Student Loans for Single Mothers

for single mothersIn 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

What are your financial aid options?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.

Need a private student loan? Compare your student loan options all in one place. SimpleTuition

Types of Student Loans