Single Parent Student Loans

Raising a child as a single parent is already a hardship, and it can feel like even more of an impossible balancing act if the parent decides to return to school to pursue a higher education. In addition to caring for children in addition to having a full-time job, the single parent also has to consider the cost of the degree beyond what grants and scholarships will cover. Fortunately, there are a number of options specifically designed for parents who want to improve their knowledge or advance their career potential by attending college.

The majority of online students are over the age of 25, so more single parents can be seen enrolling in online colleges and degree programs, but unfortunately, fewer financial aid programs specifically aimed at them exist. When scholarships and federal loan resources are exhausted, you can find private lenders who offer student loans with low interest rates for those who have qualified credit or a co-borrower. Many of these loans require that you are enrolled in a degree program at least part time, which is often the case with many single parents who have full-time jobs and other responsibilities.

While there are banks that can offer loans to single parents with approved credit or a cosigner, it is important that you do not borrow more money than you would be able to pay back. As national student debt default rates increase, many single parents find themselves in tighter financial binds due to debt. The best way to avoid this is to pursue as many avenues as possible for grants, scholarships, and federal financial aid before turning to private lending resources.

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.