Student Loans For Single Moms

There aren’t any particular student loans designed only for single mothers. Single mothers looking for student loans can access the same loan option as other borrowers in the United States. The options include federal student loans and private student loans. You can avail of Stafford loans, graduate loans, and private student loans to sponsor your education. Federal student loans, unlike private loans, are subsidized heavily by the federal government, and so the repayment schedule of these loans is flexible and comes with lower interest rates. In addition, there are also multiple loan forgiveness programs designed for specific professions. For instance, the federal Teacher Loan Forgiveness Program provides $17,500 loan forgiveness for eligible teachers working in low-income educational schools for five consecutive years. There are also a lot of loan forgiveness and repayment programs for pharmacists, nurses, doctors, mental health counselors, and health professionals. Lawyers working for government or nonprofits can also access special loan repayment programs.

How Can You Benefit From Student Loan Assistance For Single Moms?

Student loans can be used by single mothers to cover qualified educational expenses such as room and board, tuition, fees, supplies, technology, and textbooks. Many college loans for single moms can also cover childcare costs. When you take out a student loan, you can stipulate whether the maximum amount granted is enough to cover tuition, books, and tuition fees. The remaining funds can cover essential educational expenses like room and board.

Are There Student Loan Grants For Single Moms?

There are both federal as well as private student loan programs available for single parents throughout the United States. A lot of schools provide need-based financial aid awards depending on the demonstrated need of the students. Single mothers who have genuine financial needs are likely to receive assistance in the form of financial aid programs from the college or university that they are planning to attend. It is critical to fill out FAFSA within the deadline if you want to qualify for a federal student loan, which takes the demonstrated need of single mothers into account. In addition, you can also talk to the financial aid office of your school, college, or university to avail of additional financial aid opportunities. There are many ways in which single mothers can afford college, and it starts by having open communication between them and the financial aid office of their school. If you are considering a private loan, then it is essential to compare private lenders to get the best deal.

How Can Single Mothers Qualify For Student Federal Loan Programs?

Federal student loans are one of the best options for struggling single moms looking for ways to fund their education. There are no family restrictions or age limits for single mothers who can apply for federal student loans. To be eligible for federal education loans for single moms, you must be a citizen of the United States or a permanent resident and have a Social Security number. The first and foremost step to apply for federal student loan programs is to fill out the FAFSA or Free Application For Federal Student Aid Program and submit it to the school within the deadline. FAFSA is a form that educational institutions and colleges use to determine the financial need of students and the amounts that they can qualify for through financial aid programs. Unless you fill out this form or miss a deadline and you will not be eligible to receive federal student loans until the following year. Single mothers pursuing undergraduate studies are eligible to apply for Direct Federal loans, while graduate students can apply for Direct PLUS loans. Single parents of undergraduate students can apply for Parent-Plus loans to cover their children’s college education. There are mainly two categories into which students are divided, federal government-dependent students and independent students. If single mothers qualify as independent students, they can receive more financial aid.

How Can Single Mothers Apply For Private Student Loans?

Single-mother students unable to cover their education even after qualifying for a federal student loan and needing additional funds may apply for private student loan programs. Unfortunately, these loans can be difficult for single mothers to obtain compared to federal loans. This is because private student loan companies have strict credit and income score requirements which most low-income single mothers fail to meet. They must have a credit score over 650 to qualify for private student loans, that too without a cosigner. The income requirements of private student loans depend on your private lenders and the companies. Private student loans come with higher limits than federal loans, especially for single mothers pursuing undergraduate studies. In most cases, you can borrow the annual attendance cost minus other types of financial aid. Although these loans can help you to get higher loan amounts, the interest rates on these loans are much higher than on federal loans. They also have less flexible repayment options.

Different Student Loans For Single Moms

Single-mother students who want to finance their education and afford college can opt for many financial aid packages that help them to acquire higher education. For single mothers, students who need assistance and financial support beyond scholarships and Pell Grant can opt for federal and private loans to help them finance their education. However, single mothers have to repay this aid with interest after graduation. According to the United States Department of Education, 9 out of 10 Pell Grant recipients must take student loans to complete their education. Following are the types of loans for single moms to get an education.

