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Single Parent Student Loans

Raising a child can be a hardship on a couple, but it can be nearly impossible for a single parent, especially when it becomes necessary for that parent to return to school to receive the higher education that he or she missed out on earlier in life. Having had hardships simply paying for food and a home, now the single parent has to consider the cost of the degree and beyond what grants and scholarships cover. Even a federal loan will not cover the complete cost of school. Fortunately, there are now a number of options specifically designed as single parent student loans, so that parents who are financially strapped and want to improve their knowledge in order to better provide for their families can still afford to attend college.

With the increasing number of students over the age of 25, referred to as “non-traditional” students, there has been a need to create loan programs that cater to their needs, especially for single parents. Student loans for this segment of the student population can be found from a number of resources, especially from alternative loan sources. Unfortunately, the federal government is a little behind and, while offering some assistance, cannot even begin to scratch the surface of such needs.

Sallie Mae is probably the number one innovative lending resource for single parents, offering multiple loan options. The Career Training Loan is for study through technical and online degree programs for returning students. It offers low interest for those who have qualified credit or a co-borrower. The Continuing Education Loan is similar, but these are for students not pursuing a degree through their coursework. Both of these are available for students, even if they are not enrolled in full-time study, a difficult task for a single parent.

Chase Bank also offers the Chase Education One Continuing Education Loan, which is very similar to the Sallie Mae loans and available to single parents who can only attend school part time. With approved credit or a cosigner, these single parent student loans can be obtained in sums of up to $30,000 per academic year.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.