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Forgiveness and Loan Repayment Programs

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$10,000 Student Loan Network Scholarship

http://www.studentloannetwork.com/10K

Open to all undergraduate and graduate students, no GPA or other academic requirements. Student Loan Network (www.studentloannetwork.com) has been helping students fund their college educations since 1998.

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Brickfish Off Road Nation Scholarship

Share a photo or video of your off road excursions and be eligible for a $500 scholarship. Deadline is September 04, 2008. No purchase necessary. Open to anyone who is a resident of the 50 United States, the District of Columbia or Canada (excluding Quebec), and is 13 or older at the time of entry.

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US Department of Justice Attorney Student Loan Repayment Program

The ASLRP is an agency program based on 5 U.S.C. § 5379. The Department of Justice agrees to repay certain types of Federal student loans as a recruitment or retention incentive for highly qualified attorneys in exchange for a service obligation of three years. To receive ASLRP, the attorney must qualify, the attorney’s student loans must qualify, and all statutory requirements must be met. Federal agencies have a large degree of discretion in structuring student loan repayment programs. The Department’s policy requires a minimum aggregate loan balance of $10,000 to initially qualify. The ASLRP is intended as a supplement to the individual attorney’s loan repayment obligations, not as a substitute therefor. The Department matches payments rendered by the individual attorney, up to a maximum of $6,000. Attorneys with annual base salaries below $74,000 automatically qualify for the maximum payment without consideration of the amount they paid. However, once an attorney’s annual base salary reaches the “matching funds” threshold of $74,000, the Department considers the amount of annual loan repayments rendered by the individual when determining the ASLRP benefit. The ASLRP contemplates that attorneys will continue making personal payments toward their federal student loans while participating in the program.

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Mellon Mays Undergraduate Fellowship

10 out of 10 stars (1 vote)

he MMUF Earnings Replacement and Expense Fund may be applied in ways which facilitate the student's development as a scholar. Quarterly reports from fellows and mentor and coordinator approval of spending plans are required before funds are disbursed. Examples include: * Replacement of term-time earnings * Replacement of summer earnings * Special study of foreign language * Workshop or conference fees * Purchase of books or scholarly materials * Travel to archives, research sites, or professional conferences Fellows who work toward a codoctorate in Mellon-designated fields will receive assistance in repaying their undergraduate student loans up to $10,000. HOW A MELLON MAYS FELLOWSHIP WORKS: Earnings Replacement and Expense Fund During the year Following summer Junior Year $1,600 $3,500 Senior Year $1,600 $3,500 Undergraduate Loan Repayment While Enrolled in a Ph.D. Program Year 1 1/8 of loans up to $1,250 Year 2 1/8 of loans up to $1,250 Year 3 1/8 of loans up to $1,250 Year 4 1/8 of loans up to $1,250 Undergraduate Loan Repayment on Receipt of Ph.D. Degree 1/2 of undergraduate loans up to $5,000 Maximum Value of the Fellowship $20,200

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National Health Service Corps Loan Repayment Program

The purpose of the NHSC LRP is to ensure an adequate supply of health professionals to provide primary health services (through a culturally competent, interdisciplinary team of clinicians) to populations located in selected health professional shortage areas (HPSAs) identified by the Secretary of the Department of Health and Human Services. HPSAs can be found in rural and urban communities across the Nation. The NHSC LRP recruits fully trained health professionals who agree to provide primary health services in NHSC community sites. In return, the NHSC LRP assists clinicians in their repayment of qualifying educational loans that are still owed. The NHSC is seeking clinicians that demonstrate the characteristics for and interest in serving the Nation’s medically underserved populations and remaining in HPSAs beyond their service commitment. It is important to remember that service to medically underserved populations is the primary purpose of the NHSC LRP and not the repayment of educational loans. The NHSC LRP will pay up to $50,000 for two years of service, based on the participant’s outstanding balance of qualifying educational loans. If the total amount of the participant’s qualifying educational loans is less than $50,000, the NHSC LRP will pay the remaining balance of the total qualifying educational loans for two years of service.

