Did you know that the number of people enrolled in an income-based student loan repayment plan has tripled over the last five years? With the average amount of student loan debt and monthly payments increasing, it’s one of the easiest ways to manage your student loan debt and avoid default. What’s another way you can reduce your student debt? Check out the Student Loan Forgiveness Scholarship from MoneySolver. Yes, it really does exist – and it can help shave $2,500 off your student loan bill.
Is Student Loan Forgiveness Real?
Let’s be candid for a moment. Does student loan forgiveness exist? Yes, it does. Is there any real chance that you’ll receive forgiveness? Probably not.
In fact, more than 99 percent of those who applied for loan forgiveness did not receive it. Most were denied because they didn’t meet the eligibility requirements, or they failed to provide the required documentation. The process is long, complicated, and frustrating. Thankfully, this isn’t the case when it comes to applying for the $2,500 Student Loan Forgiveness Scholarship.
How to Apply for the Student Loan Forgiveness Scholarship
Unlike the government’s student loan forgiveness programs, MoneySolver’s $2,500 Student Loan Forgiveness Scholarship application is fun and easy. Access the online portal, provide your contact information and student loan debt amount. Then, submit a written response (250 words or less) to the following question: “How have student loan payments impacted your life?” That’s it!
Who Is Eligible?
Current and former college students (yes, even those who did not receive a degree) may apply for the Student Loan Forgiveness Scholarship. As far as other eligibility requirements go, you must:
- Be 18 or older at the time of application
- Be a legal U.S. resident
- Have student loan debt
High school students or those with no student loan debt will not be considered for the award.
Other Student Loan Scholarships & Contests
If you qualify for the $2,500 Student Loan Forgiveness Scholarship, you should also check out these annual student loan scholarships offered through MoneySolver.
- $1,000 Thanksgiving Scholarship, Deadline: November 30
- $1,000 Holiday Celebration Scholarship, Deadline: December 31
- $1,000 New Year’s Resolution Scholarship, Deadline: January 31
In addition to their monthly $1K scholarships, MoneySolver is hosting a $50,000 #PayMyStudentLoan Contest for those who have completed college. If you are currently in repayment status on your student loans, be sure to apply before January 31, 2020. One lucky winner will have their student loan debt wiped out (up to $50,000). It’s a great way to start the new year!