Paying off student loans is a challenging task, and being a single mom dealing with everything yourself, including debt, is even worse. Fortunately, there are grants for single moms to pay off student loans. The United States is ranked number one to have the maximum number of single parents households in the world. Around 80% of the single-parent population is headed by women. There are more than 15 million single mothers throughout the United States. To assist single moms in their difficult times, many opportunities, including debt relief programs, are available for them.
Can Single Moms Get Student Loan Forgiveness?
Yes, single moms can avail of many student loan forgiveness programs. They have different options, like Income-Driven Repayment Plans, Public Service Loan Forgiveness Programs, a loan discharge due to permanent physical or mental disability, and many others. Consolidating loans by combining different loans into a single monthly payment is a straightforward practice that helps single moms to cut down their monthly payments toward their student debt. Although there are few loan forgiveness programs designed specifically for single mothers, with careful planning and research, you can avail of grants to help single moms pay off student loans.
How Can You Find Single Mom Student Loan Forgiveness Programs?
There are a lot of organizations that use loan forgiveness programs as a recruitment or incentive tool to get candidates to work for them. You should not overlook the federal government forgiveness programs that provide the best deal. Government hands-out forgiveness programs are not limited to one’s position or profession. These programs also provide loan cancellation or discharge in some situations in case you file for bankruptcy. Some nonprofit organizations, such as PeaceCorps, are entitled to public service loan forgiveness and cover a portion. Single mothers can get in touch with the university and determine the number of loan forgiveness programs which they can qualify for. Single mothers employed in a company should also look for debt relief programs. Many companies offer awards of up to $10,000 to pay towards the loan of their employees. Crowdfunding platforms are also a big deal. You can get your student loan paid off by many donors, and many people in organizations offer to fund. Crowdfunding platforms are easy to use and incredible sources as well.
How Can Single Mothers Pay Off Private Student Loans?
Private lenders have limited loan forgiveness options, unlike federal student loans. Lenders can forgive your balance only when you become totally or permanently disabled and can no longer resume your work. Many private lenders will not agree to lower your loan balance or eliminate interest accumulated on the loan. There are a handful of jobs through which you can use loan repayment programs for private loans. These programs are limited to healthcare professionals, military service members, and lawyers. If you are a struggling single mom and finding it challenging to pay off your private student loan, then you can look for a refinancing option. Although refinancing will not lower your loan balance however, it will help you to lower your payments. Here you get longer repayment terms or lower interest rates. In this type of situation, you need to have a good income and a higher credit score so that you can cover your bills and get a new loan at the best rates.
Eligibility Criteria Of Grants For Single Moms To Pay Off Student Loans
Single moms can apply for many loan forgiveness programs or grants online by visiting the official website of the organization. While some applications for loan forgiveness programs require online submission, some may prefer to do so through the mail. The eligibility requirements of every loan forgiveness program may vary depending on the programs for which you are applying; however, like any other application process, most of these programs require the following
- Name of your university
- Proof of employment
- Proof of your educational qualification
- Proof of residence
- Driver’s license or passport
- Loan details
Student Loan Debt Relief For Single Moms
Are you a single mom struggling to pay off your student loan? You aren’t alone. As per the Institute For Women’s Policy Research, single mothers face many challenges in paying off student loan debt. Student loan debt poses a significant burden for low-income single moms who must fulfill their household obligations and continue their education. Many lack the energy or time to pay off their student loans, and face increased financial pressure. Student loan forgiveness programs are a viable route through which they can support their families, pay off their debt and reduce their stress. If you’re looking for grants to help single moms pay off student loans, the following programs will assist you in times of need.
1. IDR, Income-Driven Repayment Plan
The federal government provides the Income-Driven Repayment Plan to eligible student loan borrowers, including single mothers. The program eliminates the remaining debt after borrowers have made monthly payments on their loan for 20 to 25 years. Single mothers can avail of four types of income-driven repayment plans such as the following
- ICR, Income Contingent Repayment Plan
- IBR, Income-Based Repayment Plan
- PAYE, Pay As You Earn Plan
- REPAYE, Revised Pay As You Earn
The Income-Driven Plan Forgiveness is beneficial for struggling single moms belonging to low-income categories. Through this forgiveness program, single moms can reduce their monthly loan payments and can also get more money to meet their living expenses while they are dealing with student debt. Single mothers who own a loan with the United States Department of Education can qualify for the Income-Driven Repayment Forgiveness Program. Single mothers must consolidate their Perkins loans, federal family education loans, or Stafford loans into a direct loan and then switch to an IDR plan to be eligible for loan forgiveness.