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Office of Personnel Management Student Loan Repayment Program

The Federal student loan repayment program permits agencies to repay Federally insured student loans as a recruitment or retention incentive for candidates or current employees of the agency. The program implements 5 U.S.C. 5379, which authorizes agencies to set up their own student loan repayment programs to attract or retain highly qualified employees. Employee Coverage Any employee (as defined in 5 U.S.C. 2105) is eligible, except those occupying a position excepted from the competitive civil service because of their confidential, policy-determining, policy-making, or policy-advocating nature (e.g., Schedule C appointees). Loans Eligible for Payment Loans eligible for payment are those made, insured, or guaranteed under parts B, D, or E of title IV of the Higher Education Act of 1965 or a health education assistance loan made or insured under part A of title VII or part E of title VIII of the Public Health Service Act. (See Q&A 17 for examples of the types of student loans that are eligible for repayment.) Limitations Although the student loan is not forgiven, agencies may make payments to the loan holder of up to a maximum of $10,000 for an employee in a calendar year and a total of not more than $60,000 for any one employee. Discretionary Authority As with any incentive, this authority is used at the discretion of the agency. Each agency must develop a plan to describe how the program will be implemented. Service Agreement An employee receiving this benefit must sign a service agreement to remain in the service of the paying agency for a period of at least 3 years. An employee must reimburse the paying agency for all benefits received if he or she is separated voluntarily or separated involuntarily for cause or poor performance. In addition, an employee must maintain an acceptable level of performance in order to continue to receive repayment benefits.

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University of Chicago Hormel Public Interest Program Loan Forgiveness Program

Work in the public interest is a valuable and fulfilling career option, and the University of Chicago Law School is committed to making such options available for its graduates. One obstacle is the large educational debt many undertake to pay for their undergraduate and graduate education. In response, the Law School created a unique and generous program to assist its graduates who pursue careers in the public interest. The Hormel Public Interest Program, or "HPIP," is not a traditional loan repayment assistance program. There is not a lengthy time requirement to receive benefits, and benefits are provided regardless of spousal income or potential family contributions. We like to think that the HPIP approach is the best way to support and encourage our graduates. Brief Summary: HPIP replaces the previous University of Chicago Loan Repayment Assistance Program, and is available beginning with the Class of 2007. University of Chicago Law School graduates who work full-time in a qualifying job with a salary of less than $50,000 will receive an interest-free loan of $5,000 a year from the Law School, with each loan forgiven in full before the end of each year. Benefits under HPIP are available for the five years following graduation, for a potential total of $25,000. The benefit is available regardless of parental, spousal, or other income Requirements and Restrictions Full Time: The position must be full-time (40 hours per week maintained for at least nine months of the calendar year, and in a year that is within five years of graduation Salary Requirements: Full qualification requires a salary of less than $50,000 annually. Graduates earning between $50,000 and $60,00 annually will be eligible for an award that decreases proportionally as income rises. Qualified Public Interest Position: The graduate must be: (a) engaged in the full-time practice of law, or in positions normally requiring a law degree; (b) working for the public interest, broadly defined; and (c) working for a non-profit organization or government office other than in a judicial clerkship (see below for treatment of judicial clerkships). Final determinations of eligibility will be made by the Financial Aid Committee of the University of Chicago Law School. Judicial Clerkship Exception: For graduates who work at a qualifying job in the year following a judicial clerkship, the graduate will receive an additional year of eligibility for HPIP benefits. Clerks can receive up to five years of benefits within the six-year period immediately following graduation. Parental Leave Extension: Graduates who leave HPIP for parental leave will be given an additional year of eligibility. They can receive up to five years of benefits within the six-year period following graduation. Distribution of Funds: Participants will apply by September 1 for the year. Loans will be made in October and then forgiven the next July, subject to the Program's requirements. Graduates who continue in the Program confirm their continuing HPIP status by September for the next year. Award Amounts and Restrictions: The base award of $5,000 per year is available to all graduates who begin law study at the University of Chicago Law School in the Class of 2007. the Program does not cover LLM graduates. Transfer students who join the Class of 2007 are eligible on a proportional basis, so that a transfer student who graduated after spending two years at the Law School would be eligible to receive up to two-thirds of $5,000 ($3,333) in each of the five years of eligibility. Loan Repayment Requirement: To qualify, a graduate must agree that the entire amount received from HPIP will repay outstanding educational debt. A graduate who otherwise qualifies but whose outstanding debt is less than the amount to be awarded will receive a benefit equal to the amount of their outstanding debt. This requirement conforms to current Internal Revenue Service Rules. Tax Considerations: The program participant must determine whether payments under the plan should be included in ordinary income or exempted pursuant to Section 108(e) of the Federal Tax Code (26 U.S.C. § 108(e)). Our goal has been to design a program with tax-exempt benefits. Financial Aid Committee: All HPIP benefits must be approved by the Financial Aid Committee of the University of Chicago Law School. All decisions by the Committee are final.

