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How do I obtain a Grant to payoff my student loan?

I'm having financial issues which causes me to payoff my loan on time and need assistance in contacting a grant specialist who can help me.

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  • 1 decade ago

    There are NO grants for paying off student loans.

    The government is NOT in the business of giving away free money for the sake of giving away money. There are no grants for paying bills, no grants for paying off credit cards, no grants for getting out of debt and no grants for simply fattening your wallet.

    Grants are free, but it means OBLIGATION. You will be obligated to do as the grant sets out to do. Grants have objectives, and your purpose must fit the objective of the grant.

    For one, you have to write the grant application and the grant application is not a simple document - you have to explain how your purpose for applying for the grant fits well with the objectives set out by the grant.

    There is a stringent review process through a committee. You will compete with other applicants for the grant money, and this grant review committee will evaluate the merits of each proposal. Only those that they feel exemplifies the objective of the grant will be approved.

    You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes.

    Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently.

    Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.

    Talk to a loan consolidation service or a credit counseling service as there are no grants for this purpose. Imagine if there is -- no one in America will have a student loan or any bills for that matter because the government will just give them grant money to pay for these loans.

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  • 1 decade ago

    Try http://www.fafsa.ed.gov/ Its the Free Application for Student Aid. Or to http://www.ed.gov/offices/OSFAP/DirectLoan/index.h...

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  • Anonymous
    1 decade ago

    good luck. i can not think of a single institution that will give you free money to use to pay for a student loan that you took out

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  • 1 decade ago

    Get on google and research what you're looking for.

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