2. PSLF Public Service Loan Program
Single mothers working full-time in a nonprofit organization or a government institution can have their student loan balance erased by applying for this program. The Public Service Loan Program has already assisted a lot of teachers, social workers, public servants, and nurses in erasing more than $32 billion in federal student debt over the past years. Qualifying for this program as a single mom is easy as you need to spend time working for an eligible employer and contribute 120 payments towards your direct loan. The federal government will help you to forgive your remaining balance tax-free.
3. Forget Your Student That No Essay Grant
According to studies, one in every five Americans incurs educational debt to sponsor their education. On average, adult Americans graduate from school after incurring more than $30,000 in student debt. They have to pay a significant amount over time as interest on the loan tends to accumulate. This situation is more difficult for single mothers who are less likely to enjoy their life to the fullest or meet other expenses while dealing with student debt. The Forget Your Student Debt Grant Program provides a lot of scholarship alternatives so that they can pay off their school debt. Candidates who have started their jobs or business but are no longer enrolled in an educational institution are eligible for this grant.
4. Debt Consolidation Program For Single Moms
The Debt Consolidation Program enables single moms to combine their student debt into an affordable and single loan. Debt consolidation services are provided by the United States Department of Education, completely free of cost. Single moms can pass the program only if they have federal student loans, not private loans. Single mothers and other eligible individuals who have dropped below half-term attendance from a left school or graduated are eligible to receive assistance from consolidation programs. You can apply for the Debt Consolidation Program by visiting the federal financial aid website.
5. TEACH Grant
The TEACH, Teacher Education Assistance For College And Higher Education, is a government initiative award that enables students, including single mothers, to pursue a career in the teaching field. Qualifying candidates will receive $40,000 per academic year that they can pay towards their studies. In return, candidates have to promise that they will teach in high-need fields for a minimum of four years in elementary school, secondary school, or any other educational service organization to help low-income kids. When a person fails to complete the service requirements, as the TEACH grant states, the federal government transforms the grant program into a debt that candidates must return with interest.
6. CLRP, Congress’s Military College Loan Repayment Program
Congress established the Military College Loan Repayment Program. Many military personnel is eligible for GI Bill, which compensates them for pursuing education while completing their military duties. However, those who have incurred educational debt before enlistment can’t take benefits through GI Bill. This is the reason why a lot of programs are available for military service troops and their family members so that they can reduce their school loans. The Congress Military College Loan Repayment Program authorizes the military branch to assist them in getting $65,000 as student debt repayment. Active members of the Army and Navy can receive the entire loan repayment program of $65,000.
7. Federal Government Grants
Federal student loans are available to every citizen of the United States, including single mothers, irrespective of their income, family size, or credit score. If you are a permanent resident, a citizen of the United States with a Social Security number, then you can avail of federal student loans. The federal government also has programs that assist single moms to get a way out of student debts they incurred years ago to fund their college education. The federal government helps pay off student loans for single moms so they can pursue vocational training or higher education. Unlike other loans from the federal government, grants are financial help that does not require repayment. The federal and state government, colleges, private or semi-organizations, and professional schools assist students so that they can pay off their debt and can handle the situation in a better way. To receive federal government grants, single mothers must fill out FAFSA.
8. The John R. Justice Student Loan Repayment Program
The John R. Justice Student Loan Repayment Program offers student loans to eligible state and federal public defenders and state prosecutors who promise to work as public prosecutors or defenders for at least three years. The program provides annual rewards to two eligible defenders and prosecutors so that they can reduce their student loan debt. The annual debt may range between $4000 to $60,000, depending on the availability of funds. In case the eligible candidates fail to fulfill the work obligations, then they have to repay the money received.
Being a single mother can be tremendously difficult. They must manage their finances and debt while raising their children single-handedly. Student debt is a considerable burden that might be difficult for everyone. There are multiple types of student loan forgiveness programs designed for single mothers in the United States. While some forgiveness programs help pay off student loans for single moms, many only help them income-driven their student loans. Single mothers can also apply for multiple grants from different sources to pay off their loans and ease their financial pressure. You can also refinance your loan for a shorter payment schedule and reduce the interest rates.