While you may know that grants are available to help fund your college education, you may not realize that you can also use certain grants specifically to pay off student Loan debt.
Grants are a form of gift aid, which means you don’t have to repay them. Similar to student loans, you must apply and meet the grant’s eligibility requirements.
Here are some grants you can use to pay off student loans, who’s eligible, and how to apply:
- Can I use grants to pay off student loans?
- Grants for military personnel and families
- Grants for healthcare professionals
- Grants for farmers
- Grants for lawyers
Can I use grants to pay off student loans?
Yes, you can use grant funds to pay off student loan debt. A number of different grants are specifically designed to help borrowers pay off their loans after graduation. These awards are similar to the grants you may have received while in college: They both require the recipient to meet a certain set of eligibility criteria.
However, grants used to pay off student loans are often based on specific criteria, like the career you’re employed in and the length of service required in that career after you receive the grant.
Grants to pay off student loans are available for a variety of borrowers, including military personnel and their families, healthcare professionals, farmers, and lawyers. Most of this funding comes from the federal government and is administered by state organizations. However, some grants are state-specific.
If you’re interested in learning more about grants that may be available for your profession, ask your school’s financial aid office if they know of any applicable programs. You can also get the latest information on the federal StudentAid.gov website.
Remember: If you’re struggling to repay your student loans, you should always seek assistance. Call your student loan servicer to discuss your options.
Grants for military personnel and families
Approximately 1% of the U.S. population serves in the Armed Forces, according to Defense.gov. In 2018, the U.S. Department of Veterans Affairs reported that nearly half of veterans are married and have children, while more than 60% are first-generation college students. Tuition assistance programs offered through the GI Bill don’t always cover the full amount of their academic costs.
Grants are available to military personnel and their family members struggling to pay for their college education. These grants may be reserved for Armed Services veterans themselves, while others are available to their spouses and children, such as the Iraq and Afghanistan Service Grant.
Learn More: How to Cover Tuition Costs with the Post-9/11 GI Bill
Iraq and Afghanistan Service Grant
The Iraq and Afghanistan Service Grant provides financial aid to young adults whose parent or guardian died as a result of military service performed in Afghanistan or Iraq following the events of Sept. 11, 2001.
Additional eligibility requirements for this grant include:
- You are not eligible for the federal Pell Grant based on your Expected Family Contribution. But you meet the remaining Pell Grant requirements.
- You must have been under the age of 24 or enrolled in college at least part-time when your parent or guardian died.
You may be eligible for an amount that’s equal to the maximum federal Pell Grant for an award year, but it can’t exceed your school’s cost of attendance.
Learn More: How Military Veterans and Dependents Can Pay for College
Grants for healthcare professionals
Healthcare professionals often allocate a higher percentage of their monthly income to student loans than professionals in the law, engineering, and accounting industries.
Although healthcare administrators and nurses with graduate degrees may have less of a student loan burden compared to some of their peers, many borrowers who pursued a degree in healthcare need assistance repaying their loans. Grants are available for a number of healthcare professionals, including licensed nurses, those who work in infertility research, and veterinarians.
Keep Reading: How to Pay for Medical School
Nurse Corps Loan Repayment Program
The Nurse Corps Loan Repayment Program is designed for registered nurses who work for two years in an eligible nursing school or public or private nonprofit Critical Shortage Facility. A CSF is a private or public healthcare facility that either serves, is located in, or designated as a Health Professional Shortage Area.
This grant is offered by the Health Resources and Services Administration and pays up to 85% of unpaid nursing education debt for registered nurses, advanced practice registered nurses, and nurse faculty.
See Here: How to Get Student Loans for Nursing School
If it’s taking some time to find a grant you qualify for, refinancing can be a way to lower your loan costs or monthly payment. The student loan consolidation companies in the table below are Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from all of them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like.
