Is there a way to paint text onto a texture in Blender? Recently I have been painting textures in Blender, and I am very satisfied with the results as far as standard painting goes, however I have not been able to find any way to easily add text to a texture.   

Is this possible, and if not, what other workarounds are there?
Blender's painting tools are limited to simple brushes and textures. The easiest way would be to open the image in an image editor and add text to it.

You could open an image with text on it and use it as a stencil texture to paint it onto your mesh.

For a hacky workaround you could add a text object, convert to mesh, use a boolean modifier to cut it out of a plane, then position it in front of your object and join it to your mesh and paint through the hole. Then you can select the disconnected mesh and delete it.