Single parents in Indiana who are getting ready to further their education or those already in college can get financial assistance with college loans. Lenders have programs that supply college loans for single parents in Indiana. Non-traditional student loans are given to single parents who are entering or re-entering college. In the past, most lenders were reluctant to extend loans to students older than the normal college age of 18 to 24. More and more lenders are relaxing their policies and creating programs for these non-traditional students.
‘Raise the Nation’ is a not-for-profit organization that extends a Continuing Education Grant to students based on their personal financial needs. Qualified applicants must be active in community service or serve as a volunteer in order to receive aid. The ‘Women’s Independence Scholarship’ program offer educational grants to women who have been victims of abuse. There are many more student loans, grants, scholarships and financial aid programs that help single parents pay for a college education.
Federal student loans are the most affordable and they are easy to apply for. Private student loans have benefits and drawbacks even though they offer more of the financial aid a student may need. With a federal loan, even students who are enrolled in college part-time could be eligible for the Direct Federal Loan Program or the Federal Family Education Loan Program (FFELP). A Federal Stafford Loan, whether it is a subsidized loan or an unsubsidized loan, is the most popular for college students. There are also several scholarships for single mothers and single fathers – to help pay for college.
Private student loans differ quite a bit from federal student loans and most of them have high interest rates and very strict terms. Before a student can get a federal loan, the ‘Free Application For Student Aid’ (FAFSA) must be completed. To get federal aid for college, the student must fall within a certain income bracket and the interest rates are also significantly lower on federal student loans. A private student loan is based on the borrowers credit score and if necessary, a cosigner will help lower the interest rate and get a better repayment plan.
* Career Training Loan from Sallie Mae is for technical and online degree programs, for returning students. Low interest rates are available for borrowers who have good credit or a co-signer with good credit.
* Continuing Education Loan is similar to the Career Training loan, but it is aimed at students who are not pursuing a degree – through their coursework. Available for students who are not enrolled in college full-time.
* Chase Bank has the Chase Education One Continuing Education Loan. This loan is similar to the Sallie Mae loans and it is available to single mothers. Help for college geared toward parents who can only attend school part time is available from Chase Bank.
Alternative Student Loans
Some students qualify for an alternative student loan, tuition reimbursement or even loan forgiveness for students who are studying nursing or teaching. Qualified students can exchange services in exchange for monthly loan payments.
Alternative Student Loan Tips
* Alternative student loans have higher interest rates than federal loans and make paying for college more expensive.
* Find a lender who will give you the best interest rate as well as; the lowest fees and the best repayment plan. Without these terms, deep debt after graduation is a probability.
* Look for discounts and incentives that will guarantee lowered interest rate and other benefits – after a number of years of timely payments. There are also discounts available if you have payments electronically transferred from your bank account.
* Don’t rush into a loan agreement – take your time and shop around. There are all types of college loans for single parents. A student loan will be a part of your life for many years. Make sure you are getting the best deal with the best rates.