Can I use grants to help pay off my school loans?

Question

I graduated from a vocational school a year and a half ago and was wondering if I could pay off my student loans with grants. I am not currently enrolled in school, but am thinking of enrolling in the Fall. I don't think I'll be able to pay my loans off by the time school starts, so I'm hoping I could use grants. If so, what are some good grants that I could apply for? Where should I go to find them? Thank you and have a nice day

Answer 1

Sorry, no. There are no "grants" for paying off student loans, any more than there are "grants" for paying off a car purchase you can't afford, or the money you lost on a business that didn't work out quite the way you planned.

The federal government offers "grants" to college students whose financial circumstances demonstrate what's known as "exceptional need" - that pretty much means students from households with very moderate incomes.

Grants, like any other form of federal financial aid (and most forms of state and institutional aid, as well) are applied for by completing the Free Application for Federal Student Aid, better known as the FAFSA.

The FAFSA asks a number of questions about the makeup of your household and your financial situation. When you complete the application, it is submitted to the Department of Education, which uses that data to compute an Expected Family Contribution score. That score is used by the financial aid office of your college to determine what forms of assistance you are eligible for. If your EFC score is low enough, you may qualify for the "need-based" forms of aid, which include grants.

If you want to read more about the financial aid system, I have attached a very useful and readable publication from the Department of Education called "Funding Education Beyond High School: The Guide to Federal Student Aid". I think you'll find it a very easy and helpful read.

But to your specific question - again - no. The government does not offer free money to help people pay off old loans. I'm sorry for the disappointing news. Good luck to you!