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.