This need- and merit-based scholarship is available to children of military families pursuing their first undergraduate degree. MOAA reviews applications based on your academic record, extracurriculars and financial need.
If you qualify, you can renew the loan for up to five years, as long as you’re registered as a full-time student. Unlike some other interest-free loan programs, you can apply and repay your loan online. Renewal also doesn’t require a full application – you just need to upload your transcript and submit a renewal form online.
5. Evalee C. Schwarz Charitable Trust for Education
This merit- and need-based loan is one of the few available to both undergraduate and graduate students. But eligibility requirements can be hard to meet: You must have a high class ranking and be in the top 15% of nationwide standardized tests. Your payday loans in Rhode Island family also can’t be expected to contribute more than $5,486 after completing the FAFSA – meaning you must complete the FAFSA before you can apply for this loan.
You can download the application from the Evalee C. Schwarz Trust for Education website. In addition to completing and mailing in the form, applicants must write a personal essay and submit three letters of recommendation. All loans come with a 10-year graduated repayment plan with monthly repayments that increase each year.
6. Central Scholarship
This need-based loan is available to low-income students in Maryland or the Baltimore area. You can use it pay for an undergraduate, graduate or professional degree. How much you receive varies by need, though most borrowers get $4,000 per year. Central Scholarship has a strict cosigner requirement, so skip this one if you don’t have anyone to share the responsibility of repaying the loan.
The application is available online and spots are limited – you’re more likely to qualify if you get it in earlier. Like the Schwarz Trust loan, this option comes with a graduated 10-year repayment plan.
7. Massachusetts No-Interest Loan Program
Massachusetts residents can find no-interest funding through this need-based, state-funded loan program. The application heavily relies on the FAFSA, so you might want to apply for federal student aid first. Only undergraduates pursuing a certificate, associate or bachelor’s degree are eligible – and you can’t use it for a second degree.
Reach out to your school’s financial aid office for more details on deadlines and how it works. Loans come with a 10-year repayment plan.
8. Leo S. Rowe Pan American Fund
This loan program is available to Latin American and Caribbean citizens studying in the US. It’s one of the few interest-free options for international students, though you must have a US citizen or permanent resident guarantee your loan – similar to a cosigner. You can use this loan to pay for an undergraduate, graduate or professional degree, as well as technical training or academic research. For a non-degree program, you must complete one semester of your program before you become eligible.
Unlike the other interest-free loans on this list, there’s no deadline to apply. Funding comes from the OAS and goes directly to the student, rather than the school.
Generally, interest-free student loans are available through nonprofits, foundations and government-sponsored organizations. Some schools like Occidental College and Claremont McKenna College offer interest-free student loans as part of their financial aid package.
The best place to get started on your student loan search is to reach out to your school’s financial aid office. Many of these loan programs are available based on your state of residency and where you attend school. Some are also based on academic performance and interests. Your school’s financial aid office can recommend specific programs you might qualify for.