Tag Archives: student loan

Student Loan Terms and Conditions You Must Know

Get Your Degree!

Find schools and get information on the program that’s right for you.

Powered by Campus Explorer

Going back to school as a single mom can be quite a challenge financially. You may feel that you have nowhere to turn and no way to possibly afford to earn a degree. You are wrong! There are so many programs that are designed specifically for single moms. Besides this site which is dedicated to helping you out with every aspect of your adult education you will also find scholarships, grants and student loans that will make it possible for you to further your education.

Student loans are helpful for providing you with needed money for your tuition, books, equipment and so on. However it is important that before you get into a student loan you understand all the student loan terms and condition and how it will affect your schooling and your budget afterwards. There are many different terms you will need to know to fully understand what you are getting when you obtain a student loan.

Accreditation: Some student loans are only available to student enrolled in accredited institutions.

APR: Your annual percentage rate, this is an amount owed on top of the amount of the loan. Some student loans offer some benefits and even variable rates. You need to learn about deferment periods, compounding interest and all the terms of your repayment before you get a student loan.

Repayment: Each loan is set up for a maximum period of time you can take to repay it. Many student loans defer payment until after you’ve obtained your education, if not you could end up making a loan payment that will cost you as much each month as paying for your education on a monthly basis would.

Co-Signer: If you have no credit or a low credit rating you may wish to apply for your student loan with a co-signer. Make sure that the co-signer is aware that until certain terms are met the co-signer is equally responsible for your loan with you.

Interest only deferment: This means that the loan will allow you to only make interest payments while you are enrolled in school. Once you finish you’ll begin working on your principal amount. If you can manage a small payment each month this is a good way to keep your student loans under control and not be so overwhelmed once you finish your education.

Non-Degree Program: Some student loans will not offer a loan for a non-degree program. For example a certificate program or a continuing education and vocational program may not be eligible for a student loan through some lenders.

Residency Loans: Some student loans include the costs of residency programs including housing and other living expenses.

All of this may seem to be confusing and you might start to wonder if it’s worth it to go back to school. Of course it’s worth it, by learning all you can about student loans terms and conditions you are educating yourself and preparing for your education! You can earn a degree in a field you love, you can have a career, a real profession and you can take care of your children while being an excellent example of tenacity and responsibility.

A Student Loan For The Scholastic Mom

Get Your Degree!

Find schools and get information on the program that’s right for you.

Powered by Campus Explorer

Single moms, did you know that you are considered non-traditional students? Of course you may see this as a bad thing when you consider that until recently students beyond college age, nontraditional students, students juggling kids and work and classes were at a disadvantage. That is no longer the case. While you still have to juggle and work out ways to achieve your goal of furthering your education you are now eligible for many financial opportunities that were unavailable just a few years ago.

Now more and more colleges and universities are aware of adult learners and the challenges they face. This has led to more flexible class schedules, online classes, and even real life experience credits toward a degree. The main challenge of a single mom going back to school is the financial juggling. Considering that scholarships and grants are believed to be mostly geared toward graduating high school students who are heading off to college you may think there is no hope of you being able to afford going back to school. You are wrong! Not only are there scholarships and grants for single moms there are also student loans that are specifically designed for adults going back to school.

Federal student loans are available for any college student whether you are fresh out of high school or a single mom returning to obtain a degree at age 25. There are a few different Federal adult learner student loans available to consider.  These are available to students who are working, enrolled in classes part time or full time and are specifically designed to accommodate the situations an adult learner or single mom faces.

Private student loans fill a growing need for adult students, as many times they offer express approval, quick turnaround of funds, and provide nearly any type of financial requirement you may have for going back to school. This includes not only tuition and supplies, but internet costs, housing and child care. However there are drawbacks to these types of student loans because of high interest rates and stringent terms for repayments.

Many single moms know the struggle of having poor credit; sadly this can affect your student loan plans. However with a cosigner you may still qualify. So don’t give up before you even get started. Take the time to evaluate your options research the financial possibilities and don’t forget that if a student loan is not what will work for you there are also grants and scholarships available for single moms too.