| Lender | Variable rates from (APR) | Fixed rates from (APR) |
|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, Loan Terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
| N/A |
2.94%+
|
- Fixed APR:
2.94%+
- Variable APR:
N/A
- Min. credit score:
Does not disclose
- Loan amount:
$7,500 up to $500,000
- Loan terms (years):
10, 15, 20
- Max. undergraduate loan balance:
$250,000 - $500,000
- Time to fund:
4 days
- Repayment options:
Immediate repayment, forbearance, loans discharged upon death or disability
- Fees:
None
- Discounts:
Autopay
- Eligibility:
Must be a U.S. citizen or noncitizen with proof of residency card, have an acceptable income and credit history or an approved cosigner, and have entered grace or repayment on the loans he or she wants to refinance
- Customer service:
Phone
- Soft credit check:
Yes
- Cosigner release:
After 12 months
- Loan servicer:
Kentucky Higher Education Student Loan Corporation
- Max. graduate loan balance:
$250,000 - $500,000
- Credible Review:
Advantage Education Loan review
- Offers Parent PLUS Refinancing :
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
|
4.22%+
|
2.4%+
|
- Fixed APR:
2.4%+
- Variable APR:
4.22%+
- Min. credit score:
690
- Loan amount:
$10,000 to $400,000
- Loan terms (years):
5, 7, 10, 15, 20
- Repayment options:
Military deferment, forbearance
- Fees:
Late fee
- Discounts:
Autopay
- Eligibility:
Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
- Customer service:
Email, phone
- Soft credit check:
Does not disclose
- Cosigner release:
No
- Loan servicer:
Firstmark Services
- Max. Undergraduate Loan Balance:
$100,000 - $149,000
- Max. Graduate Loan Balance:
$200,000 - $400,000
- Offers Parent PLUS Refinancing:
Does not disclose
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
|
3.69%+1
|
4.49%+1
|
- Fixed APR:
4.49%+1
- Variable APR:
3.69%+1
- Min. credit score:
Does not disclose
- Loan amount:
$10,000 to $750,000
- Loan terms (years):
5, 7, 10, 15, 20
- Repayment options:
Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees:
Late fee
- Discounts:
Autopay, loyalty
- Eligibility:
Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
- Customer service:
Email, phone, chat
- Soft credit check:
Yes
- Cosigner release:
After 24 to 36 months
- Loan servicer:
Firstmark Services
- Max. Undergraduate Loan Balance:
$100,000 to $149,000
- Max. Graduate Loan Balance:
Less than $150,000
- Offers Parent PLUS Refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
|
3.44%+2
|
3.99%+2
|
- Fixed APR:
3.99%+2
- Variable APR:
3.44%+2
- Min. credit score:
Does not disclose
- Loan amount:
$5,000 to $300,000
- Loan terms (years):
5, 7, 10, 12, 15
- Repayment options:
Military deferment, forbearance, loans discharged upon death or disability
- Fees:
Late fee
- Discounts:
Autopay
- Eligibility:
All states except for ME
- Customer service:
Email, phone, chat
- Soft credit check:
Yes
- Cosigner release:
After 24 to 36 months
- Loan servicer:
College Ave Servicing LLC
- Max. Undergraduate Loan Balance:
$100,000 to $149,000
- Max. Graduate Loan Balance:
Less than $300,000
- Offers Parent PLUS Refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
|
4.41%+5
|
4.41%+5
|
- Fixed APR:
4.41%+5
- Variable APR:
5.23%+5
- Min. credit score:
700
- Loan amount:
$7,500 to $200,000
- Loan terms (years):
5, 10, 15, 20
- Repayment options:
Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
- Fees:
None
- Discounts:
Autopay
- Eligibility:
Must be a U.S. citizen or permanent resident and submit two personal references
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
After 36 months
- Loan servicer:
Granite State Management & Resources (GSM&R)
- Max. Undergraduate Loan Balance:
$150,000 to $249,000
- Max. Graduate Loan Balance:
$150,000 to $199,000
- Offers Parent PLUS Refinancing :
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
|
2.48%+3
|
3.99%+3
|
- Fixed APR:
3.99%+3
- Variable APR:
2.48%+3
- Min. credit score:
680
- Loan amount:
$10,000 to $250,000
- Loan terms (years):
5, 7, 10, 12, 15, 20
- Repayment options:
Forbearance
- Fees:
None
- Discounts:
None
- Eligibility:
Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
No
- Loan servicer:
Mohela
- Max. Undergraduate Loan Balance:
$250,000
- Max. Graduate Loan Balance:
$250,000
- Offers Parent PLUS Refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
|
3.67%+4
|
5.18%+4
|
- Fixed APR:
5.18%+4
- Variable APR:
3.67%+4
- Min. credit score:
670
- Loan amount:
$5,000 to $250,000
- Loan terms (years):
5, 10, 15, 20
- Repayment options:
Academic deferment, military deferment, forbearance
- Fees:
Late fee
- Discounts:
Autopay
- Eligibility:
Must be U.S. citizen or permanent resident
- Customer service:
Email, phone, chat
- Soft credit check:
Yes
- Cosigner release:
Yes
- Max undergraduate loan balance:
$250,000
- Max graduate loan balance:
$250,000
- Offers Parent PLUS refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
| N/A |
4.5%+
|
- Fixed APR:
4.5%+
- Variable APR:
N/A
- Min. credit score:
670
- Loan amount:
$10,000 up to the total amount
- Loan terms (years):
7, 10, 15
- Repayment options:
Military deferment, loans discharged upon death or disability
- Fees:
None
- Discounts:
None
- Eligibility:
Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
No
- Loan servicer:
AES
- Max. Undergraduate Loan Balance:
No maximum
- Max. Gradaute Loan Balance:
No maximum
- Offers Parent PLUS Refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
| N/A |
5.49%+
|
- Fixed APR:
5.49%+
- Variable APR:
N/A
- Min. credit score:
670
- Loan amount:
$7,500 to $300,000
- Loan terms (years):
5, 8, 12, 15
- Repayment options:
Does not disclose
- Fees:
None
- Discounts:
None
- Eligibility:
Must be a U.S. citizen and have and at least $7,500 in student loans
- Customer service:
Email, phone, chat
|
