Student Loans for Single Mothers
In today’s competitive work environment, obtaining a college degree is an absolute must. Completing a college degree is a big enough challenge itself and it is even harder for single mothers who have the responsibility of looking after their children. With the economy stuck in a rut and with the cost of living increasing day by day, many mothers simply put their education on hold and take the first jobs they can find, often earning close to minimum wage. Additionally, the rising cost of college tuition acts as a hurdle.
However, this no longer needs to be the case, as student loans for single mothers are an excellent way to finance a higher education. Getting a college degree will not only help single mothers increase their knowledge and expertise in a particular field, but will also open up loads of amazing career opportunities.
Types of College Financial Aid for Single Mothers
College financial aid for single mothers is provided by the government through a number of programs. For example, single mothers can apply for government-backed Stafford and Perkins loans. Stafford loans may be subsidized – meaning there is no interest while a student is in school – or else they might be unsubsidized, meaning that interest applies from day one. In addition to being available at incredibly low interest rates, Stafford loans do not require a credit check. Additionally, federal loans for single mothers have number of forbearance and loan forgiveness options for those who choose certain public service or healthcare professions, such as teaching or nursing.
Private Student Loans for Single Mothers
While there are a number of federal loans you can apply for, the sheer number of applicants means that not everyone will qualify for a federal loan. In some cases, you may only be able to borrow an amount that covers a portion of the cost of attendance, which is where private student loans come in. Indeed, private loans offer a number of advantages, such as quick approvals, flexible borrowing limits and a number of benefits for making payments on time or for having a solid credit history. By using the Student Loan Comparison Tool on our website, you can view key features of private loans for single mothers, read reviews and make an informed decision about which loans best fit your needs.
How do I apply for student loans for single mothers?
These days, a large number of students are single parents pursuing specialized degrees to improve their career prospects. While pursuing an online degree is not very difficult, paying for it surely is, as fewer financial aid programs are specifically aimed to cater to these kinds of students. Therefore, you should apply for scholarships and federal loans, and if you exhaust those, find private lenders who offer student loans with low interest rates to those who have solid credit.
Is there any college financial aid available to single mothers?
Single mothers can apply for aid by filling out a FAFSA application, as most aid programs are designed for students who can’t afford the high costs of education. These programs are based on need, so if you’re a single mother or an adult, you may be eligible for aid if you demonstrate need. The FAFSA is available online at fafsa.ed.gov.
Can you tell me about financial aid for single mothers?
While there may not be specific scholarships or aid programs for single mothers at most universities, they may still apply for both need and merit-based assistance. To qualify, students must demonstrate financial need, which is done by filling out the FAFSA (Free Application for Federal Student Aid). Moreover, single mothers can apply for private loans.
Types of Student Loans
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- Interest Free
- Low Interest
- Medical School
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- Obama Loan Forgiveness
- Parent Plus
- Part Time Students
- Post 911 GI Bill
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- Private School
- Subsidized Loans
- Without Cosigner