Government Grants to Pay for Past School Loans
Abundant options for repayment and cancellation or forgiveness of student loans are available for teachers, health care professionals, and researchers. Most offer repayment of student loans in return for two years of service in a critical need geographic or subject area. Borrowers who are in default on their student loans, find numerous options through the U. S. Department of Education. The U. S. Department of Education is committed to making repayment easy.
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Facts
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Generally to qualify for these repayment programs, the applicant must be a United States Citizen, who graduated from a qualified educational program and worked at least 32 hours per week in a critical needs area. The individual must have a license to participate in a health care program. You are not eligible if your loan is in default, but to get the loan out of default you need to make payments for six months. You will be eligible when your loan is out of default.
Teachers
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If you are a teacher in a low-income or critical need subject-matter area, you are eligible for cancellation or deferment of your Perkins, Stafford, or Paul Douglas Loan from the U. S. Department of Education. The Stafford Loan Forgiveness Program for teachers will cancel a portion of your Stafford Loan if you have taught for more than five consecutive years in a low-income school.
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Health Care
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The National Health Service Corps (NHSC) assign physicians and other health care providers to serve in communities with shortages of health professionals and include student loan repayments in their benefits package. National Institute of Health (NIH) offers student loan repayment of $35,000 per year to research scientists, who develop treatments and discover cures for diseases and disorders. NIH needs researchers to meet critical health needs.
Nurses
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Nurses further benefit from U. S. Bureau of Health Professions education and practice grants, which include the Nursing Education Loan Repayment Program (NELRP). The NELRP repays 60% of student loans for Registered Nurses, who have served two years in a critical-needs facility. Participants receive another 25% payment of student loans in their third year of service.
Indian Health Service
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Indian Health programs need dedicated health and allied health professionals, who are willing to commit to working in Indian and Alaskan Native communities where they truly make a difference.
The Indian Health Service for American Indians offers a student loan repayment program for health care professionals in exchange for two years of full-time clinical practice in an approved Indian health program.
Default
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If you are in default on your student loan, the U. S. Department of Education Addressing Your Defaulted Student Loan link will help you get into a repayment program. The American Recovery and Reinvestment Act has made funds available for repayment of school loans in return for rendering services.
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