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Scholarships to Pay Off Student Loans & Other Ways to Lower Your Debt

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Student loan debt can feel like an anchor tied to your waist. No matter how much you pay each month, it seems like you’re constantly treading water and barely staying afloat. An unexpected event, such as job loss or a medical emergency, can be enough to make you feel as though you are drowning.

When the coronavirus pandemic hit the United States, many people found themselves among the recently furloughed or unemployed. Thankfully, COVID-19 student loan relief efforts were announced, giving most federal student loan borrowers extended forbearance and 0% interest through August 2022 (this is likely to be extended again). But those student loan payments will eventually resume. If you’re one of the 44 million Americans with student loan debt and are currently looking for something to do, now is the perfect time to search for scholarships, grants, and other ways to lower your student loan debt.

Student Loan Scholarships & Grants

Nitro College Repayment Grant

Each month, Nitro awards a $2,000 grant to help pay down someone’s student loan debt. Any U.S. citizen (17 or older) with student loan debt is eligible to apply. You can enter online by answering a few short questions, or you can mail a 3″ x 5″ card with your name, address, phone, and birthdate to $2,000 Nitro Scholarship Sweepstakes Entry, PO Box 728, Social Circle, GA 30025-728. The deadline to apply is the last day of each month.

Delete Your Student Debt No-Essay Grant

Bold.org sponsors a $10,000 grant to help pay down your student loan debt. Anyone with student loan debt is eligible to apply. You’ll need to create a profile on Bold.org before applying. The deadline to apply is September 1, 2022. The winner will be announced on December 1, 2022.

Student Loan Contests

Fab Aid

First Aid Beauty has committed up to $1 million to help student loan borrowers. Through their Fab Aid initiative, 10 lucky winners will receive up to $100,000 to pay off their loans. U.S. and Canadian students may apply by submitting a video (two minutes or less) and an essay (250 words or less) that describes how student loans have impacted their lives. Applicants must have graduated from an accredited college by June 30, 2022. The deadline to apply is June 3, 2022.

The #NATTYSTORIES College Debt Relief Program

Since 2018, Natural Light has given away $1 million in grants each year to help people pay down their student loans. Applying is fun and easy. You just need to submit a short video sharing your story and why you went to college. The submission dates for 2022 haven’t been released, but you can get on an email list to be notified when it opens.

Other Ways to Lower Your Debt

Givling

Do you like trivia? Enjoy playing games on your phone? Be sure to download Givling. You can win daily and weekly prizes, as well as earn Queue Points for your chance to have $50,000 in student loan debt paid off. To date, Givling has awarded over $9 million to student loan borrowers.

truTV PaidOff Game Show

Want a shot at paying off all of your student loan debt? Apply to be on an episode of Paid Off with Michael Torpey. Three contestants compete in a trivia-style format for a chance to have their debt eliminated. Viewers can also compete at the end of the show by calling in and answering three trivia questions for a shot to win $3,000 to put toward their student loan debt.

Although the world is upside down right now, it will return to normal one day. When that happens, your student loan debt will be waiting for you. We encourage you to use this time to look into options for lowering your student loan payments, rehabilitating defaulted loans, and finding alternative ways to pay off your debt. If you do, it’ll be smooth sailing when we finally get the all-clear and go back to our regular routines.