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FFELP and Direct Loan Teacher Loan Forgiveness Program

To qualify for up to $5,000 loan forgiveness under this program you must not have had an outstanding balance on a FFEL or Direct Loan program loan as of October 1, 1998. To qualify for the increased amount of loan forgiveness up to $17,500 available for certain mathematics, science, and special education teachers, you must not have had an outstanding balance on a FFEL or Direct Loan program loan as of October 1, 1998, or on the date that you obtained a FFEL or Direct Loan program loan after October 1, 1998 and before October 1, 2005.

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Indian Health Service Loan Repayment Program

Applicants sign contractual agreements with the Secretary for 2 years and fulfill their agreements through full-time clinical practice at an IHS facility or approved Indian health program. In return, the LRP will repay all or a portion of the applicant's eligible health professionals educational loans (undergraduate and graduate) for tuition expenses. Applicants are eligible to have their educational loans repaid in amounts up to $20,000 per year for each year of service. In addition, the LRP will pay up to 20% of Federal taxes directly to the Internal Revenue Service (IRS)--incurred as a result of payments made on behalf of recipients. Note: Loan repayments are deemed taxable income.

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Nursing Education Loan Repayment Program

About the Nursing Education Loan Repayment Program The Nursing Education Loan Repayment Program (NELRP) offers registered nurses substantial assistance to repay educational loans in exchange for service in critical shortage facilities. Authorized by Section 846 of the Public Health Service Act, as amended, the purpose of the NELRP is to assist in the recruitment and retention of professional nurses dedicated to providing health care to underserved populations. Individual Eligibility Requirements Applicants must meet the following eligibility requirements by the application due date: * Be a registered nurse (RN) * Have received a baccalaureate or associate degree in nursing (or an equivalent degree), a diploma in nursing or a graduate degree in nursing from an accredited school of nursing * Have unpaid qualifying loans obtained for nursing education leading to a degree or diploma in nursing * Have completed the nursing education program for which the loan balance applies * Be a citizen, national or permanent legal resident of the United States * Be employed full time (32 hours or more per week) at a critical shortage facility * Have a current permanent unrestricted license as an RN in the State in which they intend to practice or be authorized to practice in that State pursuant to a Nurse Licensure Compact * Submit a complete FY 2005 NELRP application, signed NELRP contract and all required documentation by 5 pm ET of the application due date

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PHEAA Nursing Loan Forgiveness for Healthier Futures

According to the Pennsylvania Department of Health’s Special Report on the Characteristics of the Registered Nurse Population in Pennsylvania (distributed in November of 2002): * Average age of RNs employed in health care is 45.9 years. * Almost one-third (32%) of RNs are between the ages 50-64. * As many as 47% of RNs plan to leave nursing within the next 10 years. The “baby boomer” generation is getting older; coincidentally, the need of long-term care is increasing, and the cost of nursing education is on the rise—all of which mean the nursing shortage Pennsylvania is facing will only worsen. To help recruit and retain qualified nursing students in Pennsylvania, the "Nursing Loan Forgiveness for Healthier Futures" program will help you repay your student loans. By working for a participating Pennsylvania health care organization, after graduation from an approved nursing education program, you may receive student loan forgiveness for up to 25 percent (a maximum of $12,500) of your eligible debt over a three-year period.

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