1. Stafford Loans

Single mothers willing to afford college can opt for Stafford loans that are either subsidized or unsubsidized. Subsidized Stafford loans mean the government will pay the interest while single mothers opt for school. To receive subsidized Stafford loans, single mothers’ students must demonstrate a solid and genuine financial need. Students who qualify for subsidized loans can opt for unsubsidized loans in which they must pay accrued interest while in school. Many students throughout the United States, irrespective of their financial need and situation, are eligible to opt for unsubsidized Stafford Loans. There are certain limitations on the amount that you can borrow through Stafford loans per academic year, and this limit ranges from $5500 for dependent undergraduate single mother students to a maximum loan amount of $31,000. Single mothers eligible for subsidized loans cannot borrow more than $23,000 annually. The fixed interest rate on subsidized and unsubsidized Stafford loans for graduate students is 3.75%. Graduate students may seek a maximum unsubsidized loan of $20,500 annually at a 5.28% interest rate.

2. Perkins Loans

This is a need-based educational loan awarded to students, including single mothers with a strong financial need, irrespective of their credit history or income level. Perkins loans carry a fixed interest rate of 5% for a ten-year repayment duration. This makes Perkins loan one of the best and most popular student loans among single mothers. As it is a subsidized loan, therefore, a part of the interest will be paid by the government during the in-school as well as nine-month grace periods. Single mother students who are considering Perkins loans to fund their education must check with the financial aid office of their school before applying as not all schools participate in this loan program; therefore, checking with the school’s financial aid office will help you to learn whether you can apply for this program or not. This loan is available to undergraduate, graduate as well as professional single mothers who have an urgent and precise financial need and wish to complete higher education.

3. Direct PLUS Loans

This federal loan program provides additional funding at a fixed interest rate for professional graduate degree students or parents of dependent undergraduate students. This program is popularly known as Parent PLUS Loan when given to a parent and Grad PLUS Loan when provided to a professional or graduate student. The interest rate on this loan is fixed at 6.28% annually, as well as an upfront fee of up to 4.28% of the loan borrowed. The loan repayment starts as soon as the funds are dispersed to the account of the students. To get a Direct PLUS loan, students should not have adverse credit determined by the review of credit reports provided by the National Credit Reporting Agency.

4. Private Student Loans For Single Moms

Single mothers can bridge the gap between the limited amount of money they borrow from the government and the actual education cost by availing of private loans. Private student loans for single moms provide loans at fixed or variable interest rates. Private student loans with a fixed interest rate remain the same and allow eligible single mothers to make predictable monthly payments. On the other hand, private student loans with variable interest rates may fluctuate, so your monthly payment may go up or down. The eligibility criteria for private options depend on your credit score ratings. Single mothers planning to obtain private loans must check their credit scores in advance.

Alternatives To Student Loans For Single Moms

If you’re a single mother, you can qualify for financial aid programs like grants and scholarships. Unlike student loans, grants and scholarships are not required to be repaid. This is the reason why it makes a better option for a lot of struggling single mothers who consider student scholarships and grants, which are the best alternative for loan programs. You can be eligible for need-based financial aid programs, including state and federal-based grants, for example, the Pell Grant and the Federal Supplemental Education Opportunity Grant. The FSEOG grant award may help you to get $4000 per academic year, while a Pell Grant will help you to get $6895 per year to cover your education costs. Single mothers can also qualify for work-study programs where students can work on a compass for 10 to 15 years and earn money simultaneously.

Conclusion

Affording higher education as a single mom can be a challenging task; however, there are a lot of grants, scholarships, and student loans that enable single mothers to reduce their financial burden and help them to pursue higher education. Single mothers should try to qualify for federal student loan programs by filling out Parent-Plus FAFSA forms. If this financial aid isn’t enough for them to cover the actual tuition or college costs, then they may consider qualifying for private student loans. There are a lot of organizations that provide help with student loans for single moms at low fixed rates or variable interest rates for single parents.