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Whats the Difference Between Grants, Scholarships, and Loans?

Whats the Difference Between Grants, Scholarships, and Loans?

Grants, scholarships, and student loans are all types of financial assistance meant to help students meet the cost of higher education.

While grants and scholarships are types of gift aid, meaning they don’t have to be paid back, borrowers typically have to pay back student loans in full, plus interest.

What is a grant?

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Grants, like scholarships, are a type of financial aid. Grant money is primarily given by the federal government, state governments, colleges and universities, nonprofit organizations, o r any private organization that has money to give to college students.

Are you eligible for grants?

Unlike scholarships, most grant programs are need-based, not merit-based. In order to qualify for grants, you’ll usually have to provide financial information about yourself and your parents or guardians.

Typically, your eligibility for grants is based on your college’s cost of attendance, as well as your expected family contribution (EFC). (más…)

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National Health Service Corps Substance Use Disorder Workforce Loan Repayment

National Health Service Corps Substance Use Disorder Workforce Loan Repayment

If you have private student loans or don’t qualify for federal student loan forgiveness, other options are available exclusively to those in the medical fields. These programs may allow you to get a portion of your student loan debt forgiven, simply for doing the job.

National Health Service Corps Loan Repayment

The NHSC Loan Repayment Program offers up to $50,000 in nontaxable student loan repayment in exchange for a two-year, full-time service commitment and up to $25,000 in student loan repayment for two-year, half-time service.

  • U.S. citizen or national
  • You provide care in the Medicaid, Medicare, or state CHIP programs (or eligible to participate)
  • Fully trained and eligible to work in the primary care medical, dental, or mental and behavioral health fields in your state

Applicants need to have eligible student loan debt resulting from education expenses required for their health profession. Applications are accepted on an annual basis; for more information, visit the NHSC Loan Repayment Program page.

The NHSC Substance Use Disorder Workforce Loan Repayment Program, also known as SUD Workforce LRP, is designed to support healthcare providers helping combat the opioid crisis in the U.S. It offers up to $75,000 in loan repayment funds for three years of full-time service, and up to $37,500 for three years of half-time service.

In order to be eligible for this award, you must work at a SUD treatment facility classified in a health professional shortage area (HPSA), with a score that would normally be too low to qualify for funding. You must also meet the same eligibility requirements as the loan repayment program above.

National Health Service Corps Students to Service Loan Repayment

With the NHSC Students to Service Loan Repayment Program, eligible applicants may receive up to $120,000 in loan repayment assistance (up to $30,000 per year for four years). (más…)

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