacher, attorney, or mental health professional, Forbes Advisor has a great list of ten grants used to pay off student loans here.
- If none of those positions above apply to you, you may be in need of a more open resource list, luckily Scholarships360 has one here.
- Finally, the US Student Loan Center tries to cover as many bases as they can with 49 grant options for many professions.
Now it’s not understatement that all of this can be overwhelming, and if you’re having trouble finding scholarships or grants to pay off your student loans, there are even more alternatives we can get into to give you the best shot for an unhampered future.
Taking the initiative and learning about how you can help yourself feel less tangled with your debt is the biggest thing you can do for you!
Uncomplicate the Complicated With More Options To Help YOU!
Having no luck finding a grant or a scholarship? Say no more! There are still
possibilities out there for you.
- Funnily enough, credit cards! There is a way to help pay off your student loans with a credit card. If you’re smart and do your research this may be a good option for you, just like other things, there is some risk involved, you can read more about how to go about doing this in a safe way here.
- Student loan forgiveness, where through some options, you are no longer required to pay some of your student loans, however there are specifications to this as there are different degrees of student loan forgiveness, more information about this can be found here.
- Refinancing options are also available, they may not save you the most money, but it might allow you to breathe easier in the long run. Refi.me is just one option out there that can help you, or get you started looking into the world of refinancing your student loans.
- As mentioned earlier with MoneySolver, there are a lot of contests out there in the world that you can apply to and have the chance to possibly win some money to pay off those loans. This seems to be a “right place, right time method” and since it is a contest, there is a chance of winning nothing. Though it doesn’t hurt to try!
- Finally, along with the chance of winning a contest, there is the possibility of donors that can pay off your student loans, individual donors may be harder to contact, though there is a chance of getting the attention of someone who has status to help you out.
At the end of the day, trying to find a solution that best fits you can take some work, but just know that it’s worth it, you are more than worth the chance of less student debt.
Paying Off Student Loans, Taking The Initiative
There is a lot to digest from researching opportunities to find methods to pay off your student loans. Countless options, some better than others, some by pure luck, and some through hard work and determination, you can have a less impacted future. Remember to do your research and talk to others, let’s open the conversation for more ways to help those impacted by student loans.
