Have you ever Googled “student loan scholarships” trying to find some pot of gold that will help you pay down your student loan debt? If so, you’ll know that there are over 39 million results, but none of them are actual student loan scholarship opportunities. Instead, you’ll find thousands of blogs and websites that discuss work grants, student loan forgiveness programs, AmeriCorps and the Peace Corps, and everything but an actual student loan scholarship. Although these programs can be helpful in reducing your student loan debt, there are often many hoops to jump through and not everyone will qualify. Thankfully, that is all about to change.
MoneySolver just launched an actual student loan scholarship. It’s called the Student Loan Relief Scholarship, and it’s open to any U.S. legal resident, 18 years or older, who currently has student loan debt. And, here’s the best part – you don’t have to be in college to be eligible for the award. Current students, past students and even parents, who have taken out Parent PLUS loans to help their children, can apply. One winner will receive $2,500 paid directly to his/her student loan lender. Pretty awesome, right?
What do I need to know about student loan scholarships?
There are, however, a few things that differentiate this student loan scholarship from traditional college scholarships that you’ll need to be aware of:
- High school students are not eligible
- You may not use the award for current or future college expenses
- You will be required to pay taxes on the award received
In most cases, college scholarships are free money that may be used for tuition, fees, and books. But a scholarship used to pay off student loan debt is taxable income because the money is not used for qualified education expenses. This is why you’ll need to report the money on your tax forms, but don’t let that deter you from applying. It’s still a hefty chunk of change that will reduce your overall student loan debt.
How do you apply for the $2,500 Student Loan Relief Scholarship?
Go to MoneySolver.org or click the image below and submit an essay (250 words or less) that addresses the following prompt:
Don’t you wish you had a genie in a bottle that you could summon on command? (And no, we’re not talking about Christina Aguilera). When your student loan servicer is saying, “baby, there’s a price to pay,” there’s no choice but to make sacrifices. Expensive monthly school payments take precedence over those nice-to-haves. But what if rubbing a bottle changed that for you? Tell us what experience or “nice-to-have” you would ask from a genie in a bottle for the chance to win $2,500 to go toward your student loan payments.
Submit your application before the April 30 deadline for your chance to win. No long volunteer commitments in third-world countries. No lengthy forms or hoops to jump through. Just a short, creative essay and you could be $2,500 closer to paying off your student loan balance.
What other student loan scholarships exist?
If you’re looking for additional student loan scholarship opportunities, be sure to check out the following:
All are open to U.S. legal residents, 18 years or older, and may be used for future or current college expenses, as well as student loan debt. The choice is yours.