Single parents who have to take care of the children, the home, work to pay the bills and attend college can get some financial relief with student loans. Single parents who return to college are referred to as non-traditional students, in the past it was very difficult for a student in this category to get a loan for college. Due to time limitations and a host of other obligations, most lenders were reluctant to take a chance on women and single parents, who the lenders theorized would drop out of school at any time and further reduce their chances of repaying a loan.
There are student loans and financial aid aimed at single parents, working adults as well as other non-traditional students. For decades, these loans have been available only for18 to 24 year old college students. Federal student loans are affordable and easy to apply for. Even students who are enrolled in college half-time could be eligible for the Direct Federal Loan Program or the Federal Family Education Loan Program (FFELP). Subsidized and unsubsidized Stafford Loans are the most popular guaranteed student loans and the best type of loan for students with bad credit.
Private student loans offer just about all the financial aid a student may need to pay for a college program or course, but these loans have benefits and many drawbacks. Most of the private loans have high interest rates and strict loan repayment terms. When there are no other student loan options, this can be the best choice, especially if you spend the money wisely and for what it is intended. Sallie Mae is one of the most recognized names in a types of college loans, has created a couple of loans products that might suit the financial and lifestyle needs of single parent students:
* Career Training Loans – Get the flexibility you need to pursue your college education at your own pace. Technical colleges and online degree programs are also eligible for the loans in this program. Qualified applicants can borrow (up to) enough to cover program costs including money for related expenses.
* Continuing Education Loans – These loans are very similar to the Career Training Loans and they are ideal for the student who is not able to attend school full-time. The ‘Chase Education One Continuing Education Loan’ is similar to the Sallie Mae loans. Students with bad credit can use a co-signer to apply for their loans.
* Alternative Student Loans – Some applicants will qualify for an alternative student loan, tuition reimbursement or even a student loan forgiveness program. Students who are studying a ‘high demand field’ such as nursing or teaching, may be eligible to repay their loan without cash. Qualifying students can exchange their professional service in exchange for loan payments.
* Tuition Reimbursement – Ask your employer about tuition reimbursement programs offered by the company. In exchange for money to pay for school, you will work for the company and you will have to keep your GPA at a certain standard. Not many employers will pay for your education with the chance that you will leave soon after – so, you may have to sign a contract that obligate you to a certain number of years with the company.
* FGCU Single Parent Grant – The Florida Gulf Coast University Single Parent Grant is awarded to students who are single parents and who file the FAFSA before the deadline – March 1. A minimum of twelve credit hours per semester is required before a student is eligible for a full-time award. Students who get less than twelve credit hours per semester receive a prorated amount. Before a student is eligible at all, they must be enrolled for at least six credit hours – per semester.
References;
1] FGCU.edu/AS/FinancialAid/grants.html
2] CollegeScholarships.org/loans/single-parent.htm