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Student Loan Terms and Conditions You Must Know

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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.

Student Loan Payment Strategies

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One of the most frightening things as a single mom who is going to school is the thought of paying back all those student loans. If you were unable to get enough financial help through scholarships and other programs then you’ve likely accumulated a great deal of student loan debt. Most times student loan payments don’t begin until after you’ve earned your degree. But how will you manage when you suddenly get hit with an extra monthly bill or two when it happens?

You’re a mom, you know better than anyone that being prepared helps tremendously no matter what sort of crisis or challenge arises. You know that you are going to have to pay those student loans back, so start now to be prepared.

  • Set aside as much as you can each month into a high interest savings account so that your money will accumulate and be there when you need to start making payments. This can be difficult, but if you become accustomed to the loss each month now you’ll be better able to manage the habit until the loans are paid off.
  • Keep an eye on interest rates and when the time comes consider a debt consolidation loan with a lower interest rate than your original student loan payment. This may only save you a few cents a month but if you have more than one loan it will eliminate the need to remember each and every one when payday comes. All you’ll have to do is make one payment. This also means that you only have one finance company to deal with.
  • Don’t give up on financial aid, scholarships and other programs which may come along to help you use less of your student loan money, or replace into your savings some that has already been spent. Take advantage of any assistance you can locate for child care, transportation, housing and groceries, all of these things take money out of your pocket, and assistance can help you keep some of it to put back for student loan payments.
  • Tax time is a great opportunity to apply your refund to your student loans. The larger chunk you can pay at one time the less interest you’ll pay over time.

A student loan payment doesn’t have to be a financial crisis or a source of stress for you while you are getting your education, or afterward if you make smart choices and get prepared.

A Student Loan For The Scholastic Mom

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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.

Help for Single Mothers with Student Loans

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Do you have student loans hanging over your head? In the current economy, jobs are scarce yet student loans still have to be repaid and as single mothers this can be very scary. However, there are options to make repayment easier – and there are programs out there that might offer forgiveness for student loans, if the right criteria are met.

Consolidate Your Loans. If you can consolidate your loans, it might be best to do this. It will take longer to pay them off, but your interest rate could be much less, which equals less money paid in the long run. Consolidating your loans also makes it easier to handle paperwork concerning grace periods, hardship deferments, and repayment plans.

Defer Your Payments. If you go back to school even on a part-time basis to further your degree, you can request a deferment of your loan. It will still have to be paid back in time, but you won’t have to pay for schooling and your loan all at once. Interest might continue to accrue, however.

Extend Your Repayment Plan. Extended payments are good for those who have a great deal of debt and need extra time to pay it off. These plans last for a very long time, up to 25 years, depending upon your loan and your particular situation.

Graduated Repayment. This plan takes into account what you make now, and assumes you will make more as the years go by. Therefore, your payments will be low right now, but will increase over a ten year period. This is a good option if you have a steady job with the possibility of advancement. Income Based Repayment allows you to pay what you can during those years, and if you adhere to the agreement for payment, you might find the remainder of your loan is forgiven.

Hardship Deferment. If you are in a situation that looks hopeless, talk to your student loan counselor about a hardship deferment. Given to those with the most need, these deferments can last for at least six months and give you the chance to get back on your feet before you worry about paying back your student loans.

Loan Forgiveness. Many companies and organizations will work with you on a loan forgiveness plan. If you agree to work in an impoverished area or an area that desperately needs people who are talented at your line of work, the lender might agree to forgive your loan after a period of years. For instance, if you are a teacher, you might agree to teach in an impoverished area in exchange for loan deferment. If you teach for the agreed period of time, your loan is then forgiven.

Student loans are sometimes necessary to go back to school and get your degree, but they don’t have to be daunting! Many financial advisers will be more than happy to help you achieve a repayment or forgiveness plan that is right for you. No one wants to see your finances destroyed by repayment of student loans, so don’t hesitate to ask for help!

Financial Help For College

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Skyrocketing tuition prices make paying for college difficult for all parents, but especially for single mothers. But just because you can’t afford to pay every cent of your child’s tuition up front, doesn’t mean that they shouldn’t go. There are many ways to get financial help for college so that your son or daughter can get a higher education without causing you to go broke. They will probably need to pitch in and help carry the burden, but that will make their college experience all the more rewarding.

Don’t underestimate the power (or availability) of scholarship money. Scholarships are out there and your student doesn’t even need to have a 4.0 to get one. There are many different types of scholarships, not just academic ones. Be sure to check FastWeb.com, Collegeboard.com, Wiredscholar.com, and ScholarshipCoach.com for a multitude of scholarship options. Have your son or daughter apply for as many scholarships as possible-and reapply each year. Students can receive scholarship money for every year they are in school.

Grants and student loans are another great way to get financial help for college. Be sure to have your potential student apply for every grant he/she can and then visit FAFSA (www.fafsa.ed.gov) to apply for financial  help. Check with a high-school counselor for more information or search “grants for college” on the internet. If grants won’t cover the cost of tuition, student loans are a low-cost alternative or supplement. Student loans teach responsibility and give students a stake in their own education. Student loans are also manageable because they have low rates and are paid off over a long period of time. There are also student loans with low rates that parents can take out in their own names.

If your son or daughter wants to attend a four-year university, ask them to consider attending a more affordable community college for the first two years and then transferring. Most universities accept up to 64 transfer credits (or more), making it easy to get the core curriculum out of the way at a much cheaper price. Just be sure your student checks with both schools beforehand so they’ll know what classes to take for their intended degree and if the classes transfer over.

College isn’t cheap–and paying for it isn’t easy. But there are resources out there to help you send your child through school. You just have to know where to look and be willing to ask for help.