Finding the funds that a single mom needs to go back to school is worth researching. Working toward a degree can pay off with a more stable financial future. Many moms, like a lot of students around the country worry that taking out student loans to pay for living expenses and tuition will leave them with a heavy debt burden after they graduate. Make finding affordable single mom student loans by trying to secure funding for college from any source available so that you only have to borrow the balance. You’ll be happy you took the time to apply for grants and scholarships when it’s time to start paying the loans back.
After all options for grants and scholarships have been taken advantage of, figure out how much more money you’ll need to be able to pay for your education. Since this is money that you’ll have to pay back, make sure that you don’t borrow more than you’ll actually need.
The interest rates for a Direct Subsidized Student Loan doubled on July 1, 2012, from 3.4% to 6.8%. The increase has been in the works since 2007, when it was established by Congress. The U.S. Department of Education can’t change this rate, although the President Obama’s budget request has included a proposal to bring the rate back down to 3.4% next year, it must first be approved by Congress.
Most educational institutions have financial aid professionals who have experience in finding funding for students, including single moms, who are furthering their education. Set up an appointment to talk with them before taking out a student loan.
If you’ve taken out several student loans to pay for a college education and are struggling to make the payments, there are options that may help you to make your budget more workable. Student loans can be consolidated, meaning that your monthly payment could be reduced and that the time that you have to repay the student loan could be extended up to thirty years. For the single mom who is struggling to repay past student loans after finishing college, the option could provide relief to her budget.
Before you consider consolidation your loans, consider the options. Discuss your plans and get more information with the holder of your student loans before making any final decisions. Make sure that you will not be giving up any benefits or discharge options before you apply for the consolidation loan.