Student Loans That You Should Consider

We know that a college degree can help land us a higher paying job. Not only that, it will also pave a new road for a brighter future for us and our kids. In a lot of career fields, higher education is the only way for you to earn a promotion.

Being a single mother is hard. You have to take care of your child and earn money all at the same time. Going back to school is no longer an option because you just couldn’t imagine how hard it would be to juggle the finances.

Let me tell you that being a single parent shouldn’t stop anybody from attaining a degree. It will be hard the moment that you embark on this educational journey but I assure you that it will pay off in the long run.

If you cannot afford to go back to school, know that it isn’t the end of your dream yet. You still have other options that will help you earn that college degree. I am talking about students loans. They are ideal for busy, single mothers like us. Let’s discuss why:

1. Federal Stafford Loan – this type of loan is good for you if you wish to study only part-time. Perhaps if you still couldn’t afford to quit your job completely. This is quite a popular loan for having a fixed and low interest rates. You can borrow up to $20,000 for every school year.

The Stafford loan is available to both undergraduate and graduate single mother students. For the more financially needy individuals, you can even benefit from the subsidized Stafford loan where the Department of Education will pay for your accrued interest at some point.

2. Federal Perkins Loan – The Federal Perkins loan is also available for graduate, undergraduate and professional courses. Both full-time and part-time students can apply for this too. The amount that you will be able to borrow in this type of loan is based on your needs and it will increase on your second year of enrollment. This loan is granted to the student who is most needy and is also on a first-come, first-served basis.

3. Federal PLUS loan – If your parent/parents are willing to help you, then this just might be the loan for you. Your parents will have to undergo a credit check though and you will be disapproved if they have filed for bankruptcy in the last five years. The good thing about this is that you can be granted to borrow up to the total cost of your education and the interest rate is fixed.

4. Private loans – If you have tried all the federal state loans, then this is your last option. You should only look into private student loans after you have tried applying for federal state loans since private loans have a much higher interest rate and have steeper terms and conditions.

There are many companies that offer private student loans so take a look at each and every one of them. They all have different rates as well as terms so be sure that you have the best deal before you sign the contract.