They don't do it alone. Colleges and universities that provide scholarships and student loans receive assistance from the federal government, private foundations and more. Some of the educational institutions this year are also partnering to repay, or forgive, a portion of student loans.
At a Washington, D.C., university, for example, the US Department of Education provided $3.7 million in grant money. The grant money is to be used in part to help the university's Graduate School of Education and Human Development provide scholarships. Some of the grant money is to help train teachers to work in schools that are considered "high poverty," an announcement from the institution noted.
A university in Georgia, on the other hand, was provided a $2.4 million Goizueta Foundation gift that's intended to expand scholarships provided to students with financial needs who are fluent in Spanish. According to a July announcement from that college, students who are fluent in Spanish comprise the fastest growing portion of college-age students in the state. The grant money is to benefit Opportunity, Leadership and Transfer Opportunity scholarship programs over the course of seven years.
Opportunity scholarships, which are renewable for four years of undergraduate studies, are provided to freshmen students based on financial needs, the Georgia college's announcement noted. Leadership scholarships, according to the institution, are provided at least in part based on academic merit and include mentoring components and more. Transfer opportunity scholarships are intended for students who might not otherwise be able to complete college or university studies beyond an associate's degree, according to the university.
In Indiana, students who obtain loans from the Questa Foundation could have as much as 75 percent of those loans forgiven by at least one college. The Questa Foundation provides student loans of up to $20,000 for four years and forgives 25 percent of loan balances immediately after graduation in instances where students graduate with a minimum 2.75 grade point average. Then, about five years after Questa scholars graduate, the foundation forgives another 25 percent of the loan balance in instances where that student lives and works in certain parts of Indiana. Now, this college is pitching in - by partnering with the Questa Foundation and paying another 25 percent of a Questa scholar's student loan balance after that student graduates.
Colleges and universities don't provide scholarships, grants and student loan repayments only as a means of helping students afford studies with them. In some instances, they offer assistance to help fill needs within certain fields as well. A loan forgiveness program at a New Orleans university provides an example of how institutions work to accomplish this.
The loan forgiveness program is offered through that institution's school of nursing. It's provided with help from a $423,000 federal Nurse Faculty Loan Repayment Prog ram grant, and it's intended to help alleviate a shortage of nurse educators. The student loan forgiveness program accomplishes this by paying as much as 85 percent of a student's graduate degree loans in exchange for that student working as a nurse educator full-time for four years. The federal government also provided this university's nursing school $124,000 that's to be applied to scholarships for graduate students training to become primary care providers, according to an announcement from that institution.
Many students and families might not think about where scholarship or loan repayment money comes from. Many might not care where they get their financial aid. In instances where scholarships are intended to help fill future career demands through traditional or online degree programs, however, students and families might find more scholarship money is more readily available.
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